Majesco’s Utilant Acquisition Celebrates Two Years of Disruptive Market Success in Risk Management and Data and Analytics
Data, effectively used, will always have value as analytics’ capabilities stand to be a game-changer for insurance. When new, real-time data, advanced analytics, AI/machine learning, and generative AI are effectively combined, insurers can have a significant impact across the entire insurance value chain. According to Majesco’s report, Future Trends: 8 Challenges Insurers Must Meet Now, implementing a long-term data strategy inclusive of advanced analytics is crucial to compete in today’s rapidly emerging digital insurance era.
“New technologies, demographics, and behaviors are driving the explosion of data, and how it is used by insurers. By embedding data and analytics in our products, we are creating a new generation of intelligent core insurance solutions that can fuel innovation and accelerate growth for insurers,” says
Over the last two years,
- Increased customer base with 19 new customers using Loss Control and Premium Audit solutions.
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Expanded 32 existing customer relationships with use of Loss Control in new product lines, markets and geographies.
- Seamlessly collaborated with customers and strategic partners with 18 customer go-lives.
-
Trained their
Strategic Partners on Utilant solutions to accelerate implementations.
- Unified Loss Control Mobile App with New UI – A new and improved mobile app with fresh features, functionality, and consistency across all 3 platforms (Android, Apple, and Windows).
- Loss Control Extension with Equipment Breakdown Inspections – provides a unified view of location visits, enabling proactive identification of insureds that have jurisdictional inspection service requirements, streamlined work planning and all equipment inspection to take place all in one visit.
- P&C and L&AH Intelligent Core Suite - are now powered by day-to-day analytics and AI based advanced analytics. By leveraging advanced technologies such as AI, machine learning, generative AI, and automation, our customers can succeed in today’s fast-paced digital marketplace.
- Loss Control Deep Integration with Majesco Intelligent Core - provides holistic and unified views enabling intelligent and comprehensive risk assessments for improved underwriting.
- Majesco Copilot – Uses generative AI technology to summarize complex policies into simple-to-understand language; generates communication for agents/insureds, creates recommendations for inspections.
- Data Lake House – A cloud-native analytics datastore equipped with industry-standard connectors to enable operational and strategic analysis of the data through variety of tools.
- Business Intelligence – Offering unified insurance data & analytics solution by embedding business intelligence and AI/ML insights inside core insurance workflows.
- Property Intelligence - AI-powered personal and commercial property insights to increase profitability through better risk; powered by diverse datasets including Utilant’s 2-billion observational data points 200 million+ photos & images collected from over 16 million Loss Control surveys.
- Subrogation Intelligence – AI powered proactive detection of subrogation opportunities with increased speed and accuracy at various stages of claims handling.
Majesco Loss Control is the only LC platform that is configurable, easily integrates into carrier platforms, and has a fully functional mobile experience. It has been proven to scale large volume with over 40,000 surveys being completed every week by customers currently using the platform. To learn more, visit www.majesco.com.
About
As an industry leader, we do not believe in managing risk by avoiding change. We embrace change, even cause it, to get and stay ahead of risk. With 900+ successful implementations we are uniquely qualified to bridge the gap between a traditional insurance industry approach and a pure digital mindset. We give customers the confidence to decide, the products to perform, and the follow-through to execute. For more information, please visit www.majesco.com and follow us on LinkedIn.
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