Majesco Reviews & Pricing

by Majesco | Founded 1982, Mumbai, India

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What is Majesco?

Industry Specialties: Property and casualty (P&C) insurance, Life and annuity (L&A) insurance, Pension and wealth management

Majesco is an industry-specific, cloud-native, integrated platform that provides client enrollment, renewal, claims and policy management for agencies. Its core processing unifies analytics, reporting and data to predict client requirements, consumer trends and product demands. Provides agencies with access to a curated, purpose-built ecosystem of traditional and insurtech options designed to streamline workflow and increase innovation. Users can access the marketplace to browse, build, integrate or test extensions and integrate them through APIs to its microservices-based architecture.

Machine learning can automate renewals, alerts, lead generation and customer outreach. Users can configure its intuitive UI to deliver rich, personalized customer experiences. Provides a built-in end-to-end experience, page layouts, UI widgets and more. Its reporting modules trigger critical touchpoints in customer relations by tracking agency performance, bottom line, customer engagement and retention.

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User Sentiment

Based on 11 reviews:

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Majesco Pricing

Based on our most recent analysis, Majesco pricing starts in the range of $500 - $1,000.

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Starting From: Undisclosed
Pricing Model: Per Feature, Annually
Free Trial: No

Training Resources

Majesco is supported with the following types of training:

Documentation
In Person
Live Online
Videos
Webinars

Support

The following support services are available for Majesco:

Email
Phone
Chat
FAQ
Forum
Help Desk
Knowledge Base
Tickets
Training
24/7 Live Support

Majesco Benefits and Insights

Why use Majesco?

Key differentiators & advantages of Majesco

Accessible Insurance: Policyholders can remotely access policy information, pay premiums and submit claims easily through a mobile app.
Adaptability and Scalability: Keep up with changing business assumptions by developing and releasing new insurance products in tune with risks faced by modern customers.
Improved Customer Service: Cultivate policyholder loyalty and strengthen stakeholder engagement with personalized user experiences extending from an intuitive client portal to a streamlined payment system.
Minimum Time-to-Market: Hit the ground running with out-of-the-box features that minimize time spent on onboarding and implementation.

Industry Expertise

Designed to work with all types of coverage in the insurance industry.

Majesco Reviews

Average customer reviews & user sentiment summary for Majesco:

11 reviews

86%

of users would recommend this product

Synopsis of User Ratings and Reviews

Based on an aggregate of Majesco reviews taken from the sources above, the following pros & cons have been curated by a SelectHub Market Analyst.

Pros

Cloud-Based Flexibility: Majesco's cloud-based platform allows insurers to scale their operations up or down quickly and efficiently, adapting to changing market demands without the need for significant infrastructure investments. This agility is particularly beneficial for managing seasonal fluctuations or entering new markets.
Streamlined Policy Administration: The software offers comprehensive policy administration features, including automated workflows, underwriting rules engines, and document management tools. These capabilities help insurers reduce manual tasks, improve accuracy, and accelerate policy issuance, leading to enhanced customer satisfaction and operational efficiency.
Data-Driven Insights: Majesco's robust reporting and analytics tools empower insurers to gain deeper insights into their business performance, customer behavior, and market trends. By leveraging data effectively, insurers can make informed decisions, identify growth opportunities, and optimize their product offerings and pricing strategies.
API-First Architecture: Majesco's API-first architecture facilitates seamless integration with third-party applications and services, enabling insurers to create a connected ecosystem and extend the functionality of their core systems. This flexibility allows for the incorporation of innovative technologies and the development of new distribution channels.

Cons

Implementation Challenges: Majesco's suite of products can be complex, requiring significant configuration and customization. This often leads to longer implementation times and higher costs than anticipated, frustrating users with budget and time constraints.
Learning Curve: The user interface, particularly in older versions, can feel clunky and outdated, leading to a steep learning curve for new users. This can impact user adoption and productivity, especially for those accustomed to more modern software experiences.
Integration Complexities: Integrating Majesco with existing systems, such as CRM or policy administration systems, can pose challenges due to compatibility issues and data mapping complexities. This can hinder data flow and create inefficiencies in business processes.

Researcher's Summary:

Stepping into the bustling marketplace of insurance software solutions, Majesco has carved out its own niche, attracting a diverse range of users with its unique blend of features and functionalities. Feedback from the past year paints a picture of a platform that excels in certain areas while acknowledging room for improvement in others. Users frequently highlight Majesco's robust policy administration capabilities as a standout strength, enabling insurers to efficiently manage the entire policy lifecycle, from quoting and issuance to renewals and claims. This comprehensive functionality streamlines operations and reduces manual tasks, ultimately boosting productivity for insurance professionals.

However, some users point out that Majesco's interface can feel clunky and outdated compared to newer, more intuitive platforms. Navigating through the system and accessing specific information can sometimes require multiple steps, leading to a less-than-ideal user experience. Despite this drawback, Majesco differentiates itself through its extensive configurability and customization options. Insurers can tailor the platform to their specific workflows and requirements, ensuring a snug fit for their unique business processes. This adaptability is particularly valuable for larger enterprises with complex operations and diverse product lines.

Considering these factors, Majesco appears to be most suitable for established insurance companies seeking a comprehensive and customizable solution for policy administration. Its strengths lie in its ability to handle complex workflows and provide a high degree of control over policy management. While the user interface may require some acclimation, the platform's flexibility and powerful features make it a compelling choice for insurers who prioritize functionality and adaptability over a purely modern aesthetic.

Key Features

Distribution Management: Set up multi-channel distribution networks, purpose-built hierarchies, and compensation models.
Self-Service: Provide access to self-service capabilities such as automated onboarding and application optimization. Access transaction records and commission statements in real time. Prepare configurable and intuitive user interfaces for traditional insurance products and core processes.
Data Analytics: Analyze data from multiple sources to get customer-focused insights. Leverage actionable information, intuitive dashboards and data visualization to uncover new business opportunities.
- Data Warehousing: Implement a powerful data framework for commercial property and casualty (P&C) lines of insurance. Provide access to a shared data repository and open quality and business rules.
Majesco EcoExchange: Access third-party applications via the partner ecosystem. Featured integrations include Verisk, Chase, IHS Markit, TransCard, and more.
Reporting: Map out standard user metadata, dashboard and standard reports. Run reports on productivity, claims history, cost-efficiency and more.
Proactive Updates: Get regular updates on the latest Bureau forms, rates, policies and rules.
Policy Management: Third-party partners, such as ISO, NCCI and more, provide built-in P&C, personal and specialty insurance policies. Access out-of-the-box bureau and product content for both commercial and personal lines of business. The predefined content directory includes over 4,000 forms, 14,000 data fields and 40,000 rules in accordance with ISO standards.
- Rating Engine: Integrate with external raters or manually create agency-specific rates.
Claims Management: Manage the entire claims lifecycle from, first notice of loss to settlement, for all lines of business.
- Risk Assessment: Connect to multiple data sources to accurately analyze claim complexity and litigation likelihood. Assign fraud scores based on social media history, private records, public information and claims history.
- Catastrophe Contingency: Track catastrophes concerning insured properties. Process inflated claims seamlessly and route mobile claims appraisers for expedited settlements.
Billing: Process all billing types, including agency bill, direct bill, list bill, and deductible bill. Offer customized payment plans and due dates. Accept credit card payments via the Electronic Bill Presentment and Payment (EBPP) portal and allow insureds to check transaction history.
- Moratorium Support: Automatically decide moratorium period and leniency towards fees, charges and collections for insured with financial difficulties.
- Compensation Distribution: Streamline agent compensation with a rules-based commission engine capable of processing high-volume compensation, charge-backs on policy events, commission sharing/sacrificing and automating commission advances. Calculate flexible commission contracts with variable incentives, commission plans and payments.