Majesco, a provider of insurance software, consulting and services, has launched Majesco Business Analytics, which the company says was built on the foundation of the Cover-All BI. Majesco previously acquired Cover-All, creator of the business intelligence application.
Majesco Business Analytics is the first step in the integration of the Cover-All and Majesco portfolios of applications, Majesco said. Majesco Business Analytics will be offered as a pre-built to the Majesco P&C Suite, the individual components, including policy, rating, underwriting, billing, claims and reinsurance, and as a standalone application.
“The capabilities to generate actionable business insights for improving business performance are becoming critical for insurers to differentiate by meeting increasing customer expectations and sighting opportunities in today’s dynamic insurance market,” said Manish Shah, EVP products for Majesco. “For building such differentiating capabilities using rapidly growing data from disparate internal and external sources require robust and insurance-aware data technologies. Majesco Business Analytics is an enterprise insurance data platform with a comprehensive view of insurance business and collaborative self-serve capabilities for generating business insights by business users.”
Seven insurance carriers of various sizes now are using Majesco Business Analytics, Majesco said, and two more, including a tier-one insurer, are in implementation.
“Many in the insurance industry are still struggling with adoption of data management and analytics, within departments and across the value chain,” said Karlyn Carnahan, director of P&C insurance at Celent. “Insurers need to capture and effectively analyze their data across all their solutions to achieve efficiencies and effectiveness, but also business optimization and innovation. This is where real business value can define competitive differentiation.”
