Physicians Mutual Launches Pet Insurance with Majesco's P&C Core Suite
Majesco, a global leader of cloud insurance platform software for insurance business transformation, today announced Physicians Mutual launched pet insurance, Physicians Mutual Pet, with Majesco's P&C Core Suite.
Physicians Mutual is a national provider of health, life and retirement products, including Medicare Supplement, dental, life and supplemental health insurance along with funeral pre-planning. The Physicians Mutual family includes Physicians Mutual Insurance Company and Physicians Mutual Life Insurance Company. Physicians Mutual Pet is the company's first entry into the Property & Casualty market.
"We are excited to be rolling out our new pet insurance offering for dogs and cats," said Bill Horan, AVP, Pet Insurance at Physicians Mutual. "We understand the needs of pet owners and have added coverage options that are unique to the marketplace along with a user experience that is easy to understand and clear from start to finish. Majesco has helped to provide the components and solutions that support our vision as we continue to advance our capabilities and focus on the customer experience."
Pet Insurance is one of the fastest growing insurance products with offerings increasing in 2020 by nearly 30 percent according to recent data from Aon. Majesco's 2020 customer research, Rethinking Life Insurance: From a Transaction to a Life, Health, Wealth and Wellness Customer Experience, identified that the Millennial and Gen Z generations had a 7.5 higher demand for Pet Insurance than the older generation, reflecting a growing market demand. The Majesco P&C Core Suite provides the capabilities, flexibility and speed needed by Physicians Mutual to launch this new product and position them to expand further into the Property & Casualty market. Built on a common configurable platform, it empowers both IT and business users with rich, pre-build content that helps insurers increase visibility, agility and quickly adapt their business.
"It's an exciting time in the market and we are thrilled to partner with Physicians Mutual to help them expand their product portfolio to meet the changing needs of customers," says Prateek Kumar, EVP at Majesco. "As an existing customer, our next-generation solutions deliver robust capabilities and out-of-the-box content will support Physicians Mutual's growth strategy and strengthen their reputation of excellence."
As an industry leader, we don't believe in managing risk by avoiding change. We embrace change, even cause it, to get and stay ahead of risk. With 825+ 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.