Majesco Secures Top Spot in 2024 SPARK Matrix for Insurance Technology Leadership

Majesco, a renowned player in the realm of cloud insurance technology, has significantly strengthened its stature by being crowned the foremost technology leader in the 2024 SPARK Matrix™ for both Life Insurance & Annuity (L&A) and Property & Casualty (P&C) insurance platforms by QKS Group. This accolade, which follows a similar recognition in 2023, emphasizes Majesco's unyielding commitment to innovation in the insurance industry.

Innovation at Its Core

This year, Majesco's CoreConnect technology has made its debut in the rankings, underscoring the company's continual evolution and technological advancement. The SPARK Matrix™ meticulously evaluates technology vendors, focusing on their technological excellence and the impact they have on clients. This comprehensive assessment sheds light on global market dynamics, competitive stance, and the vendor ecosystem, establishing a reliable framework that allows potential clients to gauge their options effectively.

Undoubtedly, Majesco's cloud-native platforms have received high scores across vital parameters, showcasing their prowess in enabling insurers with cutting-edge technology and AI-driven solutions. The feedback provided by QKS Group applauds Majesco's core capabilities, highlighting its expansive offerings which empower insurers to thrive in an increasingly competitive and demanding environment.

Leading the Charge in Life and Annuity Insurance

Majesco’s LAH Intelligent Core Suite serves as a potent catalyst for insurers, providing comprehensive, end-to-end capabilities. This suite covers everything from policy and billing to claims management, tailored for a variety of benefit products such as individual, worksite, group, and voluntary options. Integral to this solution is Majesco’s innovative GenAI capabilities and embedded analytics, which facilitate seamless workflows and elevate customer engagement, crafting an efficient operational landscape.

Setting New Standards for Property & Casualty Insurance

Turning to the P&C insurance sector, Majesco's PC Intelligent Core Suite stands out with robust, cloud-native solutions. Whether for personal, commercial, or specialty insurance lines, this suite, including the flexible Majesco CoreConnect interface, is specially crafted to cater to Managing General Agents (MGAs) and smaller tier insurers. Its architecture is API-enabled and underpinned by AI-driven insights, significantly streamlining operations, facilitating rapid innovation, and bolstering customer engagement.

Nehan Jain, an analyst at QKS Group, remarked on the impressive capabilities offered by Majesco’s Intelligent Core Suites. According to Jain, these solutions provide insurance providers and MGAs with unparalleled flexibility and efficiency across numerous models—from personal to commercial, specialty, and beyond. The integration of AI-driven tools, like Majesco Copilot, combined with advanced analytics, empowers insurers to meet evolving market demands while achieving digital transformation and enhancing customer-centric services.

A Continued Commitment to Innovation

Expressing pride in this recognition, Manish Shah, President and Chief Product Officer at Majesco, shared, "We are honored to be acknowledged as leaders in both the LAH and P&C insurance sectors. This award signifies our relentless efforts in providing insurers with intelligent core solutions and advanced technologies like Majesco Copilot. We remain steadfast in our mission to deliver transformative solutions that allow our customers to excel in a digital-centric landscape."

Majesco's dual recognition not only cements its position as a trusted partner for insurers but also emphasizes its ongoing commitment to driving progressive change within the industry. By delivering scalable and customer-oriented platforms, Majesco is poised to reshape the future of insurance, empowering the life, health, property, and casualty segments with innovative solutions.

About Majesco

Majesco continues to be the preferred partner for PC and LAH insurers seeking to enhance customer experiences. Through a blend of technology and insurance expertise, Majesco anticipates market trends while maintaining an acute focus on present requirements. Currently, over 350 insurers, spanning MGAs, greenfields, and some of the world’s leading insurers, benefit from Majesco’s intelligent SaaS solutions, which harness GenAI-powered analytics across core areas like underwriting and digital distribution.

As a leading innovator in the insurance technology landscape, Majesco thrives on change, navigating risks head-on and championing digital transformation initiatives. With a successful track record of over 1,000 implementations and a customer base largely operating in the cloud, Majesco stands uniquely positioned to merge traditional insurance practices with modern digital approaches.

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