Forge Insurance, established in 1938 with its roots in Washington D.C., initially focused on insuring taxis and limousines. Today, the company operates in 30 states and has become a prominent commercial auto insurer in the small business category. With over 80 years of experience, Forge Insurance prides itself on understanding its customers’ unique risks and needs, delivering strong coverage, and providing exceptional service.
Richard Hutchinson, President and COO of Forge Insurance, expressed enthusiasm about the partnership with Majesco, stating, “We are excited about the market potential and operational benefits of Majesco’s next-gen platform solutions. We believe their expertise and successful track record in the commercial auto sector will bring tremendous value to our business and customers.”
Forge Insurance sought a partner that could offer out-of-the-box (OOTB) features and functionalities to facilitate rapid implementation. With a focus on avoiding costly customizations, the company aimed to leverage a flexible solution to swiftly launch new products through a minimum viable product (MVP) approach. Majesco’s P&C Core Suite was deemed an ideal fit, given its proven ability to deliver integrated solutions that enable flexibility and speed in innovation. The suite empowers organizations with pre-built content that can be easily modified, allowing for enhanced visibility, agility, and efficiency in managing business operations.
Recent implementation of Majesco’s Intelligent Core Suite has already yielded tangible benefits for Forge Insurance. Notably, the platform has significantly reduced the time required to generate initial quotes, from several days to mere minutes. Furthermore, Forge Insurance has successfully automated the straight-through processing workflow, ensuring a seamless progression from quote to policy issuance.
Through Majesco Policy, Forge Insurance has effortlessly incorporated and maintained current ISO product filings while introducing an Artisan Program tailored to 12 industry verticals and 230 NAICS Codes within their existing Public Auto business. The utilization of Majesco’s Eco-Exchange has provided Forge Insurance with streamlined access to third-party data sources like Verisk and LexisNexis, enabling more efficient underwriting processes and improved risk pricing accuracy.
By leveraging Majesco Billing, Forge Insurance has gained greater flexibility and structure in their billing rules, resulting in reduced time spent on reconciliation tasks. Additionally, significant improvements in claims management have been achieved through Majesco Claims, as the automation of initial reserves setup has replaced manual processes.
Jim Miller, Chief Revenue Officer at Majesco, highlighted the increasing trend among companies to expedite innovation strategies and introduce new digital products to the market swiftly. He expressed satisfaction that Forge Insurance has chosen Majesco as their transformation partner, stating, “We are pleased that they have entrusted us to help with this transformation and take hold of these new opportunities.”
About Majesco: Majesco is the preferred partner for P&C and L&A insurers seeking to deliver exceptional customer experiences. With a combination of insurance expertise and cutting-edge technology, Majesco anticipates industry trends and provides solutions to meet present and future needs. Over 350 insurers, ranging from startups to major industry players, rely on Majesco’s SaaS platform solutions, which encompass core, data, analytics, digital, and a rich ecosystem of partners, to shape their future operations.
As an industry leader, Majesco embraces change and actively drives innovation to stay ahead of risks. With a portfolio of over 900 successful implementations, the company bridges the gap between traditional insurance practices and digital transformation. Majesco empowers customers with the confidence to make informed decisions, the products to excel, and the follow-through to execute successfully.
