Research Note: Majesco, P&C and General Insurance Industry Platform
Majesco - Intelligent Core Suite, Cloud Insurance Platform Software
Majesco is a global leader in providing cloud insurance platform software for insurance business transformation. Founded in 1982, the company was originally based in Morristown, New Jersey, where it is still headquartered today. Majesco's mission is to empower insurers to thrive in today's fast-paced digital marketplace by delivering innovative solutions and leveraging advanced technologies like artificial intelligence and machine learning.
Under the leadership of CEO Adam Elster, Majesco has established itself as a trusted partner for over 350 insurers worldwide, ranging from greenfield startups to some of the industry's largest players. Elster, who has been with the company since 2017, has spearheaded Majesco's strategic shift towards becoming a leading provider of cloud-based, SaaS-delivered insurance core systems and digital solutions, helping insurers modernize their operations and enhance customer experiences.
Majesco's product suite is a comprehensive and integrated offering designed to cater to the diverse needs of P&C and life & annuity insurers. The centerpiece of the company's portfolio is the Majesco P&C Intelligent Core Suite and the Majesco L&A Intelligent Core Suite, which provide end-to-end policy administration, billing, and claims management capabilities. These intelligent core platforms are built on a modern, cloud-native architecture and feature embedded data analytics, artificial intelligence, and machine learning capabilities to help insurers optimize their operations, enhance customer experiences, and drive innovation.
In addition to the core systems, Majesco's suite includes a range of specialized solutions, such as its Digital360 suite for omnichannel engagement, the Majesco Loss Control 360 platform for risk assessment and mitigation, and the Majesco Distribution Management solution for streamlining agent and broker relationships. Underpinning the entire portfolio is Majesco's CloudInsurer, a robust SaaS delivery model that enables insurers to rapidly deploy new products and services while benefiting from automatic upgrades, seamless integrations, and reduced IT maintenance costs.
Title: Majesco's P&C Intelligent Core Suite
Majesco's overall score is 8.3/10, reflecting its position as a Leader in the P&C and general insurance software space, with some areas where it could potentially enhance its offerings to further differentiate itself.
Majesco's PAS
Policy Administration System (PAS)
Majesco's PAS, part of its P&C Intelligent Core Suite, offers a robust and highly configurable policy lifecycle management system. The solution's functionality is rated at 9/10, enabling insurers to streamline processes from quoting and underwriting to policy issuance and renewals. The platform's configurability is also strong at 9/10, allowing insurers to tailor the system to their specific needs. Integration capabilities are rated 9/10, as the PAS seamlessly integrates with other core systems to provide a seamless experience. Overall, Majesco's PAS is a comprehensive and flexible solution that meets the evolving needs of P&C insurers.
Billing
Majesco's Billing for P&C solution is a powerful and scalable billing management system, rated 8/10 for functionality. The platform offers flexible and configurable billing options, including invoicing, premium collections, and payment processing, earning an 8/10 for configurability. Integration capabilities are strong at 9/10, allowing the billing system to harmonize with other core components. While the solution delivers robust billing capabilities, the relatively lower scores in functionality and configurability compared to policy administration and claims management indicate room for improvement to further enhance the billing experience for insurers.
Claims Management
Majesco's Claims for P&C is a highly capable claims management system, rated 9/10 for functionality. The solution optimizes the end-to-end claims process, from first notice of loss to settlement, earning it a strong score. The platform's configurability is rated at 8/10, allowing insurers to tailor the system to their needs. Integration capabilities are also robust at 9/10, enabling seamless collaboration with other core components. Majesco's claims management capabilities are a key strength, demonstrating the company's deep understanding of the insurance industry's evolving claims landscape.
Data Insights and Analytics
Majesco's data insights and analytics capabilities, delivered through its Intelligent Core Suite, are rated 8/10 across functionality, configurability, and integration. The platform helps insurers unify data sources, generate valuable insights, and make data-driven decisions. While the solution provides strong analytical capabilities, the scores indicate that there may be room for improvement in areas such as advanced predictive modeling, real-time data processing, and the breadth of integration options to maximize the value of data for insurers.
Digital Engagement
Majesco's Digital360 solutions, including Digital Customer360 for P&C, are rated 8/10 for functionality, configurability, and integration. The platform enables insurers to deliver seamless, omnichannel experiences for customers, agents, and brokers. The configurability of the digital engagement tools allows for personalization and customization, while the integration capabilities ensure a cohesive experience across the insurance value chain. Majesco's focus on digital transformation is evident, but the scores suggest that the company could further enhance the user experience and expand the digital capabilities to stay ahead of evolving customer expectations.
Reinsurance Management
Majesco's reinsurance management capabilities are rated 8/10 for functionality and configurability, and 7/10 for integration. The platform provides a centralized system for managing ceded and assumed reinsurance, but the relatively lower integration score indicates that there may be opportunities to enhance the seamless flow of information between the reinsurance module and other core components. While the reinsurance management offering is solid, it is not a core strength for Majesco compared to its other insurance-specific solutions.
Specialized Solutions
Majesco offers specialized solutions for areas like workers' compensation, personal auto, and homeowners insurance, rated 8/10 across functionality, configurability, and integration. These industry-specific capabilities enable insurers to address the unique requirements of different product lines. The scores reflect Majesco's ability to tailor its solutions to meet the diverse needs of the P&C and general insurance market, but also suggest that there is room for further enhancement and expansion of the specialized offerings.
SaaS Delivery
Majesco's SaaS delivery model, through its CloudInsurer platform, is rated 9/10 for functionality and configurability, and 8/10 for integration. The cloud-based approach allows insurers to benefit from automatic upgrades, seamless integrations, and reduced IT maintenance costs. The high scores in functionality and configurability highlight Majesco's commitment to delivering a flexible, scalable, and user-friendly SaaS experience for its customers. The integration score indicates that the company continues to work on enhancing the seamless integration of its SaaS offerings with other systems and third-party solutions.
Low-Code Configuration
Majesco's low-code configuration capabilities, embedded within its Intelligent Core Suite, are rated 8/10 across functionality, configurability, and integration. The platform's low-code tools empower business users to quickly adapt and launch new insurance products and services, reducing time-to-market and fostering innovation. The scores reflect Majesco's focus on enabling business agility and user-driven configuration, but also suggest that there may be opportunities to further enhance the low-code capabilities to keep pace with the rapid changes in the insurance industry.
Artificial Intelligence and Machine Learning
Majesco's AI and ML capabilities, integrated across its Intelligent Core Suite, are rated 8/10 for functionality, configurability, and integration. The platform leverages these technologies to enhance underwriting, claims management, and customer experience, helping insurers optimize their operations and drive growth. The scores indicate that Majesco has made significant investments in AI/ML, but there may be room for further advancements to stay at the forefront of the industry's AI-driven transformation.
Bottom Line
Majesco's product suite is a comprehensive and integrated offering designed to cater to the diverse needs of P&C and life & annuity insurers. Majesco's overall score is 8.3/10, reflecting its position as a Leader in the P&C and general insurance software space, with some areas where it could potentially enhance its offerings to further differentiate itself. The centerpiece of the company's portfolio is the Majesco P&C Intelligent Core Suite and the Majesco L&A Intelligent Core Suite, which provide end-to-end policy administration, billing, and claims management capabilities. These intelligent core platforms are built on a modern, cloud-native architecture and feature embedded data analytics, artificial intelligence, and machine learning capabilities to help insurers optimize their operations, enhance customer experiences, and drive innovation.
In addition to the core systems, Majesco's suite includes a range of specialized solutions, such as its Digital360 suite for omnichannel engagement, the Majesco Loss Control 360 platform for risk assessment and mitigation, and the Majesco Distribution Management solution for streamlining agent and broker relationships. Underpinning the entire portfolio is Majesco's CloudInsurer, a robust SaaS delivery model that enables insurers to rapidly deploy new products and services while benefiting from automatic upgrades, seamless integrations, and reduced IT maintenance costs.