This is the seventh weblog in a sequence on our Fall ’22 Release. Over the following few months, we are going to proceed to highlight how Majesco helps insurers obtain relentless innovation and meet the ever-changing market wants with an out of doors in method.
With brokers and brokers being the dominant channel for all traces of enterprise, a digital transformation technique that features having a quick, easy, and streamlined onboarding expertise is crucial to drive effectivity and development in carriers’ enterprise operations. To do that, carriers want a distribution administration platform that enables them to draw, retain, and construct belief with producers by digitally reworking the end-to-end distribution lifecycle of onboarding together with seamless producer relationship administration. As expectations are rising coupled with elevated consolidation amongst producers, a aggressive panorama is being created which makes this an operational necessity.
Build Efficiency into your Business Operations
As a part of the Fall ’22 Release, Majesco is bringing main enhancements to our Distribution Management platform’s onboarding capabilities. We’ve began by increasing our integration with NIPR’s PDB which permits us to simplify and streamline onboarding by robotically loading all lively producers with their related licenses and demographic info, minimizing time to promote from days or even weeks to hours.
Mass onboarding has been improved as effectively with the flexibility to robotically load and approve all In Good Order (IGO) purposes with none consumer intervention. Carriers will profit from having Agents which might be IGO robotically authorized thus eliminating any pointless guide approvals. In addition, we now have included assist for a number of contracts for the identical NPN, making producer administration less complicated and extra highly effective.
Because of our dedication to worry-free compliance, carriers may even obtain PDB generated alerts to allow them to take the suitable motion so as to add, replace, or delete licenses robotically. This mixed with the flexibility to synchronize all licenses throughout reinstatements permits carriers to construct belief with producers and keep targeted on channel development.
Multiple enhancements to scale back complexity and enhance effectivity
- Automatically pre-populate demographic particulars from PDB throughout Onboarding
- Available choice to load all Producer Licenses from PDB robotically throughout onboarding
- Automatically approve all purposes in-good-order created utilizing Mass Onboarding
- Automatically inherit E&O Policies from the Upline Agency
- Manage appointments on the Master Level
- Reconcile Contract vs. Master Level particulars for Dual Contract Applications
- Simpler mapping for Compensation Schedules and Contract Levels
- Specify your personal Agent Code or use the system generated code
- Expand Data Capture for FINRA#, 1099, and different Compensation attributes
- Bulk approval of purposes created via the Mass Onboarding characteristic
- Support a number of contracts for the identical NPN throughout mass onboarding
The introduction of those enhancements has allowed Majesco to create a streamlined onboarding expertise for brokers and brokers whereas on the similar time serving to carriers construct efficiencies inside their enterprise operations. This along with Majesco Distribution Management’s limitless traces of enterprise, customizable merchandise, versatile compensation buildings, and distinctive N-Tier hierarchies throughout each P&C and L&A segments will successfully speed up insurers’ distribution maturity, making certain they’ll adapt to a quickly altering market.
Do you could have any further ideas or questions on this matter? Drop a remark or attain out to our product groups.