Announcing General Availability of the Spring ’22 Release of the Next-Generation Majesco L&A and Group Core Suite
Nearly every L&A insurer today is talking about transforming their business, recognizing the significant need to improve, both operationally and strategically, to enable optimized operations and sustainable growth. This era of insurance is different than even just a few years ago. Insurers are now pressured to develop tailored, simple, affordable, digital products and services for individual, voluntary benefits and group that are grounded in trust. Products encompass a compelling customer experience wrapped around a risk product and value-added services that are part of a broader life, health, wealth, and wellness ecosystem. This is where exciting new business opportunities for growth abound for those embracing next-gen intelligent core platforms that meet the dynamic demands of customers, today and in the future.
“The L&A and Group insurance industry continues to experience significant growth with tremendous opportunities to create unique and personalized customer experiences in current and new markets and segments,” said
The Spring ’22 release highlights Majesco’s continued strategic investment in the next-generation SaaS platform for the L&A market segment will further enable insurers to meet expanding customer expectations by launching new products and creating personalized digital customer experiences. Key elements for Majesco L&A and Group Core Suite Spring ’22 release include:
- Universal Life and Wellness Expanded Capabilities – Majesco L&A and Group Core Suite has expanded to support universal life, accident and health and wellness capabilities, top areas of market interest. Expanded death claim of a life member and benefits for dependents for Group Universal Life and underlying rider coverages; expanded service capabilities for Accident & Health products with new Wellness coverage options; and seamless end-to-end claims automation from adjudication to payout.
- Optimized Business User Configuration – Reimagined and simplified questionnaire definition to enable business users to define unlimited questionnaire options needed for any business process for Individual, Benefits or Group lines of business.
- Integrated Document Generation and Expanded Ready to Use Templates – Out-of-the-box 125 ready-to-use document templates across policy, billing, and claims that can be leveraged and reused by business users, accelerating speed to market.
- Enhanced Out-of-Sequence Processing – Expanded support of out-of-sequence processing for amendments, recalculates rates and premiums, and automatically triggers policy certificates and more based on configured rules to optimize the business user experience.
- Containerization and Auto Scaling – The suite has been re-architected as Docker images, orchestrated using Kubernetes and deployed as Helm charts. This enables insurers to run on any Cloud and provides portability, agility, speed-to-market, and ease of environment consistency management to accelerate insurer’s business transformation on the cloud.
- Strengthened Data Privacy and Security – “Veracode Verified” certification, following conventional best practices such as firewalls, dynamic application security testing including external certifications.
“Demands for a more digital relationship across channels for policyholders and agents, more efficient and cost-effective operations, staffing productivity, and faster product introductions are driving many life insurers to find technology that meets their needs. Additionally, insurers’ propensities to move to the cloud and increase mobile and digital capabilities via outside resources are driving their external resource spend,” said Keith Raymond Senior Analyst for Life Insurance at Celent.
Majesco’s L&A and Group Core Suite has been recognized by industry experts including Celent, Gartner, Aite-Novarica, Quadrant Solutions, and ISG.
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