Majesco, a global leader of cloud insurance software solutions for insurance business transformation, today announced the launch of Majesco Digital Underwriter360 for P&C, a next-gen insight driven underwriting workbench for commercial and specialty lines. Majesco Digital Underwiter360, powered by Majesco Digital1st® Insurance is an intelligent, insight-driven cloud-native SaaS, that enhances underwriting efficiency and profitability, drives underwriter productivity and profitability, and creates greater transparency and collaboration with brokers.
“In order for insurers to elevate the customer experience, they must make the underwriting processes more efficient, profitable and responsive,” says Manish Shah, President and Chief Product Officer for Majesco. “Built on Majesco Digital1st® Insurance no code/low code platform, Majesco Digital Underwriter360, leverages today’s leading technology to increase efficiencies and effectiveness, maximize underwriter’s expertise and improves collaboration between underwriters and brokers. Our relationship with KPMG to develop and deliver another next-gen digital solution built with the customer in mind brings a new level of innovation and capability to the industry.”
SMA research highlights the expectations of insurance executives regarding the magnitude of changes coming… 80% of insurance executives expect underwriting to be significantly different than it is today within 5 years and 94% expecting significant change in 10 years. The expected changes expose the gaps between today’s capabilities and those required in the future and which Majesco Digital Underwriter360 addresses.
“The potential for underwriting transformation in P&C is tremendous,” stated Deb Smallwood, Senior Partner at Strategy Meets Action. “Our research indicates significant recognition that this will take a new solution and set of technologies separate from policy management solutions. To make this great leap forward, insurers need new thinking on roles and processes coupled with a new digital platform that is advanced beyond the portals and workbenches of the past. Majesco Digital Underwriter360 represents an innovative new solution that will help revolutionize underwriting.”
Majesco engaged KPMG LLP in the experience centric design and development of the solution using Majesco Digital1st® Insurance, a no code / low code platform with robust insurance content. This new, innovative solution focuses on better insights, increased productivity, and driving more seamless interactions for the underwriter. Some of the key capabilities include:
- Insight driven: Multi-level risk view, across the portfolio and line of business for digitally optimized risk assessment and management.
- Just in time, relevant information: Data and information pushed to the underwriter’s fingertips at the exact moment they need it to optimize underwriting.
- Intelligent data ingestion and extraction: Refine rules and leverage technologies like AI to collect, automate and analyze the data to provide a full picture of the exposures for a given submission.
- Portfolio Optimization: Prioritize, assess, and reinforce risk appetite across the portfolio of business through the use of data and a holistic view of risk.
- Broker Collaboration: Increased and predictable collaboration between broker/agent and underwriter creating full transparency and speed for quote.
- Streamline underwriter workflow and improve risk assessment: Automated, efficient workflow, routing and case management capabilities to optimize underwriting and improve risk assessment leading to better outcomes.
- Automated data prefills: Using a growing array of structured and unstructured data sources from InsurTech and traditional third-party data providers to optimize the underwriting process and maximize underwriter’s knowledge.
- Underwriting control and oversight: Using authority management to monitor and manage underwriting limits, risks and more to align to company guidelines and strategy.
- Core Integration: Pre-integrated with Majesco Core Suite for P&C and can easily be integrated with any other core solutions.
“We’re seeing a lot of activity in digital underwriting as a lynchpin component of modernization and transformation efforts,” stated Jeanne Johnson, Principal at KPMG LLP. “Leveraging a platform solution that connects insights across the underwriter’s interactions, and more easily integrates a rich mix of relevant data offers a path to more sustained value. Productive data, alongside digital enablement, machine learning, and Underwriter360, can address some longstanding pain points to better equip the underwriter talent – to better segment, predict, service, and deliver profitable growth that will continue to be a competitive differentiator.”
Lulu O’Leary, Partner, Financial Services, KPMG LLP, said, “Insurers are looking for ways they can change their approach to distribution. New methods of underwriting can place insurers on the front foot with brokers, targeting the clients they wish to work with instead of simply receiving requests for quotes. We are moving in a direction where commercial underwriting will be much more strategic in its approach to distribution and client acquisition.”
As insurers continue to adopt the latest digital technologies, tedious and time-consuming underwriting processes still make it difficult to quickly respond to customer needs and expectations. Without a holistic and unified view, underwriters cannot access risk information to facilitate quick and calculated underwriting management. Majesco Digital Underwriter360, digitally enables technology and data proliferation that transforms how underwriters collect risk data, analyze it, perform multi-level risk assessment, and make decisions resulting in reduction of underwriter’s administrative workload.
The increased efficiency and effectiveness in the underwriting process enables underwriters more time to be utilized in making key decisions and increase collaboration with distributors as opposed to spending time in core processes due to technologically challenged systems. It delivers a profitable underwriter process through centralized digital solutions that provide aggregation and mediation of business as well as system services, so underwriters don’t have to depend on multiple sources of disparate data.
Underwriter360 is currently available for commercial and specialty lines with other lines of business to be considered in the future.
Majesco is the leading software partner to both the P&C and L&A insurance markets to modernize, optimize and innovate their businesses at speed and scale. Over 330 insurers, from greenfields, start-ups and MGAs to the largest insurers, reinsurers and brokers use Majesco’s next generation SaaS platform solutions of core, data and analytics, digital, distribution, absence management and a rich ecosystem marketplace of established and InsurTech partners to build the future of insurance.
Our technology, expertise and leadership help insurers innovate and connect to build the future of their business. With over 825 successful implementations and over 65% of our customers on Cloud with Majesco platform solutions, together we have an amazing track record of innovation and real-world results. For more details on Majesco, please visit www.majesco.com.