Operational innovation using embedded RPA enhanced the customer experience and business operations by reducing the underwriting time to completion process
MORRISTOWN, N.J.–(BUSINESS WIRE)–Majesco (NASDAQ: MJCO), a global provider of cloud insurance platform software, today announced its Technology Services unit enabled United Educators (UE) to successfully implement Robotic Process Automation (RPA) to optimize business operations by reducing manual processes and improving the customer experience.
UE is education’s answer to the distinct risks and opportunities surrounding every school and campus today. Created by the member institutions it serves, UE is an education-specific liability insurance company, mission-driven to understand and respond to its 1,600 members, their challenges, and the complex pace of change affecting education.
UE addresses its members unique risks through personalized underwriting resulting in tailored coverage. However, the lengthy 13-step underwriting process required the attention of several staff members and was slow and time consuming. With the help of RPA, UE transformed the process to one which is standardized, speedy, and scalable.
“Our custom underwriting service is what sets us apart from other carriers. By leveraging RPA, we’re now able to grow our business without staffing constraints while decreasing underwriting time to completion” says Bryan Elie, UE’s vice president for underwriting. “With the help of Majesco, we were able to respond to market demands, enhance our customer experience, and quickly implement this new tool and automated process for our new telemedicine endorsement in just two weeks, while in the middle of the COVID-19 pandemic.”
Additionally, Majesco helped UE design and automate a standard schedule based on business need. This schedule and tracking system, in addition to business rules, allows UE to schedule run times throughout the year to help improve operational efficiency. For example, with the custom RPA, UE is now able to automate pre-renewal underwriting processes during their busiest season – an improvement of 75% compared to the manual process.
“We’re thrilled to help United Educators establish a strong foundation for their digital transformation journey,” state Jim Miller, Chief Revenue Officer at Majesco. “Our long-term partnership with UE is expanding from an operational to a strategic focus and we’re excited about future projects that will further accelerate their digital transformation and grow their business.”
Majesco (NASDAQ: MJCO) provides technology, expertise, and leadership that helps insurers modernize, innovate and connect to build the future of their business – and the future of insurance – at speed and scale. Our platforms connect people and businesses to insurance in ways that are innovative, hyper-relevant, compelling and personal. Over 200 insurance companies worldwide in P&C, L&A and Group Benefits are transforming their businesses by modernizing, optimizing or creating new business models with Majesco. Our market-leading solutions include CloudInsurer® P&C Core Suite (Policy, Billing, Claims); CloudInsurer® LifePlus Solutions (AdminPlus, AdvicePlus, IllustratePlus, DistributionPlus); CloudInsurer® L&A and Group Core Suite (Policy, Billing, Claims); Digital1st® Insurance with Digital1st® Engagement, Digital1st® EcoExchange and Digital1st® Platform – a cloud-native, microservices and open API platform; Distribution Management, Data and Analytics and an Enterprise Data Warehouse. For more details on Majesco, please visit www.majesco.com.
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This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of management, are not guarantees of performance and are subject to significant risks and uncertainty. These forward-looking statements should, therefore, be considered in light of various important factors, including those set forth in Majesco’s reports that it files from time to time with the Securities and Exchange Commission and which you should review, including those statements under “Item 1A – Risk Factors” in Majesco’s Annual Report on Form 10-K, as amended by its Quarterly Reports on Form 10-Q.
Important factors that could cause actual results to differ materially from those described in forward-looking statements contained in this press release include, but are not limited to: the adverse impact on economies around the world and our customers of the current COVID-19 pandemic; our ability to achieve increased market penetration for our product and service offerings and obtain new customers; our ability to raise future capital as needed; the growth prospects of the property & casualty and life & annuity insurance industry; the strength and potential of our technology platform and our ability to innovate and anticipate future customer needs; our ability to compete successfully against other providers and products; data privacy and cyber security risks; technological disruptions; our ability to successfully integrate our acquisitions and identify new acquisitions; the risk of loss of customers or strategic relationships; the success of our research and development investments; changes in economic conditions, political conditions and trade protection measures; regulatory and tax law changes; immigration risks; our ability to obtain, use or successfully integrate third-party licensed technology; key personnel risks; and litigation risks.
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