Majesco Copilot Sets New Benchmark in Insurance Technology: Industry’s First GenAI Assistant Demonstrates Remarkable Business Results

Barchart · 10/16 10:00

Majesco, a global leader of cloud insurance solutions for insurance business transformation, today announced that Majesco Copilot, the industry’s first and only GenAI assistant, has delivered transformative business results, revolutionizing operational efficiency and productivity while setting new benchmarks in how insurance can be done.

Majesco’s intelligent solutions for P&C and L&AH are engineered to address the intensifying operational demands, operational costs and fight for talent, bending the cost and learning curve for insurers. Leveraging the speed and flexibility of native cloud technology, the power of embedded advanced analytics, and the limitless capabilities of GenAI, Majesco Copilot is enabling insurers to achieve a new level of operational optimization and innovation that has yet to be seen in the insurance industry.

“With Majesco Copilot integrated into all our solutions, we’ve achieved significant improvements in workflow optimization, drastically reducing task completion times,” says Manish Shah, President & Chief Product Officer at Majesco. “This transformative leap delivers an incredible 10-20 times boost in productivity, revolutionizing customer servicing, driving quality and consistency, and operational efficiency that can lower cost ratios and improve competitive market position. Our clients are not only achieving accelerated product launches but also gaining a formidable edge in the market. Majesco Copilot isn’t just an idea; it’s real and a game-changer that propels insurers to the forefront of competition with innovation.”

In Majesco’s most recent Strategic Priorities research, insurers identified operations, including costs, profitability and growth, as their top priorities, with leveraging technology advancements including AI, rated as a close second. Majesco subsequently asked customers what the impact of AI and GenAI have on their operations with these statements being provided:

  • Expected, on average, 23%-time savings
  • With previewed upcoming capabilities, respondents forecast a 44%-time savings
  • 84% of respondents expect to use Copilot daily
  • 70% of managers and leaders said Intelligent Core helped them focus on what matters most
  • 70% of users said that once they used Intelligent Core, they didn’t want to give it up

Majesco also conducted detailed benchmarking tests to assess the operational benefits of Majesco Copilot, BI dashboards, and AI/ML models embedded across all its P&C and L&AH intelligent solutions. The results are astonishing, demonstrating significant improvements in operational efficiency and productivity highlighting the transformative power of GenAI in insurance. Key results based on specific business processes and workflow include:

P&C Intelligent Solutions

Quote, Policy, Billing and Claims Workflows

  • 70%-time savings when creating a Personal Auto quote – only three minutes from start to finish as compared to 10 minutes
  • 75%-time savings processing vendor invoices for claims – 2.5 hours saved per claim
  • 91% reduction in time to update payment plans
  • 80% reduction in the time it takes to create a form only taking 3 minutes per form
  • Insurers save 6 hours/month for every 100 policies managed through Copilot actions in the Policy solution
  • For policy cancellation and reinstatement, an 88% reduction in time

Streamline Communication and Collaboration

  • Time savings of 20 minutes per user everyday by using Copilot to get insights into policies, invoices or claims they’re working on
  • 9 minutes is saved per claims user everyday by using Copilot to write and refine communications
  • Form development time in Dev Studio can be done in 10-15 minutes on a typical form to 2-3 minutes, an 80% reduction
  • A 93% reduction in time to set up a task or reminder

L&AH Intelligent Solutions

Quote, Policy, Billing and Claims Workflows

  • Effortlessly manage plan requotes during underwriting by entering broker requests, reducing effort by 80%
  • Achieve a 66%-time savings for bill reconciliation and policy contract inquiries using Copilot’s advanced document interpretation capabilities.
  • Simplify claim creation with a 75% reduction in manual data entry by uploading the claim form directly.
  • Expedite claim adjudication with a 66% increase in efficiency through automated interpretation of supporting documents, such as Physician’s Reports or Death Certificates
  • Streamline over 5 actions through natural language processing, enhancing operational throughput by 50%

Streamline Communication and Collaboration

  • Respond to inquiries related to Group, Member, Policy, Bill, or Claims 70% faster
  • A 93% reduction in time to set up a task or reminder

Accelerate Product Launches & Enhancements

  • Configure business rules, such as plan validation criteria, by directly uploading Excel files or through natural language inputs, achieving a 90% reduction in manual setup time

These transformative results demonstrate the significant business opportunity to redefine the insurance business with advanced technology that creates intelligence and insights across the entire value chain, driving down costs and expense ratios – an immediate business value. With Majesco Intelligent Solutions, insurers can optimize the business and bend the cost curve to drive productivity, profitability, lower cost ratios, and competitive differentiation. Intelligent solutions embedded with GenAI and AI have the power to revolutionize insurance — offering a tailwind for cloud-native market leaders who embrace AI and GenAI as a competitive advantage. For more information on Majesco’s intelligence insurance solutions, visit www.majesco.com.

About Majesco

Majesco is the partner P&C and L&AH insurers choose to create and deliver outstanding experiences for customers. We combine our technology and insurance experience to anticipate what is next, without losing sight of what’s important now. Over 350 insurers, from MGAs, greenfields and startups to some of the world’s largest insurers and reinsurers, rely on Majesco’s intelligent SaaS platforms solutions, with GenAI powered insurance data analytics, of core, data, analytics, distribution, underwriting, loss control, digital, and rich ecosystem of partners to create their next now.

As an industry leader, we don’t believe in managing risk by avoiding change. We embrace change, even cause it, to get and stay ahead of risk. With 1000+ successful implementations and 90% of our customers in the cloud we are uniquely qualified to bridge the gap between a traditional insurance industry approach and a pure digital mindset. We give customers the confidence to decide, the products to perform, and the follow-through to execute.

For more information, please visit www.majesco.com and follow us on LinkedIn.