Enhancements extend digital capabilities for Child Trust Funds to retain and grow Gen Z customers
Majesco (NASDAQ: MJCO), a global leader of cloud insurance software, today announced the latest release (Q12020) of the Majesco Life AdminPlus solution. The latest version provides a digital pathway for Child Trust Funds (CTFs) to be automatically transferred to equity or cash Individual Savings Accounts (ISAs), encouraging Gen Z customers to maintain their saving habits by keeping some or all of their existing fund when they reach eighteen and helping organizations retain and grow them as customers.
Majesco Life AdminPlus is a cloud-based policy administration solution that supports the end-to-end digital customer journey from initial fact find right through to claim payment. Majesco Life AdminPlus has been designed to support multi-channel distribution, B2B & B2C, end-to-end sales and service processing. Its open and modern Service Oriented Architecture allows for easy integration to external third party and/or proprietary systems through APIs.
The latest enhancements to Majesco Life AdminPlus mean that organizations can take advantage as CTF’s mature by creating a seamless digital journey for its Generation Z consumers, as it automatically transfers them to new stocks or shares without personal interaction, either face-to-face or over the phone. The result is a complete digital experience that is now a prerequisite for the digital natives of this cohort.
The latest release of Majesco Life AdminPlus allows the customer to:
- Set up new equity or cash ISA from existing CTF data automatically
- Select whether to continue saving some or all the CTF value
- Select an investment strategy for the new ISA
- Immediately make new contributions to avail of ISA tax benefits
Tom Murray, Head of Product Strategy – LifePlus Solutions, Majesco commented “The CTF generation have a once in a lifetime opportunity to start their working life with a financial asset already in place and a proven example of the value of leaving money invested. Reaching out to encourage them to maintain this habit requires the provision of digital capabilities so that they can manage their financial affairs digitally, in the same way that they manage most aspects of their life. The latest version of Majesco Life AdminPlus enables companies to provide the complete digital experience that lies at the heart of communicating with this digital-native generation.”
Source: Company Press Release