Majesco, a global leader of cloud insurance software for business transformation today announced the success of its May 2021 acquisition of Utilant, a U.S. based provider of the leading risk management SaaS product suite for Loss Control surveys and Premium Audit which includes its artificial intelligence (AI)/machine learning (ML) data and analytics offerings.
Majesco launched an innovative Data and Analytics business unit combining Utilant’s technology and data scientists with Majesco’s market-leading solutions, resulting in an array of new, innovative solutions. In addition, Majesco has embedded data and analytics, including generative AI, into their P&C Intelligent Core, L&AH Intelligent Core and Loss Control to drive greater insight, operational effectiveness, and profitability for insurers.
Data, effectively used, will always have value as analytics’ capabilities stand to be a game-changer for insurance. When new, real-time data, advanced analytics, AI/machine learning, and generative AI are effectively combined, insurers can have a significant impact across the entire insurance value chain. According to Majesco’s report, Future Trends: 8 Challenges Insurers Must Meet Now, implementing a long-term data strategy inclusive of advanced analytics is crucial to compete in today’s rapidly emerging digital insurance era.
“New technologies, demographics, and behaviors are driving the explosion of data, and how it is used by insurers. By embedding data and analytics in our products, we are creating a new generation of intelligent core insurance solutions that can fuel innovation and accelerate growth for insurers,” says Adam Elster, CEO of Majesco. “With our foot on the pedal, we’ve used Utilant’s market-leading technology, capabilities, and contributory database as a foundation to accelerate our investment in data & analytics. We’re empowering our customers to drive operational optimization and fuel innovation, helping them thrive in a highly competitive marketplace.”
Over the last two years, Majesco has:
- Increased customer base with 19 new customers using Loss Control and Premium Audit solutions.
- Expanded 32 existing customer relationships with use of Loss Control in new product lines, markets and geographies.
- Seamlessly collaborated with customers and strategic partners with 18 customer go-lives.
- Trained their Strategic Partners on Utilant solutions to accelerate implementations.
Majesco has quickly become the go-to partner for leading insurance organizations looking to accelerate growth, meet growing customer demands, and drive innovation. Through its unwavering commitment to innovation, Majesco has persistently invested in pivotal enhancements and enriched capabilities that are redefining the risk management, core solutions and data and analytics landscape including:
- Unified Loss Control Mobile App with New UI – A new and improved mobile app with fresh features, functionality, and consistency across all 3 platforms (Android, Apple, and Windows).
- Loss Control Extension with Equipment Breakdown Inspections – provides a unified view of location visits, enabling proactive identification of insureds that have jurisdictional inspection service requirements, streamlined work planning and all equipment inspection to take place all in one visit.
- P&C and L&AH Intelligent Core Suite – are now powered by day-to-day analytics and AI based advanced analytics. By leveraging advanced technologies such as AI, machine learning, generative AI, and automation, our customers can succeed in today’s fast-paced digital marketplace.
- Loss Control Deep Integration with Majesco Intelligent Core – provides holistic and unified views enabling intelligent and comprehensive risk assessments for improved underwriting.
- Majesco Copilot – Uses generative AI technology to summarize complex policies into simple-to-understand language; generates communication for agents/insureds, creates recommendations for inspections.
- Data Lake House – A cloud-native analytics datastore equipped with industry-standard connectors to enable operational and strategic analysis of the data through variety of tools.
- Business Intelligence – Offering unified insurance data & analytics solution by embedding business intelligence and AI/ML insights inside core insurance workflows.
- Property Intelligence – AI-powered personal and commercial property insights to increase profitability through better risk; powered by diverse datasets including Utilant’s 2-billion observational data points 200 million+ photos & images collected from over 16 million Loss Control surveys.
- Subrogation Intelligence – AI powered proactive detection of subrogation opportunities with increased speed and accuracy at various stages of claims handling.
Majesco Loss Control is the only LC platform that is configurable, easily integrates into carrier platforms, and has a fully functional mobile experience. It has been proven to scale large volume with over 40,000 surveys being completed every week by customers currently using the platform. To learn more, visit www.majesco.com.
About Majesco
Majesco is the partner P&C and L&AH insurers choose to create and deliver outstanding experiences for customers. We combine our technology and insurance experience to anticipate what’s next, without losing sight of what’s important now. Over 350 insurers, reinsurers, brokers, MGAs, and greenfields/startups rely on Majesco’s SaaS platform solutions of core, digital, data & analytics, distribution, and a rich ecosystem of partners to create their next now.
As an industry leader, we do not believe in managing risk by avoiding change. We embrace change, even cause it, to get and stay ahead of risk. With 900+ successful implementations we are uniquely qualified to bridge the gap between a traditional insurance industry approach and a pure digital mindset. We give customers the confidence to decide, the products to perform, and the follow-through to execute. For more information, please visit www.majesco.com and follow us on LinkedIn.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230829598710/en/