Davies, a specialist in professional services and technology for the insurance, financial services, and regulated markets, has announced a strategic partnership with Majesco, a global leader in cloud-based insurance software solutions.
The collaboration aims to enhance loss control and premium audit survey services, bringing faster and more efficient processes to their clients.
The partnership’s main goal is to enable Davies to leverage Majesco’s AI-powered Loss Control 360 (LC360) inspection management system.
This advanced technology predicts and adapts to changing risk trends, allowing for quicker survey completions and improved underwriting decisions, ultimately helping insurers manage risk more effectively.
Davies specialises in offering a broad range of professional services and technological solutions to highly regulated industries, such as insurance and financial services. Its expertise spans risk management, insurance claims, and more.
Meanwhile, Majesco is recognised for providing innovative cloud software that supports insurers in adapting to rapid changes in the industry, including emerging technologies such as AI and machine learning.
With this partnership, Davies will integrate Majesco’s LC360, a sophisticated SaaS platform that uses AI and machine learning to automate risk inspection surveys.
The platform offers live video and self-survey capabilities, along with tailored dashboards, advanced risk analysis, and consolidated data to improve decision-making. One of LC360’s standout features is its ability to automatically upload and analyse real-time photos and videos, drawing from the world’s largest repository of over 16m surveys and 200m tagged images to generate immediate, data-backed recommendations.
According to Davies’ President of Risk Services, Jose Bridges, “The current market has placed increasing pressure on insurers to control costs by completing surveys quickly to make faster decisions, while also delivering a high level of customer service. Adding LC360 to our service offering means we can work with our clients to develop a bespoke loss control platform specific to their business needs, which can also be adapted and scaled according to market changes.”
Majesco’s President and Chief Product Officer, Manish Shah, echoed this enthusiasm, stating, “We are pleased to partner with Davies, a recognised leader in the risk services industry. This partnership marks the beginning of what we hope will be a longstanding relationship between our two companies.”
Together, these companies aim to redefine risk management for insurers, enabling them to make quicker, more accurate decisions while keeping costs under control.
This partnership demonstrates the ongoing trend of adopting AI and machine learning in the InsurTech sector to drive greater efficiency and better customer outcomes.
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