Winner in the Digital and Omnichannel category
for their cloud-based rating and Affinity Market portal platform
for group insurance
Majesco (NYSE MKT:MJCO), a global provider of core insurance
software, consulting and services for insurance business
transformation, today announced that New York Life was selected as
a Celent Model Insurer for the Digital and Omnichannel category for
their implementation of Majesco DigitalConnect and Majesco Rating,
for their Group Membership Association Division (GMAD). New York
Life is a mutually owned Fortune 100 company and is the largest
direct marketer of life insurance in the US*. The Group Membership
Association Division is a unit dedicated to serving the insurance
needs of more than 600 membership groups across North America.
The New York Life’s Group Membership Association Division
Celent’s recognition of New York Life’s platform acknowledges,
in part, the business benefits gained by this initiative
including:
- Speed to Market: Accelerated portal
implementation timeframe from 3 -5 months to a couple of
weeks.
- Personalization: Created personalized
portals and capabilities for each affinity group to offer unique
engagement experience with specific products and content.
- Real-time integration: Real-time
integration capabilities that eliminated significant manual
processing, improved data quality and decreased client drop-out
rates.
- Business Empowerment: Actuaries became
more self-directed to implement rates on enrollment portals across
multiple groups more accurately and consistently, enhancing the
customer experience.
- Lower cost of ownership: Significantly
lowered total cost of ownership by 25% while increasing customer
experience.
- Mobility Enablement: Increased sales
due to intuitive user interface and tablet support.
“We are honored to be recognized for the Digital and Omnichannel
Celent Model Insurer Award,” said Scott Berlin, Senior Vice
President, at New York Life. “Providing best-in-class service with
an exceptional customer experience are crucial in today’s digital
marketplace. We look forward to continuing our partnership with
Majesco to deliver enhancements to this digital platform, which can
exceed our clients’ expectations.”
“Customers place business with the insurer that makes it
easiest,” commented Karlyn Carnahan, Head of The Americas, Property
Casualty at Celent. “The rapid implementation of New York Life’s
portal from months to weeks means that ease of interaction can be
exhibited earlier in the sales cycle. Not only does it show a
commitment to improving customer service, but bodes well for fast
responsiveness for future changes.“
EVP for Majesco’s L&A and Group Business Chad Hersh added,
“We want to congratulate New York Life on this fantastic
recognition and setting a new bar of customer excellence. Customer
expectations in today’s market demand personalized, real-time
capabilities to facilitate customer purchases. We are honored that
they selected Majesco DigitalConnect and Majesco Policy for L&A
as the foundation for their solution and recognition.”
Celent is a research and advisory firm dedicated to helping
financial institutions formulate comprehensive business and
technology strategies. Celent publishes reports identifying trends
and best practices in financial services technology and conducts
consulting engagements for financial institutions looking to use
technology to enhance existing business processes or launch new
business strategies. With a team of internationally based analysts,
Celent is uniquely positioned to offer strategic advice and market
insights on a global basis. Celent is a member of the Oliver Wyman
Group, which is a wholly-owned subsidiary of Marsh &
McLennan Companies [NYSE: MMC].
Majesco Policy for L&A and Group supports individual and
group benefit products including true group, voluntary benefits,
and worksite on a single instance of a single platform. Majesco
Rating leverages Majesco insurance Content Manager, the product and
business rules configurator. Majesco Insurance Content Manager is
powered by PRASE, the product rules and scripting engine.
The Majesco DigitalConnect platform is designed to enable
personalization of the portal and mobile solutions based on the
unique customer journeys and personas defined by each insurer to
fulfill their unique and multi-channel distribution and customer
experience needs. Majesco DigitalConnect is pre-integrated with
Majesco’s core solutions and a broad partner ecosystem, offering
insurers a single platform to support their digital strategy. With
an open architecture that provides capabilities to integrate with
other core solutions and an extensive partner ecosystem that
integrates content, channels and technology, Majesco DigitalConnect
is one of the industry’s most innovative digital platforms.
*“AM Best’s Rating Report,” July 18, 2016.
http://www.newyorklife.com/nyl-internet/file-types/AM-Best.pdf
About Majesco
Insurance business transformation is a journey of change and
revitalization, a renaissance of insurance. Approximately 150
insurance companies worldwide in P&C, L&A and Group/
Employee Benefits are transforming their businesses with Majesco’s
solutions. Our market leading software, consulting and services
uniquely underpin the entire insurance value chain and are designed
to empower insurers with the agility, innovation and speed needed
to meet their transformation opportunities. Majesco’s solutions
include policy management, new business / underwriting, rating,
billing, claims management, distribution management, BI/ analytics,
predictive modelling, digital platform with mobile and portal,
testing services, cloud services, bureau and content services,
transformation services, consulting services and more.
For more details on Majesco, please
visit www.majesco.com.
Majesco subscribes to Celent’s research and advisory services
for which Celent receives compensation from Majesco
Cautionary Language Concerning Forward-Looking
Statements
This press release contains forward-looking statements within
the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act. These forward-looking statements
are made on the basis of the current beliefs, expectations and
assumptions of management, are not guarantees of performance and
are subject to significant risks and uncertainty. These
forward-looking statements should, therefore, be considered in
light of various important factors, including those set forth in
Majesco’s reports that it files from time to time with the
Securities and Exchange Commission and which you should review,
including those statements under “Item 1A – Risk Factors” in
Majesco’s Annual Report on Form 10-K.
Important factors that could cause actual results to differ
materially from those described in forward-looking statements
contained in this press release include, but are not limited to:
integration risks; changes in economic conditions, political
conditions, trade protection measures, licensing requirements and
tax matters; technology development risks; intellectual property
rights risks; competition risks; additional scrutiny and increased
expenses as a result of being a public company; the financial
condition, financing requirements, prospects and cash flow of
Majesco; loss of strategic relationships; changes in laws or
regulations affecting the insurance industry in particular;
restrictions on immigration; the ability and cost of retaining and
recruiting key personnel; the ability to attract new clients and
retain them and the risk of loss of large customers; continued
compliance with evolving laws; customer data and cybersecurity
risk; and Majesco’s ability to raise capital to fund future
growth.
These forward-looking statements should not be relied upon as
predictions of future events and Majesco cannot assure you that the
events or circumstances discussed or reflected in these statements
will be achieved or will occur. If such forward-looking statements
prove to be inaccurate, the inaccuracy may be material. You should
not regard these statements as a representation or warranty by
Majesco or any other person that we will achieve our objectives and
plans in any specified timeframe, or at all. You are cautioned not
to place undue reliance on these forward-looking statements, which
speak only as of the date of this presentation. Majesco disclaims
any obligation to publicly update or release any revisions to these
forward-looking statements, whether as a result of new information,
future events or otherwise, after the date of this press release or
to reflect the occurrence of unanticipated events, except as
required by law.
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version on businesswire.com: http://www.businesswire.com/news/home/20170426005232/en/
MajescoAshwin Rodrigues, +1-973-461-9087Director — Global
Marketingashwin.rodrigues@majesco.com
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