Majesco Announces New Release of Majesco Policy for L&A and Group
Enhanced Capabilities on a Single Platform to
This release focuses on extending individual and group capabilities that align to fast-changing market opportunities and dynamics with a growing interest in group and employee benefit products and markets. It also enhances support for the rapidly growing life insurance greenfield market with new products and services. Key enhancements for group, life and overall include:
Overall Capabilities:
- Single platform and single view access to policies across lines of business for Individual Life, Annuities and Group Benefits (including group term life, accident, critical illness, dental, and hospital indemnity)
- 360-degree view via comprehensive dashboards for group, client and user activity and individual policies
- Straight through processing across key business areas with powerful exception management
- Enhanced cloud offering for rapid deployment
- Integration modeler and mapping tool to create and maintain RESTful APIs from scratch
- Mature continuous integration process with daily builds, automation testing and weekly releases
Group Capabilities:
- Extended group functionality covering the end to end lifecycle including group underwriting, rating and proposals, group setup and implementation, billing, amendments and endorsements
- Innovative chassis product approach enabling ability to create product once to offer as a group product, voluntary benefit, and/or worksite product based on the plan design during the sales process
- Comprehensive support for enrollment definition (initial, ongoing, and ad hoc)
- Template driven, flexible plan design to mix and match features and to vary plans by group, product, coverages and classes to accelerate time to group activation
- Choice plans: offer one plan with multiple choices and rates for employees or individuals to choose from
- Support for both Self Accounting and
List Bill within the same group - Expanded support for file uploads including census, initial enrollment and ongoing change files including strong error handling tools
- Enhanced support for financial and non-financial endorsements and amendments, their impact on billing, and single window maintenance on any member/certificate or amendments to the group
- Portability support for individuals to take a certificate and move out of a group
Individual Capabilities
- Comprehensive underwriting dashboard, STP support, and policy servicing capabilities for individual life and annuity products
- Expanded support for cash value products, dividend processing, anniversary processing, renewals and fund management for investment products like UL and VL
- Enhanced support for immediate and deferred annuity products including fund management and annuitization options
- Reusability for a range of riders across products, including support for CI and DI benefits
- In-force quotes with a quoting dashboard, one-click transactions, and send-to-print options
- Claims support for life, critical illness and disability benefits
Majesco Policy for
About
Insurance business transformation is a journey of change and revitalization, a renaissance of insurance. Approximately 150 insurance companies worldwide in P&C,
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Cautionary Language Concerning Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of management, are not guarantees of performance and are subject to significant risks and uncertainty. These forward-looking statements should, therefore, be considered in light of various important factors, including those set forth in Majesco’s reports that it files from time to time with the
Important factors that could cause actual results to differ materially from those described in forward-looking statements contained in this press release include, but are not limited to: integration risks; changes in economic conditions, political conditions, trade protection measures, licensing requirements and tax matters; technology development risks; intellectual property rights risks; competition risks; additional scrutiny and increased expenses as a result of being a public company; the financial condition, financing requirements, prospects and cash flow of
These forward-looking statements should not be relied upon as predictions of future events and
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