Bringing rapid innovation, agility and market-leading digital capabilities with Majesco partnership

The insurance industry is undergoing a revolution brought forth by new digital technologies, changing risk landscapes, evolving customer expectations, increasing competition etc. This has been further accentuated by the Covid-19 situation. The industry is evolving to these challenges by being agile, flexible, open for new business models and using data to the fullest extent for data analytics and hyper personalization.

Next generation cloud- and API-enabled core systems are foundational for digital transformation, enabling rapid product innovation and dynamic integration with new data sources and capabilities, ensuring a seamless insurance value chain and customer experience.

To truly reap the full benefits of such systems, insurers need an integration partner with core systems experience, deep insurance industry know-how, and the digital capabilities of tomorrow. For Life and P&C carriers who choose to invest in Majesco solutions to modernize their core systems, Capgemini is that partner.

Building a robust partnership across Life & Annuity, Group Benefits, and P&C

Capgemini and Majesco have partnered to build business and digital transformation capabilities for the Life and Annuity (L&A)and Group Benefits and Property & Casualty (P&C) markets, enabling insurers to be agile and innovative, all while meeting the demands of shifting market and customer expectations.

Capgemini will bring its extensive insurance innovation, customer service and digital capabilities for insurance carriers in the life, annuity, group, worksite, voluntary benefits, and P&C markets, helping them to achieve speed to value.

Together, we can implement Majesco solutions including L&A and Group Core Suite, Majesco P&C Core Suite and other solutions on-premise, in a private cloud or on public cloud options including AWS and Microsoft Azure leveraging a team of industry experts who are trained and validated in their deep expertise of Majesco solutions.

Additionally, we provide managed BPO, ITO and/or TPA services for L&A/Group benefits allowing the ability to lift and shift your existing platform and migrate to Majesco L&A and Group Core Suite once it’s in our environment.

With in-depth experience in the L&A, Group, and P&C markets Capgemini is poised to bring differentiated solutions to insurers across the insurance value chain. The partnership offers:

• Innovation & Digital Transformation: Take advantage of a comprehensive digital strategy and transformation plan. Accelerate your innovation and changes needed to sustain growth.
• System Integration/Implementation: Integrating applications, legacy and other systems can be a complex job that requires proven systems integration expertise. Capgemini can help leverage your systems investment and business practices to improve workflow efficiencies and enhance your systems ROI.
• BPO and Managed IT Services: Works with insurers to improve the efficiency of non-core processes allowing them to focus on core business competencies with the flexibility to address the changing market needs.
• Full Service TPA: Capgemini, through its administration services, has helped clients reduce overall administration costs, improve member and agent experiences, and decrease time to market for new products..

Why Majesco?

More than 200 insurers, reinsurers, brokers, and MGAs worldwide—whether existing or greenfield operations—in P&C,L&A, and Group Benefits use Majesco’s cloud-based solutions to transform their businesses by modernizing, optimizing or creating new business models and delivering speed to value. Majesco’s cloud, API, microservices and no-code/low-code technology underpins the entire insurance value chain for both L&A and P&C market segments. Majesco’s next-generation platforms connect people and businesses to insurance in ways that are innovative, hyper-relevant, compelling and personal.

Majesco’s key differentiators are:

• • Market Leadership – Market leading solutions underpinned by forward thinking viewpoints demonstrated with thought leadership and influencer network on trends redefining the insurance industry.
  • Cloud, Next-Gen Solutions – Cloud-native, next-gen solutions with open-API architecture, microservices and growing ecosystem that supports rapid implementations to drive speed, agility and innovation at scale.
  • Industry expertise – Deep, unparalleled industry experience including domain knowledge, outside-in views and technical expertise.
  • Customer-centric – A diverse customer base with different business models, products and strategies that demonstrate the flexibility and both operational and strategic value of our combined solutions.
  • Innovation led – From proactive industry and InsurTech leadership and involvement and creation of robust ecosystems to focused innovation programs that keep offerings on the leading edge and customers in a leadership position.

Majesco Policy for L&A and Group offers full policy life cycle management for individual, voluntary benefits and group insurance. Group, benefits and individual products are interoperable — that is, a group or voluntary product can be launched as a retained product and vice versa enabling innovation. To deliver agility and speed, the system features preconfigured content for 30+ products, more than 5000 capabilities, over 60,000 business rules and more than 100+ pre-configured workflows. In addition, predefined integration points include more than 2000+ REST APIs, 500+ events with payloads ready-to-use output for correspondence and notifications, 7000+ forms and over 70 ACORD services.

Majesco L&A and Group Core Suite key highlights include:

• • Out-of-the-Box Capabilities – 90% OOTB capabilities enabling speed to market and increased return on investment.
  • Product Interoperability – Allows insurers to configure once and offer the same exact product as group, voluntary benefits, worksite, or retail individual product.
  • Multi-Channel Digital Engagement – Provides support for a digital engagement for agents, brokers, customers, employers and employees for the life-cycle with full straight-through processing.
  • Seamless and In-depth Core Processing  – Across policy, billing and claims supports quoting, rating, issue and service for individual or group, with extensive functional support, out-of-the-box workflows, rules and reports.
  • Pay-as-you-Go Billing – Supported by dynamic rates, enrollments, and claim maximums, allowing products to be offered on an as-needed basis.
  • Touchless Administration – Over 2000+ REST API’s backed by touchless administration to ensure a true digital experience without back office intervention.
  • Comprehensive Reporting – Reporting capabilities leveraged by an AI engine for predictive data points and prescriptive transaction options.

Why Capgemini?

Capgemini has end-to-end capabilities from product ideation to market launch to seamless operations., including:

• Product model innovation – including target segmentation and acquisition/distribution strategy.
• Experience design – driven by human-centric experience for multiple channels and devices.
• Technical readiness – system configuration, security, reporting/workflows, etc.
• Product configuration – including rating directives and product-specific modifications.
• Digital operations– leveraging automation, AI and analytics, as well as training/tools for organizational change management.

We have proven capabilities in creating new business models and launching new products for carriers, as well as setting up greenfield technology ecosystems for increased collaboration and innovation.

To know more about our joint capabilities, please contact us at insurance@capgemini.com