Majesco, a global leader of cloud insurance platform software for insurance business transformation today announced the impact and success of its January 2021 acquisition of ClaimVantage, a global provider of enterprise claims platforms as well as absence and accommodation management for the L&AH market segment.
Employment and fight for talent, regulatory trends and market circumstances have created a "pressure cooker" issue within businesses regarding disability and family leave as state and federal regulations are growing more complex as noted in Majesco's joint report with Deloitte: Raising the Competitive Bar: Simplifying the Operational Complexity of Disability Insurance and Absence Management. The increased prevalence of remote work and a new focus on improving employee experience add wrinkles to traditional disability and absence policies putting most unprepared or underprepared. Leading L&AH insurers are filling this gap by offering and administering disability insurance and absence on an integrated, seamless basis using next generation claims and absence technology like Majesco's ClaimVantage solutions.
"With the fight for talent by businesses and the proliferation of absence regulations such as FMLA, PFL and more, the demand for disability insurance and absence management is on the rise," says Adam Elster, CEO of Majesco. "ClaimVantage has delivered next-gen claims and absence management solutions that provide essential capabilities to enable optimized claims operations and support rapid adaptation for new, innovative products, and rapidly changing regulatory and compliance demands. We continue to invest in the product to deliver technology that gives insurers the power, flexibility and speed needed to capture opportunities and meet customer expectations."
Over the last two and a half years, Majesco has:
- Expanded the customer base with 6 new customers including insurers, states, large businesses and TPAs who have selected Majesco IDAM, Absence Management, Accommodation Management, ClaimVantage Claims Management and ClaimVantage Connect for L&AH.
- Expanded 21 existing customer relationships with adoption of new lines of business, new users, new components, or new components like absence management.
- Majesco seamlessly collaborated with customers and strategic partners with 14 customer go-lives.
- Majesco customer Fullscope RMS, who implemented ClaimVantage solution, was the recipient of the 2021 Salesforce Partner Innovation Award, highlighting their business transformation.
- Majesco ClaimVantage Claims and IDAM were recognized by Datos (formerly Aite-Novarica) as Dominant in the August 2021 Life/Health/Annuities Claims Report.
- Expanded and trained Majesco Strategic partners on ClaimVantage solutions to accelerate implementations.
Majesco has built a solid reputation on its diverse product portfolio and push for innovation. Since the acquisition of ClaimVantage, Majesco has continued to invest in key enhancements and capabilities for the claims and absence management solutions including:
- Majesco ClaimVantage Claims for L&H - Expanded ability to create standalone disability claims using APIs with the ability to use custom fields and OOTB integration with Majesco Policy and Billing for L&AH.
- New Majesco ClaimVantage Connect: All-new ClaimVantage Connect which introduces new personas for HR professionals and brokers, along with enhanced capabilities for absence certification, notes, reports and search features. Also includes new time-off support for Adoption/Foster Care for Court Dates, Bone Marrow, & Organ Donation.
- Absence Management – Expanded support for Connecticut PFML and Human Rights and Opportunities Act and Oregon Paid Family and Medical Leave legislation, which includes compliant claim handling and accurate benefit calculation.
- Majesco Accommodation: Accommodations customers can now differentiate between accommodations that fall under the Americans with Disabilities Act and the Pregnant Workers Fairness Act.
- Partner Integration: Integration with EvolutionIQ and Empathy for expanded capabilities and value for insurers and their customers in managing claims effectively.
Majesco's recent report notes that this is only the beginning of accelerating geographic and demographic employee shifts. L&AH insurers can offer employers of any size voluntary benefits and specifically disability and absence management to effectively conquer these demands, but it requires next generation technology that can simplify the complexity, optimize the claims operation, and meet increasingly demanding customer expectations with Majesco solutions.
About Majesco
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, reinsurers, brokers, MGAs, and greenfields/startups rely on Majesco's SaaS platform solutions of core, digital, data & analytics, distribution, and a 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. For more information, please visit www.majesco.com and follow us on LinkedIn.
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