Majesco Recognized as a Leader in 2021 Gartner® Magic Quadrant™ for P&C Core Platforms, North America
MORRISTOWN, N.J.–(BUSINESS WIRE)–Majesco, a global leader of cloud insurance software solutions for insurance business transformation, today announced that it has been recognized as a Leader in the September 2021 Gartner Magic Quadrant for P&C Core Platforms, North America [1].
The report, which includes 12 vendors states, “P&C insurance CIOs will find vendors taking differing approaches to innovation, cloud deployment, technical evolution and maturity of platform offerings, creating challenges on how to compare them. CIOs can use this research to identify and evaluate vendors and solutions best suited to their goals.”
“While it was predicted that the COVID-19 pandemic would impact sales execution across enterprise software, the P&C core platform market remained remarkably resilient,” according to co-authors, Sham Gill, VP Analyst and James Ingham, Sr. Director Analyst at Gartner. “Overall, there has been an increase in full-suite implementations (policy, billing and claims) in 2020 over the prior years. This increase is greater for Tier 3 and below insurers, where CIOs have less complex IT environments and are looking for native and seamless integration between their core platform modules. They are also looking at these platforms as an end-to-end solution for their business processes, including policyholder and agent portals, data repositories, and BI/analytics.” [1]
The report also notes, “Innovation and experimentation with new and emerging technologies, such as AI/ML, is less of a feature in vendor plans than in previous years. As core functional capabilities for policy, billing and claims become commoditized, product roadmaps from vendors gravitate around three key themes:
- APIs – All of the vendors in this year’s Magic Quadrant have made progress toward the greater availability and coverage of REST APIs. Leading vendors also have app stores and content exchange portals, which provide certified and supported integrations with third parties. This supports CIOs with enabling faster integration. Some of the vendors have also created developer portals, providing SDKs that utilize the APIs to foster innovation from customers and partners.
- Cloud – leading vendors are making investments offering greater self-sufficiency tools for managing the application and environments. These are particularly important to Tier 1 and Tier 2 insurers that have complex IT environments and require greater control over change management. Vendors are also making architectural changes in efforts to move toward being more cloud native. This is being achieve through containerization, typically for vendors that wish to remain cloud-agnostic, and development of micro-services.
- Data and Analytics – Vendors have either made acquisitions or developed solutions that use data to provide deeper customer and operational insights in efforts to improve customer experience and operational efficiency. The investment in data solution centers on three main areas: improving underwriting, claims fraud identification and automating core processing tasks, such as workflow allocation. In addition, some vendors are working on predictive analytics to provide real-time insights and recommendations for next best action for users.” [1]
“As a new era of insurance takes hold, carriers are doubling down on next gen SaaS core platforms to accelerate business transformation, growth and innovation,” stated Adam Elster, CEO of Majesco. “We are thrilled to be recognized as a Leader in this report for the fourth consecutive year as in our opinion it underpins our investment and commitment to our customers and the industry in providing next generation SaaS offerings that keep carriers ahead of the competition and market changes. We believe that the report showcases not only our robust capabilities, ecosystem marketplace of partners, and growing focus on advanced data and analytics to help our customers succeed in building the future of insurance.”
Majesco P&C Core Suite is a powerful core platform for personal, commercial, workers compensation, specialty, and new products that is purpose built to empower accelerated business growth and innovation. Today’s insurers are facing challenges to keep pace with the leaders and want the power to run their business on a single platform, to innovate, create and manage the products and content they need to respond to shifting customer demands and market opportunities, and to extend their business with compelling digital and data capabilities. Majesco P&C Core Suite gives insurers the power, flexibility, and speed to innovate and create profitable growth year after year all while meeting their needs to stay on the leading-edge of insurance.
“Carriers are accelerating their business strategies around next-gen SaaS core platforms to drive new products and services, customer experiences and innovative business models, recognizing that on-premises core no longer meets the demands of a rapidly changing marketplace,” said Manish Shah, President and Chief Product Officer of Majesco. “Next-gen SaaS core platforms are just the start. Enriching with digital solutions, advanced data and analytics and ecosystem of partner solutions elevates the core to deliver greater business value. Majesco P&C Core Suite brings a market-leading SaaS platform to the P&C insurance market to deliver agility, innovation and speed in meeting the needs of today while future-proofing their business for tomorrow.”
[1] Gartner, “Magic Quadrant for P&C Core Platforms, North America”, Sham Gill and James Ingham, September 14, 2021. In 2019, this report was titled “Magic Quadrant for P&C Insurance Core Platforms”, North America”.
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About Majesco
Majesco is the leading software partner to both the P&C and L&A insurance markets to modernize, optimize and innovate their businesses at speed and scale. Over 330 insurers, from greenfields, start-ups and MGAs to the largest insurers, reinsurers and brokers use Majesco’s next generation SaaS platform solutions of core, data, and analytics, digital, distribution, absence management and a rich ecosystem marketplace of established and InsurTech partners to build the future of insurance.
Our technology, expertise and leadership help insurers innovate and connect to build the future of their business. With over 825 successful implementations and over 65% of our customers on Cloud with Majesco platform solutions, together we have an amazing track record of innovation and real-world results. For more details on Majesco, please visit www.majesco.com.
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