Cloud insurance platform software developer Majesco has released its new Bureau circular and rate adoption capability.
The InsurTech claims it is essential for commercial lines and workers compensation insurers to be current with the latest loss costs, rules and forms.
Its newly-released self-serve bureau circular adoption capability enables simplicity, independence, consistency and efficiency through a wizard-based adoption process.
Furthermore, the tools offer an auto adoption option to update Majesco Policy – the company’s P&C policy management platform – for P&C with the circulars with no manual user intervention.
The feature also has a comprehensive dashboard that offers tools to manage bureau circular adoption and a catalogue of new bureau circulars available for adoption. Business users can also generate monthly and yearly reports listing bureau circular adoption audit history to aid compliance.
Majesco president and chief product officer Manish Shah said, “Majesco has been delivering monthly bureau circular updates containing rates, rules and forms – fully integrated with Majesco Policy from many decades to provide regulatory compliance to our commercial lines customers. We relentlessly explore ways to improve ease of use and speed to implement for impactful product capabilities.
“With the general availability of the Bureau Circular and Rate Adoption self-serve wizards for Majesco Policy for P&C, our commercial lines and workers compensation customers can now continue to meet the demands and expectations of regulatory changes easily and quickly in a more consistent, quality and autonomous way.”
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