These updates reflect the monthly updates for
the last seven months that include next-generation capabilities
needed to meet the demands of today’s digital customer
Majesco (NASDAQ: MJCO), a global leader of cloud insurance
software, today announced the new and innovative updates for
Majesco’s Billing for P&C, representing the monthly updates for
the last seven months. Rather than providing periodic releases,
Majesco provides monthly, automated releases to keep customers at
the leading edge and enable them to rapidly respond to market
changes.
Billing has become a key component of carriers’ customer
engagement and digital strategies – recognizing the growing demand
for new payment methods, billing plans, access to real-time billing
information, electronic billing payments, and on-the-spot
adjustments due to unprecedented market shifts such as the COVID-19
pandemic. Cloud-based solutions like Majesco Billing for P&C
are helping insurers not only modernize and optimize their
business, but also to create a new business for the future. Four of
the top 10 P&C insurers in the US are using the market leading
Majesco Billing for P&C.
“Billing can seem like a routine back end process, but it is one
that touches every customer and done wrong, can have a tremendously
negative impact on the customer relationship. It is a powerful
signal of the kind of customer service that will be delivered by an
insurer across all touchpoints,” commented Karlyn Carnahan, Head of
Celent’s North American Property Casualty business. “Utilizing a
seamless and flexible solution allows insurers to deliver on an
important “moment of truth” while freeing up resources to continue
to transform the customer experience in other areas.”
Some of the new and innovative enhancements for Majesco Billing
for P&C to support digital customer engagement and operational
optimization include:
Advanced Capabilities for Moratoriums – Enable carriers
to serve their customers and ease financial hardships through
automated processes that can otherwise be a very manual
labor-intensive process, especially true in the context of ongoing
COVID-19 pandemic. The enhanced support includes leniency towards
fees, late charges and collections etc. Additionally, on return to
normalcy, the automated processes can automatically spread unpaid
balances over multiple installments even going beyond policy expiry
date based on customer preferences.
Expanded Payment Gateways – Leverage pre-built
integrations for frictionless and secure ACH and Credit Card
processing with payment gateways including Chase Paymentech, One
Inc and CyberSource.
Automated Agency Payment Upload – Support for electronic
upload of agency payments followed by automated payment allocation
and reconciliation process. This enables the carriers to focus on
collections and work on discrepancies instead of spending days and
weeks on reconciliation through manual data entry.
Enhanced Data Extraction Utility – Mask and export
production data to other non-production environments for analysis
purposes while ensuring sensitive customer data is masked following
data privacy and security compliance requirements.
Cohesive Event-Based Communication – Via messaging
queues, enable asynchronous event-based communication between
systems providing consistency, flexibility, reliability and
scalability of processes.
Robust Open API Catalog and Gateway – Expanded API
catalog with over 200 additional OAS3.0 Compliant APIs available to
rapidly and dynamically integrate with other systems and Majesco
Digital1st® EcoExchange innovative partner solutions over an
enterprise gateway servicing all APIs with enterprise monitoring
and servicing feature for Majesco CloudInsurer® customers.
Extensive Performance & Scalability Gains – Majesco
Billing for P&C is now certified for 100 million policies with
1000 concurrent users, providing extensive scale for large
insurers.
“A new generation of insurance buyers with different needs and
expectations, coupled with unprecedented market shifts, have
created both a challenge and opportunity for next generation
billing platforms,” said Manish Shah, President and Chief Product
Officer at Majesco. “Today’s announcement continues the incredible
momentum that we’ve built in enabling insurers, reinsurers,
InsurTechs and MGAs to modernize and optimize the billing
experience for their end users, while at the same time innovate
with new billing options and capabilities, putting them at the
forefront of digital business transformation.”
The latest enhancements underscore Majesco’s relentless
innovation and commitment to helping their customers transform to a
digital customer centric strategy that propels them into the future
of insurance.
About Majesco
Majesco (NASDAQ: MJCO) provides technology, expertise, and
leadership that helps insurers modernize, innovate and connect to
build the future of their business – and the future of insurance –
at speed and scale. Our platforms connect people and businesses to
insurance in ways that are innovative, hyper-relevant, compelling
and personal. Over 200 insurance companies worldwide in P&C,
L&A and Group Benefits are transforming their businesses by
modernizing, optimizing or creating new business models with
Majesco. Our market-leading solutions include CloudInsurer® P&C
Core Suite (Policy, Billing, Claims); CloudInsurer® LifePlus
Solutions (AdminPlus, AdvicePlus, IllustratePlus,
DistributionPlus); CloudInsurer® L&A and Group Core Suite
(Policy, Billing, Claims); Digital1st® Insurance with Digital1st®
Engagement, Digital1st® EcoExchange and Digital1st® Platform – a
cloud-native, microservices and open API platform; Distribution
Management, Data and Analytics and an Enterprise Data Warehouse.
For more details on Majesco, please visit www.majesco.com.
Cautionary Language Concerning Forward-Looking
Statements
This press release contains forward-looking statements within
the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act. These forward-looking statements
are made on the basis of the current beliefs, expectations and
assumptions of management, are not guarantees of performance and
are subject to significant risks and uncertainty. These
forward-looking statements should, therefore, be considered in
light of various important factors, including those set forth in
Majesco’s reports that it files from time to time with the
Securities and Exchange Commission and which you should review,
including those statements under “Item 1A – Risk Factors” in
Majesco’s Annual Report on Form 10-K, as amended by its Quarterly
Reports on Form 10-Q.
Important factors that could cause actual results to differ
materially from those described in forward-looking statements
contained in this press release include, but are not limited to:
the adverse impact on economies around the world and our customers
of the current COVID-19 pandemic; our ability to achieve increased
market penetration for our product and service offerings and obtain
new customers; our ability to raise future capital as needed; the
growth prospects of the property & casualty and life &
annuity insurance industry; the strength and potential of our
technology platform and our ability to innovate and anticipate
future customer needs; our ability to compete successfully against
other providers and products; data privacy and cyber security
risks; technological disruptions; our ability to successfully
integrate our acquisitions and identify new acquisitions; the risk
of loss of customers or strategic relationships; the success of our
research and development investments; changes in economic
conditions, political conditions and trade protection measures;
regulatory and tax law changes; immigration risks; our ability to
obtain, use or successfully integrate third-party licensed
technology; key personnel risks; and litigation risks.
These forward-looking statements should not be relied upon as
predictions of future events and Majesco cannot assure you that the
events or circumstances discussed or reflected in these statements
will be achieved or will occur. If such forward-looking statements
prove to be inaccurate, the inaccuracy may be material. You should
not regard these statements as a representation or warranty by
Majesco or any other person that we will achieve our objectives and
plans in any specified timeframe, or at all. You are cautioned not
to place undue reliance on these forward-looking statements, which
speak only as of the date of this presentation. Majesco disclaims
any obligation to publicly update or release any revisions to these
forward-looking statements, whether as a result of new information,
future events or otherwise, after the date of this press release or
to reflect the occurrence of unanticipated events, except as
required by law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200723005109/en/
Laura Tillotson Director, Marketing Communications and Creative
Services + 201 230 0752 laura.tillotson@majesco.com
Majesco (NASDAQ:MJCO)
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