Majesco Cloud Solution to be Implemented by New York Life
Staff Writer | January 05, 2017
Majesco announces that New York Life implemented Majesco Rating, for their Group Membership Association Division (GMAD). New York Life is a mutually owned Fortune 100 company and one of the largest life insurers in the world. The Group Membership Association Division is a unit dedicated to serving the insurance needs of over 600 membership groups across North America.
This selection and implementation in the cloud will enable their group business to:
- Centralize and manage their group premium rates for multiple groups within a single system, allowing greater agility and efficiency for their business processes
- Empower their actuaries to become more self-directed and implement rates for online applications across multiple groups more accurately and consistently, enhancing the customer experience
- Enable speed to market with a rapid initial deployment in less than three months, and dramatically reducing time required for ongoing rating updates, additions and changes from weeks to days
- Facilitate electronic payments and straight through processing for new business, innovating the new business process and significantly enhancing the customer experience
“Our goal is to deliver best-in-class service and tools within our industry. By personalizing the user experience with clearly displayed benefits, features and pricing, we are growing the building blocks which provide a strong pathway for customers to become well informed and to help make the best decisions for themselves and their families,” says Scott Berlin, senior vice president, at New York Life.
This is one of the first implementations of a cloud-based rating solution for life and group insurers. The solution was implemented in less than three months. It augments New York Life GMAD’s implementation of Majesco DigitalConnect platform, which enabled the carrier to implement 33 unique portals for its affinity group customers in just four months.
“This is a logical next step for the life and group insurance market,” states Tom Scales, research director of Celent’s Americas life and health insurance practice. “The changes in the group market, both health insurance and voluntary benefits, is pushing insurers to rethink their operational and business models, particularly their ability to react quickly. The implementation of a separate rating engine, particularly in the cloud, offers insurers great value in this competitive market.”
EVP for Majesco’s L&A and Group Business Chad Hersh added,
“Customer expectations in today’s market demand real-time rating to facilitate customer purchases, says Chad Hersh, executive vice president for Majesco’s L&A and group business. “This requires capabilities that rate, quote and fulfill insurance online and the ability to rapidly deploy new or updated rates based on market dynamics. The deployment of rating in the cloud for group enrollment will help this insurer compete in a fast-changing group market. We are excited about this innovative implementation that raises the bar on agility and speed to market within the industry.”
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