Majesco, a global leader of cloud insurance software solutions for insurance business transformation, today announced the launch of Majesco Customer360 for P&C, a next generation customer portal. Majesco Digital Customer360 for P&C is an accelerator that is designed through the customer lens to enable easier and more seamless interactions across service, billing and claims – an intentional upgrade from the typical transactional experience through separate portals and applications.
“As insurers digitally enhance front-end capabilities to elevate customer experiences (CX), next-generation customer portal solutions must synchronize engagement across the value chain touchpoints to deliver a more engaging, holistic experience,” stated Manish Shah, President and Chief Product Officer for Majesco. “Built on Majesco Digital1st® Insurance no code / low code platform, Majesco Digital Customer360 for P&C provides that next-gen customer experience that compares to today’s leading digital companies. The collaboration between the Majesco and KPMG teams has been phenomenal, delivering a truly next generation portal platform.”
Majesco engaged KPMG in the customer experience design and development of the solution using Majesco Digital1st® Insurance, a no code / low code platform with robust insurance content. This new, innovative solution simplifies the interactions for customers on a single platform including:
- Policy Inquiry: At any point in time, enables policy inquiry allowing the customer to check policy coverages, deductions, limits, renewal dates, billing status, and more.
- Policy Changes: A common dashboard provides a view of all policy information and coverages, and allows for policy changes and service requests related to the policy including changes received via forms using OCR technologies to extract structured data and insert into the workflow to automate the transaction and fulfill the request.
- Payment History: Access payment history and the status of upcoming payments and due dates.
- Payment Updates: Make changes to payment plan, set up/enable digital payment processing, and make payments through a variety of digital payment modes. When payments are sent, a digital confirmation that the payment has been successfully received is sent.
- Claims First Notice of Loss (FNOL): A FNOL can be submitted through the same common access point as all other transactions, including paper or imaged forms using OCR technologies to extract the information and insert it directly into the claims administration system to initiate the processing of the claim.
- Connect to Service Providers: Ability to easily connect to value added service providers such as networks to repair or replace damaged vehicles or items, specialists that help recover from cyber-breaches, or smart device companies and services that help to avoid the claim in the first place.
- Claims Status: Request information on the status of a claim, the damage estimate, or the payment status through the portal.
- Value Added Services: Customers are just beginning to implement IoT devices in their properties and telematics capabilities in their commercial fleets that can help reduce risk and result in faster claim response, while also increasing customer engagement.
- Core Integration: Pre-integrated with Majesco Core Suite for P&C and can easily be integrated with any other core solutions.
With digital demands from insurance customers seemingly often outpacing the engagement capabilities of many insurers, the industry has arrived at a time of reckoning – and the stakes are high. Customers are looking for the better experience and in insurance that experience can be created and managed with digital tools and digital proficiency, but insurers need to get beyond the basics and traditional “portal happy” approach. This is reflected in the May 2021 J.D. Power survey results that points to digital engagement issues as a massive shift of customers moving to digital occurred over the last 15 months due to the COVID pandemic.
“We saw very early on that the Majesco Digital1st® Insurance platform provided an amazingly rich set of insurance content and capabilities to rapidly build digital solutions that can accelerate insurer’s digital transformation,” stated Jeanne Johnson, Principal at KPMG. “Together, leveraging each other’s research, knowledge and expertise, we have developed an amazing customer experience solution that redefines customer experience for the digital age. Rather than multiple portals and separate points of interactions, Majesco Digital Customer360 for P&C offers a ground breaking new solution with speed, scale and security.”
Customers’ pace of digital adoption is accelerating, and insurers must go beyond the basic portals that automate customer tasks or transactions. Insurers need to move from transactions to experiences. To regain customer trust and satisfaction, insurers now must consider all dimensions of the customer experience across the value chain, creating a next-generation customer experience that is much closer to the “Amazon experience.” Majesco’s 2021 Strategic Priorities Research found that Digital Leaders are widening the gap over the next three years by 102% as compared to Laggards and 28% for Followers, separating themselves from the pack.
“Policyholders today expect an integrated, unified, and cohesive experience that services all their needs. With the emergence of Digital Platforms, this vision now can now become a reality. Insurers can orchestrate the complexities of technologies to deliver an experience tailored to the customer rather than the technology that is servicing their needs. Insurers can now flip the lens – delivering services that delight the customer!” Karen Furtado, SMA Partner.
Majesco and KPMG have held multiple roundtables to discuss this next-gen approach and have established a Charter Client program for the first early adopters.
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.