Reporting requirements in the insurance industry are often rigorous and traditionally highly regulated. Insurers strive to meet these stringent industry requirements in a simple and accurate manner, including data management and other government/agency reporting needs in the workers’ compensation and workers’ compensation sectors. Advances such as Majesco’s Bureau Adoption capabilities, released in March 2021, support insurers̵7; need to reduce time to access and implement circulars as well as improve user experience when interacting with the process to drive operational efficiency.
Groundbreaking self-service guide
Majesco’s Bureau Adoption feature facilitates circular adoption services, such as the management and adoption of various rates, rules and form circulars, implemented in Base for commercial line operators using ISO, NCCI and independent government agencies. The self-service feature of Bureau Circular Adoption enables simplicity, independence, consistency and efficiency through a guide-based adoption process.
This feature also comes with a comprehensive dashboard that not only gives business users the tools to manage agency circular adoption along with pricing updates, but also provides a catalog of new agency circulars available for adoption for multiple industries. In addition, the self-service guide provides an automatic adoption option to update the Majesco Policy for P&C with the circular without manual user intervention.
- Self-Serve adoption through easy-to-navigate wizards or Expert mode with option to stop and remove adoption
- Completely removes the dependency on Majesco
- Ability to enable automatic adoption
- Get notified when new circulars are available for adoption
- Promote adoptions from one environment to another through export and import
Insurance companies face increasingly complex risks. Regulations and reporting requirements are constantly changing, prompting insurers to seek greater levels of operational efficiency and timeliness when managing ISO and NCCI agency content. Bureau Circular and Rate Adoption Self-serve Wizard for Majesco Policy for P&C, continues to meet the demands and expectations of regulatory changes easily and quickly in a more consistent and autonomous way.
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