Majesco (NASDAQ: MJCO), a global provider of cloud insurance platform software for insurance business transformation, today announced that it has been once again positioned as a Visionary in the August 2020 Magic Quadrant for Life Insurance Policy Administration Systems, North America.
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Per the report, which evaluates 11 vendors, “This Magic Quadrant provides a lens into the North American market for life insurance policy administration system (PASs) used by individual and group life and annuity (L&A) insurers.”
“As the COVID-19 pandemic has clearly demonstrated, business operating conditions can change dramatically overnight, and life insurance PASs and the infrastructure on which they operate must be scalable, secure and adaptable to change,” says Richard Natale, Senior Director Analyst and Rajesh Narayan, Senior Director Analyst in the report. “Life insurance CIOs should be evaluating their PASs now to determine the degree to which they enable, or are a barrier to, this type of resiliency in the face of disruption.”
The report notes that “in the next 12 to 18 months, life insurance IT budgets will be under pressure. CFOs and CEOs will look at discretionary budgets for convenient ways to cut expenses in an effort to preserve capital and cash, such as discretionary spending earmarked for digital innovation. However, the potential does exist where PAS modernization accelerates to address operational issues that have been uncovered due to the pandemic. This could also accelerate the need for a PAS modernization or replacement. Examples include:
- Consumer behavior and a material shift to digital channels
- Long-term changes in consumer demand for insurance products
- Data and analytics needed to address changes in risk and actuarial models
- A permanent shift to how and where people work
- New uses for automation, such as touchless claims handling
- Rapid response to a crisis with products such as parametric insurance
- Potential governmental intervention and regulation”
“Now more than ever, life insurance companies need a robust, cloud-based core insurance business platform that can satisfy the needs of today’s digital customer,” says Adam Elster, CEO of Majesco. “We’re honored to be named a Visionary by Gartner in the Magic Quadrant for Life Insurance Policy Administration Systems, North America. We remain committed to creating a future of insurance that is agile, nimble and fast. We are proud of the investments we’ve made this past year that we believe have strengthened our positioning on the Completeness of Vision axis. To us, this recognition reaffirms our commitment to creating an L&A and Group core system that will help our customers seamlessly transition to the future of insurance.”
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Majesco L&A and Group Core Suite supports all individual, group and voluntary benefits on a single platform, recognizing that growing and retaining customers, regardless of where they originate, is critical to insurer’s growth strategies. The suite provides essential core system capabilities for policy, billing and claims. It brings a host of exciting, innovative capabilities to life, group and annuities insurance, such as an AI-powered group sales process to deliver digital RFP, an AI bot-driven conversational UX for navigation, and an always straight through processing approach to speed up transaction processing individually or across multiple points. The powerful design allows for rapid adaptation for new, innovative products or benefit plans, giving insurers the power, flexibility and speed needed to capture opportunities and create profitable growth.
“Majesco L&A and Group Core Suite brings a strong, innovative solution to life, annuities, group and voluntary benefits insurance market that will digitally enable the business from traditional products to new parametric products in this new era of insurance,” stated Manish Shah, President and Chief Product Officer for Majesco. “In our opinion, our Visionary positioning in the Magic Quadrant for Life Insurance Policy Administration Systems, North America is a result of strong execution of the product vision and demonstrates our commitment to innovation and understanding of the emerging shift in new customer needs and expectations to help our customers gain market leadership with a new generation of customers.”
Gartner “Magic Quadrant for Life Insurance Policy Administration Systems, North America,” Richard Natale, Rajesh Narayan, 3 August 2020.
