Saying Basic Availability of Model 22 of Majesco ClaimVantage Claims Administration for L&H and Majesco ClaimVantage Absence Administration

New market-leading improvements enable operational effectiveness of claims and improved absence management through the early expansion of Connecticut Paid Family and Medical Leave

MORRISTOWN, NJ, July 22, 2021 – (BUSINESS WIRE) – Majesco, a global leader in cloud insurance software solutions for transforming insurance businesses, today announced the general availability of version 22 of Majesco ClaimVantage Claims Management for L&H and Majesco ClaimVantage Absence known 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 ease of use for our customers,” said Raymond Law, SVP and general manager, L&A and Group Products, Majesco. “This latest version further streamlines the solution and enables more advanced straight-through processing coupled with additional user experience features to increase operational effectiveness across the enterprise.”

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.

The story goes on

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 new leave of absence laws well before the regulations come into effect to help our customers ensure they are well positioned to support and manage vacations ahead of their launch date,” commented Monique Bouffard, VP, Product Management. “Our absence experts met with customers in preparation for Connecticut PFML, just as we did for Massachusetts last year to ensure a seamless rollout. Together, they provide the industry with a market-leading IDAM solution in a rapidly changing marketplace is needed. “

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, insurers face a number of challenges in planning a rapidly evolving future,” said Rob McIsaac, EVP, Research & Consulting, Novarica. “Regulatory changes, demographic change, cost pressures and increasing competition from traditional and non-traditional sources – all of this leads to a constant“ raising of the bar ”in terms of functional and operational efficiency. For providers of technology solutions who want to be strategic partners for these network operators who continue to increase functional capabilities and support better and more flexible integration of components, the key to future success will be. The latest announcement from Majesco shows the importance of pushing functionality and integration further. Competitive pressures across the ecosystem of benefits are likely to increase as we near a post-pandemic era. “

About Majesco

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.

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