Core insurance software consulting services provider Majesco has launched L&A and Group Suite to support individual, group and voluntary benefits on a single platform for the rapidly changing market demographics and innovative products demanded by insurance customers.
The new suite, version 10.0, includes Majesco L&A and Group Policy, Majesco L&A and Group Billing and Majesco L&A and Group Claims.
Celent America life and annuity head Tom Scales said: “Celent is seeing increased activity in back-office transformations.
“This release of Majesco’s suite offers a single platform for both individual and group/voluntary, which can simplify an insurer’s environment. Their continued growth in digital capabilities enhances the value proposition.”
Unparalleled opportunities are unfolding in the L&A individual, group and voluntary benefits insurance segment, offering unprecedented opportunities for growth and innovation in terms of new markets, new customers, and the demand for new products and services.
To enable insurers to capitalize on these opportunities, the new Majesco L&A and Group Core Suite provides a modern, robust core platform that enables speed to value, scales easily, and is designed and architected to rapidly adapt to market changes, keeping insurers at the leading edge of Digital Insurance 2.0.
Majesco products executive vice president Manish Shah said: “While the insurance industry is undergoing unprecedented change and disruption, cutting-edge and functionally rich core systems are a critical foundation for insurers of all sizes.
“In the platform economy, core systems need to be digitally enabled, open API design, are able to scale in the cloud and architected for seamless and frequent upgrades. Majesco L&A and Group Core Suite version 10.0 provides a market-leading platform that will help insurers shift to Digital Insurance 2.0 and enable growth and innovation at time of great opportunity.”
This release highlights Majesco’s continued investment in our core systems to enable our customers’ transformation and shift to a new age of insurance. Insurers increasingly are seeking speed to value including speed to implementation, speed to market and speed to revenue – all key differentiators in today’s competitive landscape of existing and InsurTech startups. The new version includes the following key enhancements and capabilities:
A single platform supporting individual life, annuity, health, group and voluntary benefits businesses with integrated, modular policy, billing and claims solutions.
Common and configurable HTML5 based look and feel for the modules as well as seamless navigation across the suite modules.
Expanded, comprehensive support for 10 group and voluntary benefit products including basic life, optional life, short-term disability, long-term disability, accident, critical illness, hospital indemnity, dental PPO, dental HMO, vision and legal for all functions across Quoting & Rating, policy, billing and claims. This includes support for COBRA, Portability, HIPPA and ERISA plans.
An innovative, digital ready platform with:
Active and ongoing straight through processing (STP) from new business through claims payout enabling touchless administration and a shift from selective to always STP.
An open API ecosystem for all functionality with over 600 out-of-the-box APIs, making the suite truly digital first ready.
Powerful file upload capabilities across census, enrollment, incoming payments and claims intake.
Modern user interface with ‘Amazon like’ global search options, entity specific dashboards and quick actions to reduce transaction time and enhance customer service.
Enhanced, powerful functionality, user experience and performance including:
Individual member underwriting capabilities with support for evidence of insurability and integration to third party evidence providers and auto adjudication.
Extensive third party administrator support, self-accounting, and direct bill including powerful rules based payment discrepancy management.
Unique cross line of business claim views, discrepancy management to align claim data with policy, event center to monitor claims timelines, and action plans with 360 degree dashboard for every claim.
Provider management network support for dental PPO and dental HMO including management of networks, providers, contracts, licenses, fee schedules, bumps and reductions.
Out of the box workflows providing a ready template to base the new operational model
Cloud optimized operations with auto deployment and auto provisioning scripts.
Majesco L&A and Group Suite supports individual, group and voluntary benefits on a single platform, recognizing that growing and retaining customers, regardless of where they originate, is critical to insurers’ growth strategies.
The suite provides essential core system capabilities for policy, billing and claims. The powerful design allows for rapid adaptation for new, innovative products or benefit plans, giving insurers the power, flexibility and speed needed to capture opportunities and create profitable growth.
Source: Company Press Release