New insurance platform enables the entire business from underwriting, policy, billing to claims to accelerate their growth strategy across multiple lines of business
Morristown, NJ (June 6, 2023) – Majesco, a global leader of cloud insurance platform software for insurance business transformation, is pleased to announce Munich Re Specialty Group North America is live with Majesco P&C Intelligent Core Suite on Majesco Cloud platform to enable the new operating model supporting multiple specialty lines of business including Inland Marine, Cyber, Terrorism, and Ocean Marine.
Munich Re Specialty Group North America (MRSGNA) is part of Munich Re, one of the top providers of reinsurance, primary insurance, and insurance-related risk solutions in the world. Redefining the boundaries of insurance, MRSGNA is the holding company representing insurance offerings via two distinctive operating entities – Munich Re Specialty Group Insurance Services, Inc. and Roanoke Insurance Group Inc.
The new operating model and technology foundation using Majesco solutions, was defined with an emphasis on adopting best practice out of the box capabilities that empower future-forward thinking to expedite agility, innovation, and scalability of the business as risk and the market continue to change. The integrated data and analytics capabilities will help to achieve operational effectiveness, growth, and profitability.
“We are thrilled to offer our customers next-gen experiences and products on our new insurance platform across the entire operation from underwriting, policy, billing, claims in multiple lines of business, “says Chris Skowronski, Chief Operating Officer at MRSGNA. “The MRSGNA and Majesco teams share a forward-thinking mindset with an emphasis on adopting best practices and scalable solutions that allowed us to extend capabilities and introduce new products quickly.”
Majesco’s P&C Intelligent Core Suite empowers customers to streamline operations, enhance customer experiences, and drive growth and profitability. Its use of advanced technologies such as AI, ML, NLP, APIs, and automation empowers customers to succeed in today’s fast paced digital marketplace.
“We are excited to be partnering with MRSGNA to enable their new operating model with Majesco solutions, and are confident this new, intelligent platform will provide their customers with a seamless experience while driving operational excellence,” says Adam Elster, CEO of Majesco. “We are proud to partner with an organization that is forward-thinking and committed to investing in next-gen solutions and innovation to bring new business models, capabilities and products to its clients and look forward to future initiatives that will meet the needs of a rapidly changing market.”
To learn more about how Majesco and MRSGNA are working together to thrive in a competitive landscape, tune in to the podcast ‘Building the Foundation First with an Eye to Customer’, between Denise Garth and Chris Skowronski.
Majesco (NASDAQ:MJCO) 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 330 insurers, from greenfields and startups to some of the world’s largest insurers, rely on Majesco’s SaaS platforms solutions of core, data, analytics, digital, and rich ecosystem of partners to create their next now. As an industry leader, we don’t believe in managing risk by avoiding change. We embrace change, even cause it, to get and stay ahead of risk. With 825+ 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, visit www.majesco.com.
About Munich Re
Munich Re is one of the world’s leading providers of reinsurance, primary insurance and insurance-related risk solutions. The group consists of the reinsurance and ERGO business segments, as well as the capital investment company MEAG. Munich Re is globally active and operates in all lines of the insurance business. Since it was founded in 1880, Munich Re has been known for its unrivalled risk-related expertise and its sound financial position. It offers customers financial protection when faced with exceptional levels of damage – from the 1906 San Francisco earthquake through to Hurricane Ida in 2021.. Munich Re possesses outstanding innovative strength, which enables it to also provide coverage for extraordinary risks such as rocket launches, renewable energies, cyberattacks, or pandemics. The company is playing a key role in driving forward the digital transformation of the insurance industry, and in doing so has further expanded its ability to assess risks and the range of services that it offers. Its tailor-made solutions and close proximity to its customers make Munich Re one of the world’s most sought-after risk partners for businesses, institutions, and private individuals. For more information, please visit www.munichre.com.
SOURCE: MajescoTags: Cloud, core systems, Core Systems Modernization, Majesco, Munich Re, platform