Majesco, a global leader of cloud insurance software solutions for insurance business transformation, today announced that they have been named among Late Stage providers of Digital Insurance Platforms (DIPs) in Forrester’s New Tech: Digital Insurance Platforms Providers, Q2 2021 Report.
“Insurers face increasing competition from within the sector and beyond as companies leverage technology to meet customer preferences for digital experiences,” writes author Jeffery Williams, Senior Analyst at Forrester in the report. “To maintain an edge, insurance leaders must reinvent their companies to become fundamentally digital, from policy application to renewal. Digital insurance platforms enable this transformation by enhancing speed to market, elevating customer experience, and modernizing IT.”
The report states, “customers increasingly expect digital experiences across their buying journeys, a trend that insurrect disruptors and ecosystem orchestrators exploit. In the near term, competition from insurtechs, such as Lemonade Insurance and Next Insurance, and ecosystem orchestrators, like Amazon and Tesla, will only intensify.” To keep pace, Forrester suggests insurers must invest in technology that enables customer engagement, speed to market for products and customer acquisition. They see help coming from digital insurance platforms (DIPs) which they define as “Cloud-native solutions that run front-end or core business applications and services that enable insurers to digitize their customer, agency, and ecosystem partner experiences.”
The Forrester report notes that DIPs improve speed to market for products and services; customer and agency experiences; connectivity of data and technology ecosystems; and access to new distribution channels. With regards to these attributes, Majesco Digital1st® Insurance has successful implementations that include:
- Developed and launched an on-demand agro product for the agro retail market.
- Developed a next-generation Customer portal with 360-degree view across policy, billing, claims and value-added services that shifts from transactions to an experience. Similarly, developed a next-generation Agent portal to support quoting, servicing as well as access to digital onboarding and compensation reporting.
- Using Digital1st® EcoExchange to provide a robust integration platform that dynamically connects to variety of systems, data providers and partner ecosystems through APIs to extend digital experiences and capabilities.
- Using Digital1st® EcoExchange to provide a robust integration platform that dynamically connects to other channels, distribution capabilities or partners to extend reach.
“We’re honored to be named a Late Stage Provider with Majesco Digital1st® Insurance in Forrester’s new report, given we launched the product just three years ago, highlighting for us our focus on innovation and future forward thinking which are crucial InsurTech attributes,” stated Adam Elster, CEO of Majesco. “The powerful combination of technology, customer demographics and expectations and new market and product opportunities are compelling the industry to take a two speed approach – speed of operations to modernize and optimize today’s business and speed of innovation to create a new business for the future, which Digital1st® is well equipped to support.”
Majesco Digital1st® Insurance is a no code / low code platform built from the ground up to provide a single platform to enable insurance organizations to accelerate their journey on the digital maturity curve and pursue relentless innovation with speed and agility. It enables rapid building of multi-channel user interfaces and workflow through visual tools requiring minimal or no programming, often easy enough for non-technical users to make changes. It is abstracted from any underlying system and therefore can be used to build any user experience or workflow from scratch, not just used to configure a specific system.
“Majesco Digital1st® Insurance has been used for both by insurers, reinsurers, MGAs, and brokers to successfully transform their business to thrive in an increasingly competitive market,” stated Manish Shah, President and Chief Product Officer at Majesco. “This is where our next-generation digital platform, Majesco Digital1st® Insurance and the applications, accelerators and partner apps, are pushing boundaries and accelerating digital transformation at speed and scale.”
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.