ClaimVantage, a renowned provider of enterprise claims platforms and absence management solutions for the Life & Annuity Health (L&AH) market segment, has proven to be a valuable asset in Majesco’s pursuit of enhanced insurance services.
In a dynamic business environment characterised by heightened competition for talent, evolving regulatory trends, and complex market dynamics, the challenges of managing disability and family leave have intensified.
To navigate this intricate landscape, Majesco and Deloitte jointly released a report titled “Raising the Competitive Bar: Simplifying the Operational Complexity of Disability Insurance and Absence Management,” highlighting the growing complexities of state and federal regulations. Remote work trends and a renewed emphasis on employee experience have further compounded traditional disability and absence policies, leaving many businesses unprepared.
Recognising this gap, leading L&AH insurers are leveraging advanced technology to seamlessly offer integrated disability insurance and absence management solutions. Majesco’s acquisition of ClaimVantage positions it at the forefront of this transformative movement.
Adam Elster, CEO of Majesco, underscored the significance of this strategic alignment, stating, “The demand for disability insurance and absence management is surging, fuelled by the battle for talent and the proliferation of absence regulations such as FMLA and PFL.
ClaimVantage’s innovative solutions provide essential capabilities for optimised claims operations and rapid adaptation to new products and evolving regulatory demands. Our ongoing investments in this product empower insurers with the agility and speed required to seize opportunities and meet customer expectations.”
Over the past two and a half years, Majesco’s accomplishments include:
- Expanded Customer Base: Six new customers, including insurers, states, large businesses, and TPAs, have adopted Majesco’s IDAM, Absence Management, Accommodation Management, ClaimVantage Claims Management, and ClaimVantage Connect for L&AH.
- Strengthened Relationships: Twenty-one existing customer relationships have been extended through the adoption of new lines of business, new users, and components like absence management.
- Smooth Collaborations: Majesco successfully collaborated with customers and strategic partners, overseeing 14 customer go-lives.
- Recognised Excellence: Customer Fullscope RMS, implementing ClaimVantage solution, received the 2021 Salesforce Partner Innovation Award, a testament to their transformative journey.
- Industry Accolades: Majesco ClaimVantage Claims and IDAM earned distinction in Datos’ (formerly Aite-Novarica) August 2021 Life/Health/Annuities Claims Report.
- Empowered Partnerships: Majesco extended and trained strategic partners on ClaimVantage solutions, accelerating implementations.
Majesco’s commitment to innovation continues post-acquisition, as reflected in the enhancements and capabilities introduced for claims and absence management solutions. These advancements encompass:
- Majesco ClaimVantage Claims for L&H, with expanded ability to create standalone disability claims using APIs, integration with Majesco Policy and Billing for L&AH, and custom field utilisation.
- Introduction of the all-new Majesco ClaimVantage Connect, featuring enhanced capabilities for HR professionals and brokers, improved absence certification, notes, reports, and search features.
- Extended support for absence management compliance, including Connecticut PFML, Human Rights and Opportunities Act, and Oregon Paid Family and Medical Leave legislation.
Majesco’s recent report also highlights the increasing shifts in employee demographics and geography, the company is poised to address these evolving demands through its advanced technology solutions in the L&AH insurance realm. The blend of innovative offerings and an expanding customer base underscores Majesco’s commitment to propelling insurance business transformation.
