Picture this: The baseball diamond is set, the crowd is buzzing, the pitcher winds up, and then the crack of the bat. But instead of a fastball hurtling toward home plate, it’s a data-driven algorithm—a curveball of innovation. Now, imagine the infield—shortstop, second baseman, and first baseman—all working in harmony. Policy management flows smoothly from shortstop (underwriting) to second base (billing) to first base (customer service). The ball never hits the dirt. It’s a double play—claims processed swiftly, premiums collected seamlessly, and customers satisfied. The insurance infield turns grounders into outs, just as MLB infielders turn hits into double plays.

Every baseball fan dreams of witnessing a grand slam—a home run with the bases loaded. For insurers, the grand slam is an exceptional customer experience with optimized operations.  When a policyholder feels heard, when a claim is resolved swiftly, when premiums align with value—those are the grand slams insurers aim for. It’s the roar of the crowd, the fireworks in the sky, and the game-winning run crossing home plate. As the MLB season unfolds, so does an era of Majesco innovations with GenAI. Just as star players step up to the plate, Majesco steps up to redefine the game for insurers.

Unleashing the Power of GenAI: A Home Run

In the ever-evolving landscape of insurance, GenAI, powered by Majesco Copilot, emerges as a transformative force, reshaping traditional practices. Its influence extends across various facets of insurance operations, creating a ripple effect that enhances efficiency, productivity, accuracy, and customer satisfaction. Incorporating advanced capabilities such as self-learning, adaptability, and advanced data analysis, GenAI is poised to transform how insurance companies operate in various facets like policy issuance, underwriting, billing, claims processing, loss control, operations, and distribution.

Why is GenAI the hottest topic in the industry? Because it sparks conversations, drives innovation, and challenges the status quo. As insurers embrace this technological leap, they unlock new possibilities for growth, resilience, operational optimization, and sustainable impact. GenAI is not a fleeting trend; it’s a permanent fixture. Insurers recognize its transformative power and are actively considering how to leverage its unique capabilities across their business functions and processes.

Majesco’s Spring ’24 Release

Discover the future of insurance and GenAI through our latest Spring ’24 Release, spanning our entire product portfolio. From streamlined workflows to enhanced user interfaces, our innovations empower Property & Casualty (P&C) and Life & Annuity Health (L&AH) insurers like never before. As industry pioneers, we take pride in leading the way with our investment in GenAI technology. By integrating GenAI into all our solution offerings, we’re transforming insurance operations, improving productivity, bending the learning curve, and providing unprecedented insights and efficiency.

At the core lies Majesco Copilot, the undisputed MVP of next-gen insurance platforms is a cornerstone of efficiency, productivity, and support for insurance operations. Copilot’s capabilities harness the power of GenAI, setting new standards for claims closure, quoting, communication management, and strategic decision-making. It’s not just about guidance; it’s about revolutionizing the game itself by taking actions and delivering unparalleled insights and efficiency across the insurance value chain with Majesco’s entire portfolio of offerings.

Highlights of the release include:

• P&C Intelligent Core Suite: Streamlined workflows, personalized landing pages, and Copilot integration enhance user experience in policy and claims management.
• Loss Control: Expanded premium audit capabilities, improved scalability, and optimized onboarding processes to efficiently manage evolving risk landscapes.
• P&C CoreConnect: Integrate external platforms with workflow event bus, enable self-calculating premium overrides, and enhance loss history integration for comprehensive risk management.
• Enterprise Rating: Unify product development tools with Product Studio, perform real-time what-if analysis with Integrated Analyzer, and create custom functions with Lambda function support for enhanced flexibility.
• L&AH Intelligent Core Suite: Copilot-driven intelligence, refined disability administration, and transparent illustrations for group and worksite products.
• ClaimVantage Claims: AI-guided decisions, automated proportional loss calculations, and holistic views of submitted claims.
• Intelligent Sales & Underwriting: Optimize renewal cross-selling, streamline user maintenance, and simplify commissions for improved operational efficiency.
• Digital1st®: Versatile digital portals catering to all personas (Agents, Customers, Underwriters, Brokers, Employers, and Employees) pre-integrated with Majesco’s core offerings but can be used with other offerings.
• Data, Analytics, and AI: Enhanced Copilot functionalities and seamless transition to Microsoft Fabric/Azure Data Factory and expanded access to all your data from Majesco solutions with datasets, dashboards, and reports for deeper insights.
• Distribution Management: Automate Florida State appointments, improve document management with Document as a Service, and align commissions with premium amounts for greater efficiency.

Ready to revolutionize your business operations to drive optimization, productivity and efficiency with GenAI? Seeking an innovative platform for your business that is future-forward? Want to meet market demands swiftly and cost-effectively?  Want to bend the learning curve of new employees as the industry faces unprecedented retirements?

As the Majesco Spring ’24 Release steps up to bat, remember this metaphor: The insurance industry isn’t just playing ball; it’s orchestrating a symphony of risk, data, agility, and customer delight. As the MLB season heats up, keep an eye on Majesco. We are not just playing ball; we’re rewriting the rules. Batter up, insurers—it’s time to hit it out of the park!

The future starts with Majesco. Explore the next generation of insurance solutions and embrace the power of GenAI powered by Copilot. Welcome to Insurance Excellence in Spring ’24! Learn more about Majesco’s Spring ’24 Product Release here.

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