It has been ten years since the word \u201capp\u201d was awarded \u201cWord of the Year,\u201d and 12 years since the first app stores launched for Apple iOS and Android. Even then, no one could predict the coming wave of app development that would produce an estimated 2.2 million apps and a new way of life that would include plug and play capabilities that surround a \u201cmobile hub.\u201d This was the real unleashing of consumer power and unlimited functionality. Instead of purchasing separate devices that could do a fixed set of tasks (phone, iPod, camera, navigation system, etc.), customers bought a mobile gateway to the world of all potential capabilities.<\/p>\n
An open development environment allowed any company to make its contribution to the app menu by simply sharing its \u201cexpertise\u201d in a usable format. By giving developers access to the system, smart phone providers were expanding their value and making simpler phones obsolete in the process. Customers tailored the smartphone to their needs. Smart phones are now the only item that stays with us 24\/7. They are invaluable.<\/p>\n
Early on, Majesco understood that even though insurance systems were much more complex than smartphones, that the idea of apps was portable. The precursor to apps were plug and play microservices that added functionality and allowed insurers to tailor their capabilities and processes to meet their own needs. Then, nearly two years ago, Majesco introduced those microservices to insurers as plug and play apps. Connecting these apps was much like phone apps \u2014 only the functionality for most of these apps far eclipses standard mobile apps.<\/p>\n
On January 14, 2020, Majesco announced expanded capabilities for Majesco Digital1st<\/sup> Insurance\u00ae<\/sup><\/a>. Majesco has taken what they learned in the first 20+ months, and they have added dozens of widgets, 29 new Digital1st<\/sup> EcoExchangeTM<\/sup><\/a> apps covering both platform apps and engagement apps, and over 100 new user features. In our last blog<\/a>, we took a high level look at how Majesco Digital1st<\/sup> Insurance\u00ae<\/sup><\/a> could be used by insurers in various roles, depending upon how an insurer is wishing to progress on its own digital journey.<\/p>\n In today\u2019s blog, we\u2019re going to look at specifics. What are some of the capabilities and apps that insurers will find invaluable? We begin with the User Experience.<\/p>\n <\/p>\n An important strength of the platform lies in its ability to be extensible to meet platform developer\u2019s use cases. In the digital world, where focus is shifting from product to customer experience, it is very important that the platform supports the ability to build uncompromised visual experience instead of a robotic machine generated user experience. This requires an ability to build and deploy custom user elements that may not be available in platform. Digital1st has great extensibility in this area. Below we will discuss few of the recent additions in platform using these capabilities that our customers can benefit from.<\/p>\n Ever wondered if you could monitor how many users are on your system and what they are doing and are they getting stuck where you could interact with them by initiating co-browsing\/chat or a call? Or have them communicate with you via chatbot? We recently added a chatbot widget that can connect with a provider who provides such session monitoring capability, co-browse and chatbot\/call functionality by adding \u201cChatbot\u201d widget.<\/p>\n Autocomplete forms are simply one of the best user experience features ever created. Majesco makes the most of them. Not only does an autocomplete form remove steps and streamline the process, but it also has the ability to improve data quality by pulling information from previously-vetted sources. Majesco Digital1st<\/sup> Insurance\u00ae<\/sup><\/a> <\/sup>has added Autocomplete Dropdown<\/em> as a new widget, complete with API integration, so that data can be retrieved from any number of sources. Like every Majesco enhancement, Autocomplete Dropdown<\/em> is easy to configure and utilize. You structure how and when it retrieves the data (which keystroke) and it then intuitively places the data, giving users the feeling that Digital1st<\/sup> is reading their minds.<\/p>\n Another common aspect of system usage that is commonly overlooked is the idea of feedback. The Processing Status Widget<\/em> provides information to the user about what step is being performed by the system in the background. Is the system looking for an address? It will let you know. Is it searching for a record? This type of feedback is actually vital to giving a system the feeling of interactivity while providing the user with understanding \u2013 creating a great experience.<\/p>\n Notifications<\/em> have been updated and improved to keep all users in the loop. They are highly configurable, so that business-users can define what is most important, then automate and regulate communications to provide the most vital information in a timely manner. The Search Bar<\/em> widget is a new, fully-configurable tool that contains a \u201crecent search\u201d memory to save users time on repetitive tasks.<\/p>\n Native Payment Widgets<\/em> have been pre-integrated with Visa Cybersource, Chase Payementech and PayPal gateways. Majesco Digital1st<\/sup> Insurance\u00ae<\/sup><\/a> also contains a new Multi-media Carousel Widget<\/em> and a Popup Menu Action Widg<\/em>et. Payments have never been easier!<\/p>\n <\/p>\n Within a traditional core system using traditional data integration methods, a substantial amount of customization can result from adding just one new function or one new source of data. Within new digitally-ready insurance systems, the speed and flexibility may exist, but the expanded sources of data still have to be sourced and added if an insurer is looking to improve their ability to give a quote, underwrite or pay a claim. The issue is especially acute for commercial property insurers who need expanded data sets or better claims history.<\/p>\n That\u2019s why Majesco developed Majesco Digital1st<\/sup> Insurance\u00ae<\/sup><\/a> to work in perfect harmony with Majesco Digital1st<\/sup> EcoExchange<\/a>\u00ae<\/sup><\/a> apps. Digital1st<\/sup> EcoExchangeTM<\/sup><\/a> apps have turned time-consuming integrations into a transaction as simple as an app store purchase \u2014 complete with instant links, near-instant access and a growing catalog of the most valuable public data one can find on the planet. Digital1st<\/sup> EcoExchangeTM<\/sup><\/a> apps are split into two types: engagement apps<\/em> and platform apps<\/em>. Both are valuable, but platform apps allow insurers to take advantage of the full breadth of protective knowledge available.<\/p>\n Majesco\u2019s expanded capabilities for Majesco Digital1st<\/sup> Insurance\u00ae<\/sup><\/a> include 15 new Digital 1st<\/sup> EcoExchangeTM<\/sup><\/a> partner apps covering a wide range of new services, with 50 more apps arriving in the app store very soon. The majority of the new apps are aimed at improved geographic knowledge and an enhanced view of risk. The versatility and growing selection, however, will impact many different functional areas within the insurance organization. Users can quickly plug into Verisk\u2019s ISO Sinkhole<\/em>, ISO Crime Location<\/em>, ISO Wind Service<\/em>, and ISO Hail Risk<\/em> to gain additional layers of information on covered properties.<\/p>\n 360Value\u00ae <\/sup>Replacement Cost <\/em>can generate reliable estimates for every property in an insurer\u2019s book of business \u2014 the kind of information that can be useful during underwriting, but also useful during the policy contract and at renewal. It covers residential, commercial and agricultural properties.<\/p>\n For extra insight into claims, adjusters can pull recent Police & Fire Reports<\/em> from Metropolitan Reporting Bureau. And, loss history reports are made much simpler with Commercial C.L.U.E.\u00ae<\/sup><\/em> and C.L.U.E.\u00ae <\/sup>Property<\/em> from LexisNexis.<\/p>\n And, as any underwriter knows, an accurate view of territories and sub-territories is essential to avoiding errors and understanding how loss experiences tie into future risk. Majesco responded to these needs by adding ISO General Liability Territory<\/em> and ISO Businessowners Territory<\/em> to the Digital1st<\/sup> EcoExchangeTM<\/sup><\/a>.<\/p>\n One other addition to the app store is the Online Payment<\/em> app, from TransCard. Online Payment<\/em> disperses funds in the manner in which the payee wants, without any administrative hassle. Online Payment<\/em> is pre-integrated with Majesco Claims for P&C<\/a> to help carriers to disburse claim payments. Payment options include virtual card numbers, direct deposit, a reloadable prepaid card or payment by check. Users can also choose to flexibly split payments between multiple methods.<\/p>\n Of course, this is just the tip of the iceberg of availability. As mobile users saw the lightning-fast growth of apps and their use on phones, insurers are going to watch as Majesco Digital1st<\/sup> EcoExchange<\/a>\u00ae<\/sup><\/a> <\/sup>prioritizes app creation and integration as a part of the new age of platform development.<\/p>\n The faster insurance changes, the more it needs an adequate understanding of risks. Majesco widgets, features and apps supply both the speed of efficiency and the real-world knowledge insurers need to get ahead, stay ahead and create the future of insurance. For additional perspectives on speed and the importance it plays in the new world of insurance, download the Majesco podcast, From Slow-Moving Insurance to Real-Time Insurance<\/a>, an interview with insurance futurist, David Smith.<\/p>\n","protected":false},"excerpt":{"rendered":" It has been ten years since the word \u201capp\u201d was awarded \u201cWord of the Year,\u201d and 12 years since the first app stores launched for Apple iOS and Android. Even then, no one could predict the coming wave of app development that would produce an estimated 2.2 million apps and a new way of life…<\/p>\nUX Widgets Simplify, Automate and Communicate<\/strong><\/h2>\n
Digital1st<\/sup> EcoExchangeTM <\/sup>Apps Open Insurers to the World of Data Possibilities<\/h2>\n