Release enables channel expansion and optimization
Morristown, NJ (Oct. 26, 2015) – Majesco, a global provider of core insurance software, consulting and services for insurance business transformation, has announced the next release of the Majesco Distribution Management solution. Majesco Distribution Management is designed to uniquely support all lines of business across P&C and L&A (Individual and Group) as well as all channels and is pre-integrated with Majesco Business Analytics and Majesco�s digital portal and mobile capabilities.
This new release, built on the Majesco Configuration Toolset, expands configuration and integration areas within distribution management. In addition, the release includes expanded capabilities that are designed to improve insurers� ability to manage productive channel relationships including enhanced contracting and appointments and hierarchy management. These expanded capabilities are expected to enable insurers to design, develop, maintain and manage the expanding array of channel relationships to enhance their competitive advantage.
Mike Fitzgerald, Senior Analyst at Celent commented, �This is a very exciting time in the distribution management solution space. Not too long ago, the only option for carriers was to build their own in-house solution or purchase vendor solutions with limited concentration on administration tasks such as licensing, contracting and commissions for traditional channels like agents. In today�s rapidly changing market and expanding channels, distribution management solutions must have broader capabilities to support any channel from an administrative and strategic perspective including integrated digital and data capabilities and business configuration that meets the broader market needs and opportunities. Majesco�s solution certainly fits this evolution and is an example of how the solution market is responding to the evolving needs in distribution management.�
Prateek Kumar, EVP P&C for Majesco commented, �The expanding and changing distribution channels and complexity of channel management requires insurers to have more robust distribution management systems to optimize their operation. With rapidly changing and increased complexity of distribution channel ecosystems, Majesco Distribution Management is designed to enable insurers to manage their channels strategically through access to more data, insights, new distribution channels, and enhanced capabilities to efficiently manage compensation and channel productivity aspects.�
Majesco has over 15 insurers globally using the distribution management solution across an array of traditional and new channels. It can be implemented on-premise, hosted or on a cloud environment. Majesco recently announced that Majesco Distribution Management was selected by Westfield Insurance.
Majesco Distribution Management is a standalone, modern solution that is designed to enable insurance carriers to manage the entire distribution landscape with comprehensive business capabilities that enable diverse channel options, supports the increasing need of an multi-channel environment, effectively administer a range of distribution channels and producers from registration to termination, compensation and performance management, and launch innovative contests and personalize payment schedules for producers to help drive business growth. The highly configurable platform is designed to enable ease of integration within the insurance carrier�s business system landscape. It is pre-integrated with Majesco Policy for P&C and Majesco Policy for L&A and Group, which are Majesco�s industry leading policy management solutions.
Majesco (NYSE MKT: MJCO) enables insurance business transformation for approximately 140 insurance customers by providing solutions which include software, consulting and services.
Our customers are insurers, MGA’s and other risk providers from the Property and Casualty, Life, Annuity and Group insurance segments worldwide. Majesco delivers proven software solutions, consulting and services in the core insurance areas such as policy, billing, claims, distribution management, BI/ analytics, digital, application management, cloud and more. For more details on Majesco, please visit www.majesco.com.