Majesco, a leading provider of software solutions for the insurance industry, has announced the launch of a new digital payment offering for its Majesco Claims for Property and Casualty (P&C) customers. The new offering is a result of the company’s partnership with One Inc.
Majesco’s new digital payment offering will enable swift and secure digital claims payments via customers’ preferred channels and methods. The out-of-the-box integration with One Inc ClaimsPay® allows for fast and easy processing of payments, making the claims process smoother and more efficient.
Expanding partnership with One Inc.
Majesco has an existing partnership with One Inc which provides a broad range of digital payment solutions for the insurance industry. The integration with One Inc ClaimsPay®, is an expansion of this partnership, and brings an online payment capability to Majesco EcoExchange. This enhancement delivers a comprehensive inbound and outbound payment processing solution for Majesco customers across the entire P&C Suite.
Enriched customer experience
The new digital payment offering is designed to provide choice and an enhanced customer experience. It aims to improve customer retention and satisfaction. Now, Majesco Claims for P&C customers can choose their preferred payment method, including a check, direct deposit, pre-paid debit card, PayPal, or Venmo.
Payments can be disbursed through single or multi-party insurers, claimants, vendors, or lienholders, giving the payee plenty of options to receive their funds. The payments come with built-in electronic approvals and are exclusively managed through a streamlined electronic process.
Out-of-the-box integration for seamless implementation
The out-of-the-box integration with One Inc ClaimsPay® allows customers to implement and handle digital payments quickly, in a seamless and efficient manner. This feature is a major differentiator in the insurance industry today, as it offers a significant advantage over companies that still rely on traditional methods of payment processing.
Meeting the Growing Expectations of Insurance Customers
The expanded capability meets the rapidly growing expectations of insurance customers, both consumers and business owners, for digital inbound and outbound payments. This has been identified in Majesco’s annual consumer and SMB research. Customers today expect to have multiple options when it comes to receiving their payments. The new digital payment offering from Majesco addresses these changing expectations, providing customers with the choice they deserve.
Increase Customer Retention, Reduce Costs, and Reduce Risk
The enhanced capability and integration will help Majesco customers meet the increasing demand for digital payments. By offering a range of payment methods via their preferred channels, the new digital payment offering will increase customer retention, reduce costs, and mitigate risks associated with non-secure payment methods.
According to Terrence Clark, GM and SVP for P&C Solutions at Majesco, “This expanded capability and integration will help our customers meet the increasing demand for digital payments. This, in turn, will help increase customer retention, reduce costs, and minimize risk through secure digital payments based on the customers’ preferred channel and methods.”
In conclusion, Majesco’s new digital payment offering is an important development for the insurance industry. It provides a range of options for digital inbound and outbound payments, meeting the changing expectations of insurance customers today. The out-of-the-box integration with One Inc ClaimsPay® allows for efficient and streamlined processing of payments, while also enhancing customer retention, reducing costs, and mitigating risk. The new offering is a significant advantage for Majesco’s P&C customers, and it demonstrates the company’s commitment to providing innovative solutions for the insurance industry.