Majesco, a leading provider of insurance technology solutions, has announced the launch of its highly anticipated Fall ’24 Release, which features a host of innovations designed to redefine the insurance industry.
At the core of this offering is the Majesco Copilot, an advanced automation tool that is seamlessly integrated across the entire product suite.
This eminent solution significantly enhances operational efficiency by streamlining processes and delivering powerful automation capabilities.
Recognised as the industry’s first GenAI solution directly embedded into core insurance operations, the Majesco Copilot is designed to improve productivity, simplify business workflows, and lower costs. By leveraging cutting-edge technology, it enables organisations to optimise their operations and respond swiftly to market demands.
This innovative tool includes a key feature for intelligent document ingestion for claims. The capability promises to cut processing time by up to 2.5 hours per claim, allowing insurers to concentrate on higher-value tasks and enhance their service offerings.
The move comes as insurers are seeking innovative solutions that not only streamline processes but also reduce operational costs while enhancing customer experiences.
Recognising these needs, Majesco has developed this release to address the evolving challenges faced by insurance providers today.
The enhancements introduced with the Fall ’24 Release extend across all Majesco’s product offerings, from P&C Intelligent Core to ClaimVantage Enterprise Claims and Digital1st Platform.
Each product is now equipped with capabilities aimed at improving user and customer experiences while reducing operational costs. Notable features include automated claim processes, mobile-first capabilities, and enhanced performance, ensuring insurers remain competitive in an increasingly crowded market.
The Fall ’24 Release boasts several other innovations, such as:
- P&C Intelligent Core Suite: Features like Copilot Automation streamline bill and invoice processing, while faster APIs enhance core transaction speeds by up to 30%.
- Loss Control: Incorporates mobile-first capabilities for over 20,000 smartphones, improving navigation and accuracy in surveys.
- Distribution Management: Offers dynamic dashboards and automated commission adjustments to simplify producer management.
“With this release, Majesco continues to set the standard for AI-powered innovations in the insurance industry,” said Manish Shah, President, and Chief Product Officer at Majesco. “Our customers can now fully harness the power of GenAI across their operations, driving new efficiencies, lowering unit costs, delivering exceptional customer experiences, and raising the competitive bar in the market.”
Karlyn Carnahan, Head of Insurance at Celent, added, “Majesco’s continued investment in AI and GenAI-powered Copilot represents a pivotal shift in the insurance landscape. Their focus on automation and leveraging AI to optimise core business processes demonstrates a strong understanding of where the industry is heading.” She further noted, “This latest release sets a high bar for insurers seeking to remain competitive and responsive to evolving market demands.”
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