Majesco strengthens distribution management platform with new capabilities

US insurtech company Majesco has announced the general availability of new key capabilities to its distribution management platform.

The new generally available release is said to have features that offer major quality of distributor performance improvements for carriers wanting to streamline and grow distribution channels.

Manish Shah – President and Chief Product Officer at Majesco said: “Our latest product release for Majesco Distribution Management, includes major ease of use capabilities for our customers.

“We have now enabled carriers to quickly and automatically identify and notify under performers and route them to termination if necessary.

“In addition, we added enhanced communication preferences, through configurable notifications, which can be sent directly to producers or their parent organization, and mass onboarding of producers through a file upload, particularly valuable when bringing on large distribution groups.”

According to Majesco, the latest release showcases its continued strategic investment in distribution management by growing innovative, new digital, distribution and data capabilities for expediting distribution on-boarding and streamlining the distribution operation to bring in profitable growth.

The key new capabilities are distributor performance, communication personalization, and rapid mass onboarding.

The distributor performance capability is said to help carriers in configuring rules for automating identification of under performers and flag for termination.

The communication personalization capability will improve capabilities by configuring communication and notification preferences for distributors or their parent firm, said Majesco.

As per the insurtech company, the rapid mass onboarding capability accelerates and fine tunes the onboarding process. It allows hundreds or thousands of producers to be simultaneously onboarded via a simple file load instead of a manual process, thereby speeding up business growth.

Karlyn Carnahan – head of Celent North American Property Casualty practice said: “Insurers acceleration of new products, new business models, and new ways of engaging with customers is driving an increase in the use of new channels.

“If a carrier wants to fully exploit the potential of its various channels, they must think very differently about distribution management, compensation and segmentation.

“Distribution management platforms must continue to evolve to enable insurers to manage their distribution force with increasing sophistication.”

Earlier this year, Majesco acquired Maine-based insurtech company ClaimVantage, which provides enterprise claims software and also absence and accommodation management for the life and annuities (L&A) market segment. Read more about – Majesco acquires Claimvantage here.

Last September, Majesco was acquired by Thoma Bravo for $729 million. Read more about Thoma Bravo acquisition of Majesco here.