Saying Common Availability of Model 22 of Majesco ClaimVantage Claims Administration for L&H and Majesco ClaimVantage Absence Administration
MORRISTOWN, NJ – (BUSINESS WIRE) – Majesco, a global leader in cloud insurance software solutions for transforming the insurance business, today announced the general availability of version 22 of Majesco ClaimVantage Claims Management for L&H and Majesco ClaimVantage Absence Management – the second major release in 2021.
The latest enhancements have given the product additional functionality, including improved straight-through processing, improved usability and configurability for effortless claims handling, and improved compliance for absence management. Although sold separately, the solutions together provide an integrated Disability and Absence Management (IDAM) solution for insurers to meet the increased demand for short and long term disability insurance.
“We continue to focus on improvements that improve business and provide our customers with ease of use,” said Raymond Law, SVP and general manager, L&A and Group Products, Majesco. “This latest version further optimizes the solution and enables more advanced straight-through processing coupled with additional user experience features to increase operational effectiveness across the company.”
As the absence management legislation continues to evolve, Majesco continues to invest in compliance improvements for Majesco ClaimVantage Absence Management to minimize the risk to its customers managing paid and unpaid leave at the federal and state levels. With the June ’21 release, Majesco has integrated the Connecticut Paid Family and Medical Leave (PFML) – which will come into effect on January 1, 2022 – into the solution in accordance with the regulatory guidelines published in March. As with previous new laws, iterative improvements will be made in advance of the rollout date as the regulations continue to take shape.
By adding Connecticut PFML to the solution more than six months in advance of the program’s launch date, Majesco is giving its insurance carriers, third party administrators (TPAs) and employer customers considerable lead time to ensure they are fully prepared to meet the new government regulation paid vacation program in early 2022. Once Connecticut PFML goes into effect, the solution will incorporate the new PFML regulations in determining employee eligibility and performance calculations. The integrated rule engine automatically determines the authorization of the employees based on the legally defined criteria.
“We pride ourselves on enhancing our leading claims resolution solution and supporting the new leave of absence legislation well before the regulations go into effect to help our customers ensure they are well positioned to support and manage leave ahead of the launch date “Commented Monique Bouffard, VP, Product Management. “Our absence experts met with customers in preparation for Connecticut PFML, just like we did for Massachusetts last year to ensure a seamless rollout. Together they offer the industry a market-leading IDAM solution that is needed in a rapidly changing market. ”
The highlights of the solutions include:
Majesco ClaimVantage claims management for L&H:
New configurability options – Ability to configure elimination periods, elimination units, and performance duration for custom cause values.
Automated Payment Calculation Enhancements – Disability Payment Calculator with Benefit Duration for custom cause values for 5 and 7 day work weeks.
Straight-Through Processing – Added the ability to judge a claim based on latency at the performance level.
User Experience Updates – A new Correspondence window brings together all call records, notes and files into a single, easy-to-use source for access to all claims-related correspondence.
Majesco ClaimVantage Absence Management:
Connecticut Compliance – Connecticut Paid Military Vacation, Connecticut Paid Family Vacation, Connecticut Paid Family Vacation are now available with iterative changes as needed. Military family changes in Connecticut go into effect 1/1/2022.
District of Columbia Compliance – The District Colombia Family Vacation in Public Health Act is now available.
New York Compliance – Update on Admission of New York Crime Victims.
“In a dynamic market like Group and Voluntary Benefits, insurance carriers face a number of challenges when planning a rapidly evolving future,” said Rob McIsaac, EVP, Research & Consulting at Novarica. “Regulatory changes, demographic shifts, cost pressures and increasing competition from traditional and non-traditional sources – all of this leads to constant“ heights of the bar ”in terms of functional and operational efficiency. For providers of technology solutions who want to be strategic partners of these network operators, the continuous improvement of functional capabilities and at the same time support for better and more flexible integration of components will be the key to future success. The latest announcement from Majesco shows the importance of further enhancing functionality and integration. Competitive pressures across the service ecosystem are likely to increase as we approach a post-pandemic era. ”
Majesco is the leading software partner for both the P&C and L&A insurance markets to modernize, optimize and innovate their businesses in a fast and scalable way. Over 330 insurers, from greenfields, start-ups and MGAs to the largest insurers, reinsurers and brokers use Majesco’s next generation SaaS platform solutions for core, data and analytics, digital, sales, absence management and a rich ecosystem marketplace from established and InsurTech partners to shape the future of insurance.
Our technology, expertise, and leadership skills help insurers innovate and network to shape the future of their business. With over 825 successful implementations and over 65% of our customers in the cloud using Majesco platform solutions, together we have an amazing track record of innovation and real results. More information about Majesco can be found at www.majesco.com.