Majesco Announces Major Update for Majesco Distribution Management

Deepthi | Myequity news | Date : 28-02-2019 20:30:00 IST

Majesco, a global leader of cloud core insurance software, today announced a major update to the Majesco Distribution Management solution. With many insurers focused on distribution initiatives to drive growth, they are looking to enhance onboarding of channels and distributors, manage appointments and licensing, create innovative compensation plans and much more to optimize their existing and new channels in order to improve customer acquisition and retention.

“Distribution management is increasingly critical in support of insurers’ growth strategies, including optimizing their existing agent channels and expanding to new ones,
” commented Manish Shah, EVP of Products at Majesco. “This major update will enable insurers to rapidly onboard, manage and optimize their distribution operations by providing comprehensive capabilities to effectively and efficiently manage their distribution channels.”

Key enhancements to the Majesco Distribution Management solution include:

On‐boarding and Life Cycle Management

Out‐of‐the‐box integration with Producer Database (PDB) enabling real‐time inquiry and verification of producer and license details during the application capture process.

Ready‐to‐use NIPR Gateway for electronic exchange of appointment and termination transactions with pre‐configured rules for states supported by NIPR.

Support for bulk transactions interface (eAppoint) for Florida state appointments and terminations available out‐ of‐the‐box.

Compensation Management

Retroactive commission rate changes, chargeback and commission adjustments in bulk.

Complex Agent of Record (AOR) changes supporting reversal and recalculation of credits.

Transfer of commission share from single agent to multiple & vice versa

Comprehensive commission payments workflow and review for adjustments, finalization and approval.

Ad hoc evaluation of incentives, bonus, and profit sharing plans with benefit lock‐in capability.

Majesco P&C Core Suite Integration

Out‐of‐the‐box integration with Majesco Policy for P&C and Majesco Billing for P&C.

Usability, Scalability and Performance

Improved scalability for large scale data volume and processing.

New HTML5 based user interface to enhance usability.

Performance optimization including parallel processing.

Majesco Distribution Management is a standalone, modern solution that is designed to enable insurance carriers to manage the entire distribution landscape with comprehensive business capabilities that enable diverse channel options, supports the increasing need of an omni‐channel environment, effectively administer channel producers from registration to termination, compensation and performance management, launch innovative contests and personalize payment schedules for producers to help drive business growth. The highly configurable platform enables ease of integration within the insurance carrier’s business system landscape.

About Majesco

Insurance business transformation is a journey of change and revitalization, a renaissance of Insurance. Approximately 160 insurance companies worldwide in P&C, L&A and Group/ Employee Benefits are transforming their businesses with Majesco’s solutions. Majesco’s solutions include policy management, new business / underwriting, rating, billing, claims management, distribution management, BI/ analytics, predictive modeling, digital platform with mobile and portal, testing services, cloud services, bureau and content services, transformation services, consulting services and more.

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