The winds were moving at full speed last week in Fort Lauderdale, where SPLICE participated in Majesco’s annual Convergence conference. Not only was the actual wind outside reaching high speeds, but so was the atmosphere inside when industry professionals and insurance companies gathered to discuss the acceleration in updates of Majesco’s core system platform.
Most exciting of all was the introduction of Majesco’s new Digital1st Insurance platform—a service hub with data, core and InsurTech services ready for consumption, on demand. This platform will provide insurers with easy, online access to a variety of different InsurTech solutions at the click of a button.
When discussing the current gap between Core Systems & InsurTech, the general consensus was that both are ultimately trying to do the same thing:
- Core Systems focus on streamlining processes, minimizing internal costs in processing, and servicing customers with on-premise systems.
- InsurTechs focus on streamlining processes, minimizing total costs, and providing better customer experience in the cloud.
As you can see, the basic principles are the same. As for the technology itself, InsurTech companies know into which Core System platforms they need to integrate, and they are prepared (and built) to easily support it, whether with open API’s or through manual data uploads/transfers. So, in the end, we have two systems that are based on the same principle, with the new “InsurTech” systems in place to support the seasoned “Core” systems.
Majesco’s new Digital1st Insurance platform will be able to integrate with its existing core systems portfolio and will provide a hub for insurance companies to leverage their data intelligently while using partner applications—throughout the insurance customer journey—reaching people in ways that are meaningful to them.
This year’s conference focused a lot on creating a real customer connection and we are excited to both work with Majesco and its customers as a Majesco Solution Partner and to support them as Digital1st transforms the insurance landscape for Majesco's customers.