Majesco P&C Policy Receives Top Recognition as a Luminary in Celent’s “Policy Administration Systems Vendors: North American P&C Insurance, 2023 Edition” Report
MORRISTOWN, N.J.–(BUSINESS WIRE)–#futureforecast–Majesco, a global leader of cloud insurance platform software for insurance business transformation, today announced that Majesco Policy for P&C received top recognition as a Luminary in Celent’s new “Policy Administration Systems Vendors: North American P&C Insurance, 2023 Edition” report in their Technical Capability Matrix, indicating it excels on both advanced technology and breadth of functionality.
The report profiled 42 policy administration systems with an overview of their functionality, customer bases, lines of business supported, technology, implementation, pricing, and support. Based on inclusion criteria, only 19 were included in the detailed technical capability matrix assessment which has five classifications based on the sophistication and breadth of its technology and functionality for the Technical Capability Matrix, with Luminary the top recognition.
“Majesco continues its market leadership position with their recognition as a Luminary in the Technical Capability Matrix for Majesco Policy for P&C,” said Karlyn Carnahan, Head of Insurance, North America at Celent. “The Luminary Award recognizes those solutions which excel at both Advanced Technology and Breadth of Functionality. Majesco Policy for P&C is recognized as a leader in this category as a strong cloud SaaS solution, with extensive capabilities for personal, commercial and specialty lines, rich API catalog, a “customer panoramic view” which incorporates information about an existing policyholder’s billing record and claim experience, open to a broad ecosystem of third-party data and functionality partners, and pre-integration with Majesco’s “property intelligence score” (providing multiple measures of risks) and loss control survey capabilities.”
“We are thrilled to announce that Majesco Policy for P&C has once again been recognized as a Luminary by Celent,” said Manish Shah, Chief Product Officer, and President at Majesco. “Our continued investment in research and development has allowed us to pioneer and accelerate our solutions in the Cloud leveraging a proven, robust, API and microservices architecture. Our platform supports traditional P&C lines of business as well as innovative new products such as on-demand, cyber, and rideshare delivering unparalleled speed-to-value for our customers. With an open, secure, and scalable architecture designed for continuous updates the Majesco Cloud Platform is easy-to-use yet powerful, enabling our customers to transform, optimize, and innovate their business. We are dedicated to relentless innovation, providing rich and innovative capabilities that shape the future of insurance for our customers and the industry.”
Majesco Policy for P&C is a next-generation policy platform that can transform the business and accelerate growth strategies by giving insurers the power to create the products their customers need, meet shifting customer preferences and new risk demands, and deliver critical speed to value. Policy for P&C empowers carriers with agility, innovation, and speed while offering a lower risk model in terms of investment, operating costs, and scalability.
“We are thrilled to once again receive the prestigious Luminary recognition from Celent,” said Adam Elster, CEO at Majesco. “At Majesco, we are committed to helping organizations transform their business operations and innovate by leveraging our market-leading cloud P&C Policy solutions to meet the ever-changing market needs and keep our customers at the forefront of the industry. With 80% of our P&C Policy customers in the Cloud, we are not only leading in the cloud solutions but also in customer adoption of the Cloud. This recognition from Celent is a testament to our vision and unwavering commitment to providing market-leading solutions to the insurance industry and driving their digital journey forward.”
Majesco 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 350 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 900+ 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.
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