Majesco Policy for L&A and Group

What Is Majesco Policy For L&A And Group?

Majesco Policy for L&A and Group is a policy administration system that helps life, annuity, and group benefit insurers configure and manage insurance offerings. It allows carriers to select features and inherit or copy attributes when developing new offerings. The software includes 20+ preconfigured templates with associated rules, calculations, workflows, and processing logic, which helps reduce time-to-market for new products.

What Is Majesco Policy For L&A And Group Best For?

Majesco Policy for L&A and Group software is best known for its rating engine, which supports the configuration and management of product rates, algorithms, and calculations as requirements change. This capability can reduce manual rating work and help insurers modify offerings more efficiently.

How Much Does Majesco Policy For L&A And Group Cost?

Majesco Policy for L&A and Group pricing may start at approximately $15,000/month for a limited deployment involving a smaller carrier or one line of business. Additional costs may include:

• Volume-Based Pricing: $0.50 to $3.00/in-force policy/month, depending on policy volume and contract terms
• Implementation And Configuration: $500,000 to $3,000,000+ (one-time) to configure products, workflows, rules, and business processes
• Data Migration: $100,000 to $750,000+ (one-time) to transfer legacy policy, billing, claims, and historical business data
• Onboarding And Training: $25,000 to $150,000 (one-time) for administrator, underwriting, claims, and operational staff training
• Annual Support And Maintenance: Typically 18% to 22% of the annual license or subscription cost
• Configuration Changes: $10,000 to $100,000/request for product updates, rate changes, forms, or workflow modifications

Disclaimer: Pricing references are based on publicly available third-party information and industry benchmarks. Actual costs may vary.

Majesco Policy For L&A And Group Integrations

The vendor has not provided details about third-party integrations for this software.

How Does Majesco Policy For L&A And Group Work?

Here's how users can access the platform and start using Majesco Policy for L&A and Group features to complete their day-to-day insurance operations:

• Log in to the platform using authorized account credentials
• Configure individual, employer-paid, or voluntary benefit offerings using available product templates
• Select and customize product features, plans, benefits, rules, and attributes for different customer segments
• Set up rates, algorithms, and calculations through the rating engine
• Define workflows and straight-through processing rules for routine policy transactions
• Manage exceptions, work assignments, queues, and complex cases through dashboards and guided screens
• Track policy administration activities using dashboard views and case management tools

Who Is Majesco Policy For L&A And Group For?

Majesco Policy for L&A and Group is designed for organizations across the life, annuity, group insurance, and employee benefits sectors, including:

• Annuity providers
• Life insurance carriers
• Group insurance carriers
• Employee benefits insurers
• Worksite benefits providers
• Voluntary benefits providers

Majesco Policy For L&A And Group Use Cases

Based on our analysis of Majesco Policy for L&A and Group’s documented capabilities, we identified the following scenarios where the software could be a good fit:

1. Product Managers Configuring New Life And Benefit Offerings

Product managers may face delays when building a new life, annuity, or employee benefit offering from the ground up. They can use the platform’s preconfigured product templates and reusable attributes to establish the required structure, then adapt the rules and calculations for the intended market segment.

2. Actuaries Managing Multi-Product Rating Calculations

Actuaries and rating analysts often need to maintain calculations that vary across products, customer groups, and benefit structures. The platform provides a rating engine through which they can configure rates, algorithms, and calculation logic. Users share that the rating module performs well as a dedicated component within a broader insurance environment.

3. Policy Managers Consolidating Individual And Group Operations

Policy administration managers overseeing separate individual, employer-paid, and voluntary benefit operations may encounter duplicated processes across disconnected systems. This platform could suit this scenario because it supports these business models on one platform while retaining distinct product and benefit configurations.

4. Operations Managers Automating Routine Policy Transactions

Operations managers may struggle when routine policy activities depend heavily on manual handling. They can establish straight-through processing paths for predictable transactions while directing cases requiring decisions to exception workflows, helping staff concentrate on work that needs judgment.

Is Majesco Policy For L&A And Group Right For You?

Majesco Policy for L&A and Group may suit insurers that plan to expand across individual life, annuity, group, employer-paid, and voluntary benefit operations. Its single-platform architecture can support additional product lines and business models, while configurable workflows and straight-through processing may help carriers manage rising transaction volumes without proportionally increasing manual work.

Still have doubts about investing in Majesco Policy for L&A And Group? Contact us at (661) 384-7070 and let us clear up any doubts so you can make an informed decision.