Majesco (NASDAQ: MJCO), a global leader of cloud insurance software solutions for insurance business transformation, today announced a wide range of ready-to-use partner apps available in the Majesco Digital1st EcoExchange™ marketplace, which is part of Majesco Digital1st Insurance™ solutions.
Majesco Digital1st Insurance™ is a ground-breaking digital and microservices-based solution designed to enable the next era of insurance business models, products and customer engagement to drive innovation and growth.
The Digital1st EcoExchange™ is a next-generation partner ecosystem hub using third-party services with a standard, semantic layer for easy integration and a true "plug-and-play" environment for both traditional and InsurTech partners. The EcoExchange™ is different from accelerators and other industry offerings with a code repository because it works as an app store with API-based services. Majesco partners will be able to list and offer any number of apps on the EcoExchange™ which operates like any other marketplace or app store.
"The Digital1st EcoExchange™ is a next-generation marketplace of partner apps designed to enable the insurance industry to make its transition to the digital, on-demand era," commented Manish Shah, President and Chief Product Officer at Majesco. "The EcoExchange™ supports both experimentation and the creation of new business models with the ability to rapidly scale. In today's digital economy, capabilities such as pay-peruse pricing and dynamic integration using open APIs to create different cost structures can often mean the difference between success and failure," continued Manish.
The EcoExchange™ has a wide variety of apps currently available and in development, ranging from a noninteractive service call all the way to a comprehensive solution that can orchestrate multiple provider services, including interactive conversations. The current list of partner apps within the EcoExchange™ include:
CyberSource, Visa's payment management platform
- Online Payment Acceptance - A global, modular payment management platform built on secure Visa infrastructure helping businesses grow by enhancing customer experience, increasing revenues, and mitigating risk.
- Property Basics - Our introductory data pack that answers your pressing, hard to gather data - Distance to Coast, Distance To Fire Station, Distance to Fire Hydrant, AAIS Fire Protection Class, Property Elevation, Year Built, Number of Bedrooms, and Square Footage, all for $1 per lookup.
- LexisNexis® Auto Data Prefill is an interactive single-inquiry solution that automates the insurance application process by delivering information at the initial point of contact with the consumer.
- LexisNexis® C.L.U.E.® (Comprehensive Loss Underwriting Exchange) is a claim history information exchange that enables insurance companies to access prior claim information in the underwriting and rating process for auto, home and commercial insurance.
- Motor Vehicle Records (MVRs)- LexisNexis is the single largest provider of MVRs to the insurance industry, allowing us to deliver innovative cost saving solutions. LexisNexis Duplicate Order check, Driver History Database, and Activity Files allow auto carriers to realize significantly reduced MVR data costs.
- LexisNexis® National Credit File provides access to major credit bureau reports through a single point of entry with a common inquiry and results format to help segment risk. LexisNexis continues to enhance the platform and expand data sets, resulting in next generation credit attributes and insurance scores to provide a more granular view of a consumer's information and risk.
- Send Mail by SMTP : Capability to send email using SMTP.
- Address Validation - Validate, standardize and geocode complete addresses and zipcodes to minimize address issues and speed customer engagement processes.
- FNOL Confirmation - Promptly confirm that a claim has been received and a claim number has been assigned; delivered via the policyholder's communication channel of choice.
- NPS Survey - Conduct Net Promoter Score® (NPS) Surveys allowing you to gauge overall customer satisfaction and measure changes over time. (Coming Soon!)
- Post-Cat Notification - Follow-up with policyholders in affected areas after a major CAT event to provide general estimates for claims triage displaced policyholders and provide options for claim submissions. (Coming Soon!)
- Claims Closure Notification - Finalize claims process by informing claimants of claim closure, including settlement amount (if any) and expected processing time for payment. (Coming Soon!)
- Claim Appointment Reminder - Remind policyholder of an upcoming adjuster appointment, with the option to confirm or reschedule. (Coming Soon!)
- 360Value® Property Prefill - Verisk offers you the next generation of prefill with SmartSource™. SmartSource populates address-specific property characteristics from multiple sources, including public records data, real estate data, underwriting and claims estimates, and topographical data.
- BCEGS® (Building Code Effectiveness Grading Schedule) - Verisk's ISO® Building Code Effectiveness Grading Schedule (BCEGS®) offers a fast, accurate way to get information on building code adoption and enforcement practices. Property/casualty insurers can use the information for underwriting and to grant premium credits for buildings constructed in communities with effective, well-enforced codes.
- PPC® (Public Protection Classification) Service - Verisk's ISO® Public Protection Classification (PPC®) Service helps property/casualty insurers assess fire protection capabilities at point of sale and renewal. The service provides a PPC® rating for communities throughout the United States based on key fire protection information, such as water supply, distance to the nearest fire station, fire department equipment and manpower, and emergency response systems.
"Insurers clearly recognize the value of fanatical attention on customer experience and the need to deliver innovative new products through the use of new digital capabilities and new sources of data. But those that have to individually curate these solutions and then integrate the solutions one at a time will face increasingly high costs", said Karlyn Carnahan, head of Celent's property casualty practice for the Americas. "This precurated ecosystem with the ability to rapidly deploy solutions gives a tremendous jumpstart to carriers who are looking for rapid transformation."
Shares of Majesco Ltd was last trading in BSE at Rs.489.45 as compared to the previous close of Rs. 495.95. The total number of shares traded during the day was 5455 in over 419 trades.
The stock hit an intraday high of Rs. 501 and intraday low of 488.05. The net turnover during the day was Rs. 2703410.