Majesco, a global leader of cloud core insurance software, announced the release of a new digital online billing and payments app, Electronic Billing & Payments (EBP). The app is powered by the cutting-edge cloud-native Majesco Digital1st Platform„¢ and integrated with CyberSource, Visas payment management platform, which is now available on the Majesco Digital1st EcoExchange™
The availability of EBP will enable insurers to make billing and payment digital and easier for their agents and customers. Majesco research indicates that 55-70% of customers across all generational segments want digital and mobile bill payment capabilities. In support of this customer expectation, the new EBP app provides capabilities such as self-registration, guest payment, management of multiple policies, one-time or recurring payments, credit card and ACH, and the ability to view invoices and payment history available via the desktop or mobile device.
We are extremely excited to offer this innovative Electronic Billing & Payments app, built on the cloud-native Majesco Digital1st Platform„¢ and with an option of using the CyberSource platform to securely and conveniently accept credit card and ACH payments, commented Manish Shah, EVP of product at Majesco. EBP is a cloud-native SaaS offering which can be quickly white-labeled consistent with insurers corporate branding and rolled out into production in as little as two weeks with robust operational SLA, security and compliance without any licensing costs. This new app demonstrates the power of Majesco Digital1st Insurance„¢ and our Majesco Digital1st EcoExchange™ marketplace to meet this demand in an innovative, yet scalable way that will continue to easily adapt as insurance customers expectations continue to shift.
The Majesco Electronic Billing & Payments app is available on a secure, scalable cloud and offers:
Online billing and payment features with a user interface optimized for desktop and mobile devices
Rapid rollout in as little as two weeks
Pre-integration with Majesco Billing for P&C for version 10 or later
Easy to integrate with non-Majesco billing core systems,
No license fees, rather price based on registered number of policies
24 x 7 with robust operational SLA and uptime guarantee
Free ongoing upgrades
We are thrilled to deepen our collaboration with Majesco in servicing mutual clients across the insurance industry, helping facilitate a secure and frictionless payment experience, said Dominic Brown, senior director, business development, Visa. Being pre-integrated and officially part of the EcoExchange allows our mutual insurance clients to more easily implement our solutions and get up and running quickly, which often translates to quick savings and speed to revenue for our clients.
Majesco Digital1st Insurance™ is a microservices-based, multitenant cloud platform enabling digital transformation for insurers. It has the ability to subscribe to third-party services and real-time data sources that traditional core systems cannot effectively support and is configurable for different customer and user personas. It is built to support experimentation and launching of new business models, with the ability to rapidly scale. It adapts to different cost structures which are often the difference between success and failure in the on-demand economy. Majesco Digital1st EcoExchange™ is the next generation of partner ecosystem hub, using third-party services with a standard semantic layer for easy integration and a true plug-and-play environment for both traditional and InsurTech partners. EcoExchange differs from other industry offerings in that it works as an app store with API-based services rather than as a code repository. Types of apps available through EcoExchange can range from a non-interactive service call all the way to a comprehensive solution that can orchestrate multiple provider services, including interactive conversations.
Insurance business transformation is a journey of change and revitalization, a renaissance of Insurance. Approximately 160 insurance companies worldwide in P&C, L&A and Group/ Employee Benefits are transforming their businesses with Majescos solutions. Our market leading software, consulting and services uniquely underpin the entire insurance value chain and are designed to empower insurers with the agility, innovation and speed needed to meet their transformation opportunities. Majescos solutions include policy management, new business / underwriting, rating, billing, claims management, distribution management, BI/ analytics, predictive modeling, digital platform with mobile and portal, testing services, cloud services, bureau and content services, transformation services, consulting services and more.