This blog is co-authored between Majesco and Quadrant Knowledge Solutions in taking a further look into Majesco’s groundbreaking achievements in Insurance Core Technology, as assessed and recognized by Quadrant Knowledge Solutions’ SPARK Matrix ranking as #1 for both P&C and L&AH Intelligent Core Suites.
In the ever-evolving landscape of the insurance industry, Majesco leads the way in pioneering innovation, redefining the future through its cutting-edge Intelligent Core Suites for P&C and L&AH. At the center of this evolution are the robust foundations of Embedded Analytics and Generative AI, driving operational efficiency, intelligence, and unparalleled agent and customer service.
Optimizing Business Insights with Embedded Analytics and Generative AI
Empowering Insurers for Growth
Majesco’s Embedded Analytics, Generative AI, and data capabilities enable insurers to drive growth intelligently with strategic acumen and precision. Majesco’s intelligent core platform capabilities are linked with expanding market reach, intelligent underwriting, optimized servicing and claims, with a versatile core platform solution. The outcomes driven by analytics open avenues for insurers to meet customer needs more effectively, providing a service that exceeds expectations.
Managing Risk with Precision
Embedded Analytics and Generative AI provide insurers with the tools needed to manage risk more effectively. Majesco ensures insurers are well-prepared to navigate the intricate terrain of claims losses and operational risks. This is achieved through enhanced risk selection, improved pricing analytics and models, and fortified security measures, all integrated into a seamless and secure risk management framework.
Cost Efficiency in Operations
Majesco’s solution addresses the ongoing objective of reducing operational costs by enhancing productivity, implementing straight-through processing (STP), introducing automation, and improving the user experience (UX). The next-gen core platform solution becomes the key to speed in the market offerings by enhancing product definition and product development by leveraging analytics and Large Language Model (LLM) capabilities.
Insurers Embrace Strategic Business Intelligence
Insurers are increasingly acknowledging the significance of business intelligence (BI) and analytics. Majesco’s intelligent core platform meets this priority by providing predictive models for underwriting, covering risk, claims, and fraud. It also grants access to both internal and external data sources. This strategic focus on BI is pivotal in improving distribution ease and simplifying the overall business process.
Leveraging Generative AI across the Insurance Value Chain
The use of Generative AI built upon the foundation of Large Language Models (LLMs) opens unprecedented possibilities within the insurance value chain. This transformation assists insurers in enhancing operations across various key areas, including:
- Distribution & Marketing: Generative AI facilitates cross-selling opportunities and offers virtual assistants for agents, brokers, and policyholders, enhancing product and service recommendations.
- Underwriting: Majesco’s intelligent core platform introduces AI-driven workflows, automating underwriting processes and suggesting the next best action. This includes the incorporation of image-based property inspection.
- Services: Predictive capabilities extend to foreseeing policy retention and cancellation along with providing helpdesk support.
- Claims: Proactive warnings to insured parties, image-based claims reporting, and IoT-based advice for claims adjudication are seamlessly integrated.
Majesco’s Embedded Analytics Powering Data Insights
Leveraging the abundance of diverse insurance data, including underwriting, policy, billing, claims, and loss control data, requires a sophisticated approach. Majesco tackles this challenge by incorporating Embedded Analytics and introducing a data fabric that enhances intelligence across a multitude of solutions. They consolidated all client data into a single repository, facilitating easy access for ML models to learn from it. All data from the L&AH and P&C Intelligent Core Suites is consolidated into the Microsoft Azure Synapse Data warehouse. The data can then be utilized for reporting through embedded analytics and further used by insurers from the data fabric to various BI tools within the organization. Majesco has achieved this by building a variety of data connectors (available out-of-the-box with the intelligent core suite) providing near-real-time (15-minute delay) data access.
Leveraging the capabilities of embedded analytics, BI reports can be seamlessly integrated within Majesco’s Intelligent Core Suite for P&C and L&AH. This empowers insurers to create reports and dashboard widgets effortlessly. This functionality also allows them to create new reports containing intuitive and interactive visualizations for insights while also letting them clone existing reports to jump-start their analysis. Furthermore, data from the fabric can be directly published to user dashboards in the form of customizable widgets designed for specific user types. All of this operates in a decoupled format against the Microsoft Synapse Data Warehouse and Insurers Data Warehouse. This separation ensures the best stability for the core system by separating the production database load from the reporting load.
Majesco’s Application of AI and ML Solutions
Property Intelligence: Majesco has incorporated AI/ML-based analytics into their Property Intelligence offering that provides insightful and intuitive property underwriting information including various quantitative risk scores such as Property Score, Overhead Score, Exterior Score, NatCat Score, Permit Score, Roof Condition, Exterior, Permit Score, Replacement Cost Score, and Vegetation Overhang Score. Majesco has built AI/ML-enabled Property Intelligence models for risk assessment using Loss Control inspection data captured by professional risk while leveraging a multi-source gallery with satellite, aerial, ground-level, balloon, and drone MLS images.
Subrogation Intelligence: Majesco also developed Subrogation Intelligence, utilizing LLM to analyze claims data. It suggests to insurers whether the loss should be subrogated and identifies missed opportunities where subrogation was not performed but should have been to recover the loss.
Majesco Copilot with Generative AI
Majesco Copilot takes center stage, serving as an AI Assistant that combines AI-based LLMs. This allows insurers to summarize complex policies into easily understandable language. With Copilot, users can receive assistance in Policy, Billing, Claims, and Loss Control, guiding them through their desired tasks.
Optimizing Operations with GenAI: Policy, Billing, and Claims Analysis
Policy Summarization: Understand backdated endorsements made to a policy, extract premiums associated with various policies, and locate specific exclusion forms related to the policy.
Billing Account Insights: Identify past due invoices and payments, while also discovering any cancellation notices sent by the policyholder.
Claims Understanding: Summarize legal depositions of claims, the number of payments disbursed, and uncover activities related to the claims within a specified period.
These insights were discussed in further detail at a recent webinar, Majesco at the Forefront: Strategies and Innovations Shaping the Insurance Industry. In this team members from both Quadrant Knowledge Solutions and Majesco spoke about what put Majesco in such a highly regarded position, including the quote below.
“We evaluated each vendor on the basis of technology excellence and customer impact parameter and positioned them based on the rating they received across both the parameters and sub parameters. While performing, we saw that Majesco stood out on top as a leader among all the competitors in both L&A and P&C.”
Nehan Jain, Analyst, Quadrant Knowledge Solutions
Conclusively, the seamless integration of Majesco’s Embedded Analytics and Generative AI into its Intelligent Core Suite for P&C and L&AH marks a significant advancement in the evolution of the insurance industry. The platform’s capability to convert data into actionable insights, automate processes, and improve customer experiences establishes Majesco as a pioneer in the intelligent edge of insurance innovation. As insurers navigate the complexities of the modern landscape, Majesco is poised to guide them toward a future characterized by the convergence of intelligence, efficiency, and customer-centricity.