Historically, underwriters have struggled to keep up with the vast and rapidly changing data landscape when evaluating property risks. This has often resulted in missed critical data points and less-than-optimal underwriting decisions. But with today's advancements in Artificial Intelligence and Machine Learning technology, insurers can now harness a wide range of data sources and analyze them with objective insights and recommendations. The end result: improved risk management. In the Fall '22 Release, Majesco is introducing Property Intelligence, a cutting-edge AI solution that empowers insurance carriers to make informed decisions about property risks.

Data has the ability to transform an insurance organization through meaningful insights. Sometimes these words, though, don't do justice to how much data can teach us and lead us toward greater profitability. Let's think of data in terms of "talent" for a moment. Imagine that you have been placed in charge of hiring someone who will lead your organization into the future with a whole new approach. Your supervisor gave you just one instruction.

MORRISTOWN, N.J.--(BUSINESS WIRE)--Majesco, a global leader of cloud insurance software solutions platforms, today announced that it completed the acquisition of Utilant LLC, a U.S. based InsurTech company providing the industry leading survey management SaaS product suite for Loss Control and Premium Audit surveys and artificial intelligence (AI)/machine learning (ML) data and analytics. Utilant's cutting-edge SaaS solutions, contributory database and AI/ML models deliver the necessary next-generation technology that can address critical insurance trends and help keep pace in today's digital race. This acquisition expands Majesco's extensive product portfolio and adds over 87 customers in the P&C market segment, including global insurance carriers and top risk engineering companies. With this addition, Majesco launches an innovative Data and Analytics business unit combining Utilant technology with Majesco's existing, market-leading data and analytics solution. Utilant Founder and CEO, Patrick Davis joins the Majesco Senior Leadership Team and will lead this new business.

MORRISTOWN, N.J.--(BUSINESS WIRE)--The digital era shift is realigning fundamental elements of business that require major adjustments from insurers in order for them to survive and thrive, according to a new thought leadership report released today by Majesco (NYSE AMERICAN:MJCO), a global provider of core insurance platform software and consulting services for insurance business transformation. A new digital era of insurance focused on innovation and growth requires platform-based business models and solutions to succeed. The report, A New Business Model for a New Era of Insurance: Digital Insurance 2.0 in the Platform and API Economy, highlights the impacts of the shift to a new age of insurance, Digital Insurance 2.0. Underpinning this new era is the shift to the application programming interface ("API") and platform economy, which consists of key technologies such as cloud computing, open APIs, microservices, ecosystems, and data and analytics, which together help insurers create new business models, products and services, connect everything and, most importantly, create new customer experiences. "The digital age shift is now top of mind for every leadership team and board because it is extending an organization's growth and innovation capabilities," remarked Denise Garth, SVP - Strategic Marketing, Industry Relations and Innovation for Majesco.