- The Quadrant Knowledge Solutions SPARK Matrix™ provides competitive analysis & ranking of the leading vendors.
- Majesco, with its comprehensive technology and customer experience management, has received strong ratings across the parameters of technology excellence and customer impact.
MORRISTOWN, N.J., Nov. 14, 2023 /PRNewswire/ — Quadrant Knowledge Solutions announced today that it has named Majesco as a 2023 technology leader in the SPARK Matrix: Life Insurance Policy Administration System market.
The Quadrant Knowledge Solutions’ SPARK Matrix™ includes a detailed analysis of global market dynamics, major trends, vendor landscape, and competitive positioning. The study provides competitive analysis and ranking of the leading technology vendors in the form of its SPARK MatrixTM. The study offers strategic information for users to evaluate different provider capabilities, competitive differentiation, and market position.
According to Nehan Jain, Analyst at Quadrant Knowledge Solutions, “Majesco through its cloud-based L&AH Core Suite Policy Administration platform provides support for the individual, group and voluntary benefits insurance products and enables rapid product development, straight-through processing via automation of various underwriting processes, regulatory compliance, and customization with upward compatibility. The company distinguishes itself in the global Life Insurance Policy Administration market by providing differentiated offerings such as 360-degree customer and business view by following dashboard driven approach, modelling toolkit for tailoring UI, APIs and configuring business rules and processes. With its comprehensive functional capabilities, strong customer value proposition, and compelling ratings across customer impact and technology excellence parameters, Majesco has been recognized as a leader in the 2023 SPARK MatrixTM: Life Insurance Policy Administration System,” adds Nehan.
Quote by Majesco:
“We’re thrilled to be recognized as the #1 leader in L&AH by Quadrant Knowledge Solutions,” says Manish Shah, Chief Product Officer at Majesco. “We continue to push boundaries and invest in solutions that align with our customers’ needs and strategic goals. Majesco’s L&AH Intelligent Core Suite, powered by Majesco Copilot embedded in core insurance processes delivers on these promises with key capabilities including new individual products and a no-code product studio that enhances productivity, decision making and overall customer experiences across the entire insurance value chain.”
Quadrant Knowledge Solutions defines Life Insurance Policy Administration System as:
“A platform that provides end-to-end policy lifecycle management capabilities, including billing, underwriting and claims processing of life and annuities products for individual and group benefits. The platform leverages AI, ML, and advanced analytics to help insurers access and analyze a vast amount of data accumulated from multiple channels, including websites and mobile applications, helping insurers with digital transformation and achieve operational excellence.”
Insurers are conscious of the fact that modern Life Insurance Policy Administration Systems equipped with advanced technologies such as AI/ML, advanced analytics, integration with IoT devices are the way forward as the insurance industry transition towards customer experience personalization initiatives. Also, vendors across the market are focusing on streamlining entire policy lifecycle processes, providing an omnichannel customer experience for policyholders, and keeping track of ever evolving regulatory compliances to ensure the protection of sensitive customer data. The platform provides wide range of advanced functionalities for multiple use cases such as end-to-end policy management, modernization of legacy platforms along with data migration, reduction of onboarding and claims adjudication time via straight-through processing of new business and claims underwriting, holistic view of policyholder’s lifecycle, and digitization of forms and contracts.
- For more information about Majesco visit here.
- SPARK Matrix: Life Insurance Policy Administration System, 2023.
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 is 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 and analytics, digital, and rich ecosystem of partners to create their next now.
As an industry leader, we do not 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.
Laura Ann Tillotson
Vice President, Communications & Creative Services
About Quadrant Knowledge Solutions
Quadrant Knowledge Solutions is a global advisory and consulting firm focused on helping clients in achieving business transformation goals with Strategic Business and Growth advisory services. At Quadrant Knowledge Solutions, our vision is to become an integral part of our client’s business as a strategic knowledge partner. Our research and consulting deliverables are designed to provide comprehensive information and strategic insights for helping clients formulate growth strategies to survive and thrive in ever-changing business environments.
For more available research, please visit https://quadrant-solutions.com/market-research/
Mr. Ajinkya Ingle
Quadrant Knowledge Solutions
Regus Business Center
35 Village Road, Suite 100,
Middleton Massachusetts 01949
Phone: (+1) 978-605-1066
Content Source: https://quadrant-solutions.com/press-release/majesco-is-positioned-as-the-leader-in-the-2023-spark-matrixtm-for-life-insurance-policy-administration-system-by-quadrant-knowledge-solutions-409