- Partnership integrates market-leading technologies from both Majesco and EvolutionIQ
- Builds on proven synergies between the companies’ respective technology platforms as both share a number of joint customers in the L&AH insurance sector
- Allows L&AH insurers and TPAs to seamlessly leverage Majesco’s cloud platform solutions for policy, billing, claims, absence, underwriting, and distribution with EvolutionIQ’s AI-powered Claims Guidance platform
Morristown, NJ – March 30th, 2023 – Majesco, a global leader of cloud insurance platform software for insurance business transformation, today announced a partnership to integrate EvolutionIQ’s AI-powered Claims Guidance platform with Majesco’s suite of disability insurance claims technology solutions. These include Majesco Claims for L&AH and Majesco ClaimVantage Claims for L&H. The integration is part of the Majesco EcoExchange, which is a next-generation marketplace of partner technologies designed to help the insurance industry meet the demands of today’s digital customer.
Closely working with the EvolutionIQ team, the partnership will combine market-leading technologies from both organizations to help insurers transform their claims process, which in turn helps sick and injured claimants recover and return to work faster while reducing claim losses and expenses. Majesco and EvolutionIQ have a number of joint customers using both solutions today. Benefits of the partnership for insurers and TPAs include:
- Faster technology deployments and a faster return on investment from integrated solutions.
- A more dynamic and responsive claims solution to cost effectively manage and guide examiners and adjusters to the right claim at the right time and deliver excellent claimant experience.
- Reduced loss ratios, improved claims processing, reduced claim durations, and more claimants returning to work.
“The insurance industry is at an inflection point as rapid advances in technology are now fundamentally changing the underlying economics of claims handling,” said EvolutionIQ co-founder and Co-CEO Michael Saltzman. “Both Majesco and EvolutionIQ are proven, advanced systems that are already delivering dramatic, measurable results for an array of the industry’s top carriers and TPAs. With this partnership, industry leaders can know and trust that our respective technology solutions are not only transformative, but they are complementary to each other in any environment. By deploying them together, forward-thinking insurers will help many more sick or injured people recover – while simultaneously realizing an impressive ROI.”
EvolutionIQ’s AI-powered Claims Guidance is an entirely new category of software invented by EvolutionIQ that actively monitors every open insurance claim to guide frontline operators to those that require more attention, new actions, or complex decision-making. It uses next-generation machine learning and natural language processing to understand complex bodily injury and recovery like a medical expert and guide examiners and adjusters daily to the right actions on the right claims at the right time to maximize impact. The technology has already led to tens of thousands of sick and injured people getting their lives back on track, with the number increasing every day. Carriers report up to a 35 percent increase in sick or injured people returning to work using EvolutionIQ with those returns happening on average 3.5 months sooner when compared to legacy processes.
“EvolutionIQ with Majesco Claims solutions for the L&AH segment offers our customers and the industry a significant opportunity to transform the claims dynamics for disability and workers compensation,” said Adam Elster, CEO at Majesco. “This partnership aligns with our relentless innovation focus to deliver intelligent, cutting-edge solutions that help our customers manage claims efficiently, control costs to improve profitability, and deliver exceptional customer experiences. We are thrilled to be working with EvolutionIQ to deliver real business value to our customers.”
Majesco Claims for L&AH and Majesco ClaimVantage Claims for L&H are industry recognized as market leading solutions by industry analysts, supporting some of the largest insurers and most demanding claims operations. Majesco solutions help insurers manage and resolve claims faster, exceed customer expectations, manage complex integrated disability and absence management and return to work, and ignite innovation that delivers frictionless and transparent claims experiences. While historically claims operations focused on costs and efficiencies, today insurers must take a holistic customer view including management of complex injury claims to help claimants return to work quicker and safer, creating a new customer experience that is a cornerstone of satisfaction, loyalty, and retention.
EvolutionIQ is the market leading Claims Guidance platform in Group and Individual Disability, Property & Casualty, and Workers’ Compensation lines of insurance. EvolutionIQ now counts the majority of the top 20 US Disability and Life carriers as clients. EvolutionIQ’s proprietary Artificial Intelligence uses the entire claim file contents, historical claims, and external data to guide claim handlers to their most productive task across the entire claim block, every day. The system combines real-time predictive accuracy, clear guidance, and explainable AI to ensure adoption and business impact. As a result, claims organizations spend their efforts on claims they can impact – and their claimants get better, more tailored service. Insurers choose EvolutionIQ to increase their profitability and control over complex lines of business by integrating decision intelligence into every step of the claims handling process. For more information, visit www.evolutioniq.com and follow the company on LinkedIn.
Majesco is the partner P&C and L&A insurers choose to create and deliver outstanding experiences for customers. We combine our technology and insurance experience to anticipate what’s next, without losing sight of what’s important now. Over 350 insurers, from greenfields and startups to some of the world’s largest insurers, rely on Majesco’s SaaS platforms solutions of core, data, analytics, 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 900+ successful implementations 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.
Read the original announcement on Majesco’s website.