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Majesco Releases New Version of Policy System for L&A and Group

Majesco announces the release of the latest version of Majesco Policy for L&A and Group v2017, which supports individual and group products—including true group, voluntary benefits, and worksite—on a single instance of a single software platform. 

Majesco Policy for L&A and Group supports all tiers of individual and group insurers for life, annuity, disability, and other non-medical health products. While currently being implemented at existing clients, this version will be generally available as of February 2017.

This release focuses on extending individual and group capabilities that align to fast-changing market opportunities and dynamics with a growing interest in group and employee benefit products and markets. It also enhances support for the rapidly growing life insurance greenfield market with new products and services.  Key enhancements for group, life and overall include:

Overall Capabilities:

  • Single platform and single view access to policies across lines of business for Individual Life, Annuities and Group Benefits (including group term life, accident, critical illness, dental, and hospital indemnity)
  • 360-degree view via comprehensive dashboards for group, client and user activity and individual policies
  • Straight through processing across key business areas with powerful exception management
  • Enhanced cloud offering for rapid deployment
  • Integration modeler and mapping tool to create and maintain Restful APIs from scratch
  • Mature continuous integration process with daily builds, automation testing and weekly releases

Group Capabilities:

  • Extended group functionality covering the end to end lifecycle including group underwriting, rating and proposals, group setup and implementation, billing, amendments and endorsements
  • Innovative chassis product approach enabling ability to create product once to offer as a group product, voluntary benefit, and/or worksite product based on the plan design during the sales process
  • Comprehensive support for enrollment definition (initial, ongoing, and ad hoc)
  • Template driven, flexible plan design to mix and match features and to vary plans by group, product, coverages and classes to accelerate time to group activation
  • Choice plans: offer one plan with multiple choices and rates for employees or individuals to choose from
  • Support for both Self Accounting and List Bill within the same group
  • Expanded support for file uploads including census, initial enrollment and ongoing change files including strong error handling tools
  • Enhanced support for financial and non-financial endorsements and amendments, their impact on billing, and single window maintenance on any member/certificate or amendments to the group
  • Portability support for individuals to take a certificate and move out of a group

Individual Capabilities

  • Comprehensive underwriting dashboard, STP support, and policy servicing capabilities for individual life and annuity products
  • Expanded support for cash value products, dividend processing, anniversary processing, renewals and fund management for investment products like UL and VL
  • Enhanced support for immediate and deferred annuity products including fund management and annuitization options
  • Reusability for a range of riders across products, including support for CI and DI benefits
  • In-force quotes with a quoting dashboard, one-click transactions, and send-to-print options
  • Claims support for life, critical illness and disability benefits

“We launched Majesco Policy for L&A and Group in 2015 to unleash the potential to seamlessly offer group and individual products in a fast-changing market and have continued to invest in new, innovative capabilities to help insurers meet changing strategies and competitive realities,” says Chad Hersh, executive vice president for L&A and Group for Majesco. “This newest version is designed to enable insurers to capture new and emerging customer and market opportunities while consolidating the core needs of insurers on to a single platform.”

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