Digital Underwriting and Loss Control Solutions Top List of Investment Priorities for Insurers

New research shows an increased focus on risk management strategies and solutions

Majesco, a global leader of cloud insurance software solutions for insurance business transformation, announced the availability of a new report, Underwriting and Loss Prevention: Tackle Rising Insurance Costs with Enhanced Customer Experience Leading to Improved Insurer Profitability. This new report leveraging the results from Majesco’s 2022 Strategic Priorities and Customer and SMB research, underscores the importance of changing how underwriting is done using expanded data sources and analytics, using loss control as a crucial risk evaluation, leveraging AI/ML for new risk analysis insights to improve risk management and profitability.

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“P&C underwriting is at the heart of the insurance business. From natural disasters such as wildfires, hurricanes, and other catastrophic events to the most recent risks of pandemics and other health-related risks, the world is more attuned to risk,” says Denise Garth, Chief Strategy Officer at Majesco. “By investing in digital underwriting, digital loss control solutions and advanced data and analytics, insurers can more effectively identify and address risks to minimize customer impact and drive improved underwriting profitability.”

The old adage of “control what you can control” is now front and center for insurers as they look at new risk management strategies and solutions as a crucial component of their underwriting and customer service strategy. They are increasingly focusing their time and resources on how they can better assess risk and prevent losses that can improve underwriting profitability and customer experiences.

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Insurance has always been a data-driven business, but access to new data sources with AI/ML models is redefining the industry. Today’s increased catastrophes, market environment, and pressure on profitability demand a greater focus on preventable losses and better outcomes through underwriting profitability, proactive risk mitigation to minimize or eliminate claims, and enhanced customer experiences.

Core platforms with deep integration with digital loss control solutions and embedded, real-time data and analytics are key enablers to expand risk assessments that can transform underwriting, prevent future loss, improve customer experiences, and improve profitability by diving deeper insight into your business portfolio. The Majesco Loss Control 360 platform drives intelligent risk insights for carriers while leveraging Majesco’s extensive repository of survey data, analytics, and AI/ML and is integrated with Majesco P&C Core Suite and Majesco Underwriter360 workbench.

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