Majesco, a cloud insurance platform software developer, has formed two new partnerships to expand its EcoExchange marketplace.
Its new partners are AI-based claims solution platform Claim Genius and virtual collaboration platform for insurance Livegenic.
The EcoExchange is a plug-n-play platform offers a selection of apps to enable all aspects of the insurance value chain, ranging from a non-interactive service call to a comprehensive solution that can manage multiple provider services.
With the support of the new companies, Majesco hopes to accelerate business transformation and meet rising demand for digital claims, following the Covid-19 pandemic.
Majesco president and chief product officer Manish Shah said, “Majesco EcoExchange is a next-generation marketplace of partners apps designed to help the insurance industry meet the demands of today’s digital customer.
“Claims has risen in priority for digital transformation which Digital1st® and the partner marketplace can rapidly respond to. We’re proud to work with a growing list of partners to bring today’s most innovative apps to the Majesco EcoExchange and provide customers with access to the innovative technology that can transform their business and better serve customers and agents.”
Claim Genius utilises AI technology to improve auto insurance via improved damage estimates. The computer vision tools leverage object detection and image analysis algorithms to identify vehicle damage, position, severity and lists of damaged parts. It is even able to identify hidden damage deep inside the vehicle.
Claims Genius founder and CEO Raj Pofale said, “We’re proud to join Majesco’s EcoExchange and share our AI technology that helps customers reduce claims processing time, increases carrier profitability, and revolutionizes the claims experience for insurance customers worldwide.”
Livegenic provides carriers, TPAs and other insurance organisations with a selection of mobile and browser-based solutions to virtually inspect claims. The platform has a range of inspection tools designed to handle various specific workflows and use cases.
Livegenic CEO Olek Shestakov said, “We’re thrilled to join Majesco’s EcoExchange marketplace, it will enable our clients and partners to easily integrate the Majesco platform with the service suite provided by the Claim Central Ecosystem – including the full Livegenic mobile and web platform, the ClaimLogik Plus platform, and the TradesPlus network.”
Majesco kicked off 2021 with the acquisition of ClaimVantage, a global provider of enterprise claims software. The acquisition was made to expand and complement Majesco’s key strategic focus in the L&A market segment.
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