Majesco (NYSE American: MJCO), a global provider of core insurance platform software and consulting services for insurance business transformation, today announced their congratulations to MMG Insurance on their recognition as one of the top three winners worldwide in the business and operational excellence category for the 2018 Business Rules Excellence Award (BREA). The award honors MMG's innovation, impact, and implementation of work surrounding replacement of core technology systems.
MMG Insurance began their business transformation journey to replace their legacy systems and modernize their customer-facing portal to support their future growth plans. They selected Majesco P&C Core Suite inclusive of policy, billing and claims as a foundational component for their transformation. The first phase of the journey was completed with the implementation of Majesco Billing for P&C in February 2018, replacing their legacy system.
"We congratulate the MMG team on this tremendous recognition of their vision and execution," commented Ed Ossie, COO of Majesco. "We are humbled to be their strategic partner on their business transformation journey and supporting them in this fantastic achievement."
The joint teams leaned on a mutual dedication to managing rules and terminology in a consistent, business friendly, and shareable way to create a single source of truth that was aligned into a single enterprise model. As a result of these collective efforts, upon release of the new Billing system, MMG employees were fully trained on relevant changes, over 400,000 records had been converted with 99.99% accuracy, and both workflow and the user experience were enhanced. Instrumental to this success was effective business rule and terminology management - both of which mirror the focus of the Business Rules Excellence Awards.
Majesco P&C Core Suite supports all lines of business for personal, commercial and specialty and provides pre-configured ISO content, including all rates, rules, forms, taxes, fees, and surcharges for 52 jurisdictions (including DC and Puerto Rico), and provides a well-experienced monthly bureau content update service. Together, the preconfigured bureau content and Majesco Bureau and Content Update Services are designed to provide agility, rapid product innovation, and speed to market, enabling insurance companies to introduce new products and reach new markets quickly and cost effectively.
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