MORRISTOWN, N.J.–(BUSINESS WIRE)–Majesco (NASDAQ: MJCO), a world supplier of cloud insurance coverage platform software program for insurance coverage enterprise transformation, as we speak introduced that it has been as soon as once more positioned as a Visionary within the August 2020 Magic Quadrant for Life Insurance coverage Coverage Administration Methods, North America.
Per the report, which evaluates 11 distributors, “This Magic Quadrant supplies a lens into the North American marketplace for life insurance coverage coverage administration system (PASs) utilized by particular person and group life and annuity (L&A) insurers.”
“Because the COVID-19 pandemic has clearly demonstrated, enterprise working circumstances can change dramatically in a single day, and life insurance coverage PASs and the infrastructure on which they function should be scalable, safe and adaptable to alter,” says Richard Natale, Senior Director Analyst and Rajesh Narayan, Senior Director Analyst within the report. “Life insurance coverage CIOs needs to be evaluating their PASs now to find out the diploma to which they permit, or are a barrier to, such a resiliency within the face of disruption.”
The report notes that “within the subsequent 12 to 18 months, life insurance coverage IT budgets might be underneath stress. CFOs and CEOs will have a look at discretionary budgets for handy methods to chop bills in an effort to protect capital and cash, corresponding to discretionary spending earmarked for digital innovation. Nevertheless, the potential does exist the place PAS modernization accelerates to handle operational points which were uncovered as a result of pandemic. This might additionally speed up the necessity for a PAS modernization or substitute. Examples embody:
- Client habits and a cloth shift to digital channels
- Lengthy-term modifications in client demand for insurance coverage merchandise
- Information and analytics wanted to handle modifications in threat and actuarial models
- A everlasting shift to how and the place individuals work
- New makes use of for automation, corresponding to touchless claims dealing with
- Fast response to a disaster with merchandise corresponding to parametric insurance coverage
- Potential governmental intervention and regulation”
“Now greater than ever, life insurance coverage firms want a sturdy, cloud-based core insurance coverage enterprise platform that may fulfill the wants of as we speak’s digital buyer,” says Adam Elster, CEO of Majesco. “We’re honored to be named a Visionary by Gartner within the Magic Quadrant for Life Insurance coverage Coverage Administration Methods, North America. We stay dedicated to making a way forward for insurance coverage that’s agile, nimble and quick. We’re pleased with the investments we’ve made this previous yr that we imagine have strengthened our positioning on the Completeness of Imaginative and prescient axis. To us, this recognition reaffirms our dedication to creating an L&A and Group core system that can assist our clients seamlessly transition to the way forward for insurance coverage.”
Majesco L&A and Group Core Suite helps all particular person, group and voluntary advantages on a single platform, recognizing that rising and retaining clients, no matter the place they originate, is crucial to insurer’s development methods. The suite supplies important core system capabilities for coverage, billing and claims. It brings a bunch of thrilling, modern capabilities to life, group and annuities insurance coverage, corresponding to an AI-powered group gross sales course of to ship digital RFP, an AI bot-driven conversational UX for navigation, and an all the time straight by processing method to hurry up transaction processing individually or throughout a number of factors. The highly effective design permits for fast adaptation for brand spanking new, modern merchandise or profit plans, giving insurers the ability, flexibility and pace wanted to seize alternatives and create worthwhile development.
“Majesco L&A and Group Core Suite brings a powerful, modern answer to life, annuities, group and voluntary advantages insurance coverage market that can digitally allow the enterprise from conventional merchandise to new parametric merchandise on this new period of insurance coverage,” said Manish Shah, President and Chief Product Officer for Majesco. “In our opinion, our Visionary positioning within the Magic Quadrant for Life Insurance coverage Coverage Administration Methods, North America is a results of robust execution of the product imaginative and prescient and demonstrates our dedication to innovation and understanding of the rising shift in new buyer wants and expectations to assist our clients acquire market management with a brand new technology of shoppers.”
Gartner “Magic Quadrant for Life Insurance coverage Coverage Administration Methods, North America,” Richard Natale, Rajesh Narayan, three August 2020.
Gartner doesn’t endorse any vendor, services or products depicted in its analysis publications, and doesn’t advise expertise customers to pick out solely these distributors with the very best scores or different designation. Gartner analysis publications encompass the opinions of Gartner’s analysis group and shouldn’t be construed as statements of reality. Gartner disclaims all warranties, expressed or implied, with respect to this analysis, together with any warranties of merchantability or health for a specific goal.
Majesco (NASDAQ: MJCO) supplies expertise, experience, and management that helps insurers modernize, innovate and connect with construct the way forward for their enterprise – and the way forward for insurance coverage – at pace and scale. Our platforms join individuals and companies to insurance coverage in methods which might be modern, hyper-relevant, compelling and private. Over 200 insurance coverage firms worldwide in P&C, L&A and Group Advantages are reworking their companies by modernizing, optimizing or creating new enterprise models with Majesco. Our market-leading options embody CloudInsurer® P&C Core Suite (Coverage, Billing, Claims); CloudInsurer® LifePlus Options (AdminPlus, AdvicePlus, IllustratePlus, DistributionPlus); CloudInsurer® L&A and Group Core Suite (Coverage, Billing, Claims); Digital1st® Insurance coverage with Digital1st® Engagement, Digital1st® EcoExchange and Digital1st® Platform – a cloud-native, microservices and open API platform; Distribution Administration, Information and Analytics and an Enterprise Information Warehouse. For extra particulars on Majesco, please go to www.majesco.com.
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This press launch incorporates forward-looking statements inside the which means of the “safe harbor” provisions of the Non-public Securities Litigation Reform Act. These forward-looking statements are made on the idea of the present beliefs, expectations and assumptions of administration, should not ensures of efficiency and are topic to vital dangers and uncertainty. These forward-looking statements ought to, subsequently, be thought of in mild of varied vital elements, together with these set forth in Majesco’s studies that it recordsdata sometimes with the Securities and Alternate Fee and which it is best to evaluate, together with these statements underneath “Item 1A – Risk Factors” in Majesco’s Annual Report on Kind 10-Ok, as amended by its Quarterly Reviews on Kind 10-Q.
Essential elements that would trigger precise outcomes to vary materially from these described in forward-looking statements contained on this press launch embody, however should not restricted to: the adversarial impression on economies world wide and our clients of the present COVID-19 pandemic; our skill to realize elevated market penetration for our product and repair choices and acquire new clients; our skill to lift future capital as wanted; the expansion prospects of the property & casualty and life & annuity insurance coverage business; the energy and potential of our expertise platform and our skill to innovate and anticipate future buyer wants; our skill to compete efficiently in opposition to different suppliers and merchandise; information privateness and cyber safety dangers; technological disruptions; our skill to efficiently combine our acquisitions and establish new acquisitions; the danger of lack of clients or strategic relationships; the success of our analysis and improvement investments; modifications in financial circumstances, political circumstances and commerce safety measures; regulatory and tax regulation modifications; immigration dangers; our skill to acquire, use or efficiently combine third-party licensed expertise; key personnel dangers; and litigation dangers.
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