Majesco Announces Launch of Insight Driven Underwriting Workbench - Majesco Digital Underwriter360 for P&C
Majesco, a global leader of cloud insurance software solutions for insurance business transformation, today announced the launch of Majesco Digital Underwriter360 for P&C, a next-gen insight driven underwriting workbench for commercial and specialty lines. Majesco Digital Underwiter360, powered by Majesco Digital1st® Insurance is an intelligent, insight-driven cloud-native SaaS (News - Alert), that enhances underwriting efficiency and profitability, drives underwriter productivity and profitability, and creates greater transparency and collaboration with brokers.
"In order for insurers to elevate the customer experience, they must make the underwriting processes more efficient, profitable and responsive," says Manish Shah, President and Chief Product Officer for Majesco. "Built on Majesco Digital1st® Insurance no code/low code platform, Majesco Digital Underwriter360, leverages today's leading technology to increase efficiencies and effectiveness, maximize underwriter's expertise and improves collaboration between underwriters and brokers. Our relationship with KPMG to develop and deliver another next-gen digital solution built with the customer in mind brings a new level of innovation and capability to the industry."
SMA (News - Alert) research highlights the expectations of insurance executives regarding the magnitude of changes coming… 80% of insurance executives expect underwriting to be significantly different than it is today within 5 years and 94% expecting significant change in 10 years. The expected changes expose the gaps between today's capabilities and those required in the future and which Majesco Digital Underwriter360 addresses.
"The potential for underwriting transformation in P&C is tremendous," stated Deb Smallwood, Senior Partner at Strategy Meets Action. "Our research indicates significant recognition that this will take a new solution and set of technologies separate from policy management solutions. To make this great leap forward, insurers need new thinking on roles and processes coupled with a new digital platform that is advanced beyond the portals and workbenches of the past. Majesco Digital Underwriter360 represents an innovative new solution that will help revolutionize underwriting."
Majesco engaged KPMG LLP in the experience centric design and development of the solution using Majesco Digital1st® Insurance, a no code / low code platform with robust insurance content. This new, innovative solution focuses on better insights, increased productivity, and driving more seamless interactions for the underwriter. Some of the key capabilities include:
Lulu O'Leary, Partner, Financial Services, KPMG LLP, said, "Insurers are looking for ways they can change their approach to distribution. New methods of underwriting can place insurers on the front foot with brokers, targeting the clients they wish to work with instead of simply receiving requests for quotes. We are moving in a direction where commercial underwriting will be much more strategic in its approach to distribution and client acquisition."
As insurers continue to adopt the latest digital technologies, tedious and time-consuming underwriting processes still make it difficult to quickly respond to customer needs and expectations. Without a holistic and unified view, underwriters cannot access risk information to facilitate quick and calculated underwriting management. Majesco Digital Underwriter360, digitally enables technology and data proliferation that transforms how underwriters collect risk data, analyze it, perform multi-level risk assessment, and make decisions resulting in reduction of underwriter's administrative workload.
The increased efficiency and effectiveness in the underwriting process enables underwriters more time to be utilized in making key decisions and increase collaboration with distributors as opposed to spending time in core processes due to technologically challenged systems. It delivers a profitable underwriter process through centralized digital solutions that provide aggregation and mediation of business as well as system services, so underwriters don't have to depend on multiple sources of disparate data.
Underwriter360 is currently available for commercial and specialty lines with other lines of business to be considered in the future.
Majesco is the leading software partner to both the P&C and L&A insurance markets to modernize, optimize and innovate their businesses at speed and scale. Over 330 insurers, from greenfields, start-ups and MGAs to the largest insurers, reinsurers and brokers use Majesco's next generation SaaS platform solutions of core, data and analytics, digital, distribution, absence management and a rich ecosystem marketplace of established and InsurTech partners to build the future of insurance.
Our technology, expertise and leadership help insurers innovate and connect to build the future of their business. With over 825 successful implementations and over 65% of our customers on Cloud with Majesco platform solutions, together we have an amazing track record of innovation and real-world results. For more details on Majesco, please visit www.majesco.com.
Smart Protection â€“ How IoT Helps Protect and Serve
Mobile Edge Compute: Quick and Smart
Keynote Presentation - Open to all Badge Holders