According to Majesco, the partnership will accelerate the use of expanded sources of data for risk modelling, rating, and pricing to support new and innovative products like usage-based and behaviour-based products for insurers to bring to the property and casualty (P&C) and commercial lines insurance market.
Majesco conducted recent customer research that it said highlighted a demand in leveraging new sources of data for more personalised ratings and pricing. For example, 80% of customers would use pricing based on driving behaviour and number of miles driven.
Moreover, monthly rates based on whether the car is parked or driving showed a strong interest of over 76%. Majesco said these strong results highlight the growing demand for new and personalised pricing that customers expect as they consider buying new or renewing their insurance. “Those who are not advancing in these capabilities will likely fall well behind others who are leading the industry and capturing market share,” the company added.
Together the platforms will provide an on-demand Software as a Service (SaaS) solution using Earnix’s platform and Majesco’s P&C Core Suite and Majesco Underwriter360 to integrate critical and accurate risk information during the pricing, rating, and underwriting process.
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