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, a global leader of cloud insurance software, 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.”
Read More: Hummingbird Raises $8.2M To Automate Financial Compliance Technology
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.
Read More: A Quick Review on Some of The Biggest Global Fintech Mergers & Acquisitions
