Majesco, a global leader of cloud insurance platform software for insurance business transformation, announced Forge Insurance, a leading specialist commercial auto insurer in the small business segment, selects Majesco P&C Intelligent Core Suite and Majesco Digital Agent360 to scale their business, accelerate innovation and bring new products to market quickly.
Forge is a leading specialist commercial auto insurer in the small business category with origins back to 1938. The company started in Washington D.C. insuring taxis and limousines and is now available in 30 states. Its business model has been built over 80 years and specializes in knowing its customers and providing strong coverage at a high level of service while protecting their business. Its experienced and dedicated team has the expertise to deliver the best insurance solutions to its thousands of customers.
“We specialize in knowing our customers business and providing a high level of risk protection and service at an exceptional value. We pride ourselves at matching and customizing the right insurance coverages to customers unique risks and needs at competitive rates,” says Richard Hutchinson, President, and COO. “We are excited about the market potential and operational benefits of Majesco’s next-gen platform solutions and confident their track record of fast, successful implementations and strong commercial auto expertise will bring tremendous value to our business and customers.”
Forge was looking for a partner that could provide out-of-the-box (OOTB) features and functions to enable rapid implementation. Avoiding costly customizations, they wanted a flexible solution to enable a rapid launch of new products to the market via MVP. Majesco’s P&C Core Suite has a track record of delivering a distinct, yet fully integrated, set of solutions that provide the flexibility and speed to innovate. It empowers organizations with rich, pre-built content so changes can be made easily and independently bringing new levels of visibility, agility, and speed to manage business.
Forge recently implemented Majesco’s Intelligent Core Suite, resulting in noticeable time and cost savings. The new platform helped reduce the time to generate initial quotes from 2-4 days to mere minutes. Additionally, Forge has successfully automated the straight-through-processing workflow, allowing seamless progress from quote to policy issuance.
Majesco Policy enables Forge to effortlessly incorporate and maintain current ISO product filings, while also introducing an Artisan Program encompassing 12 industry verticals and 230 NAICS Codes into their existing Public Auto business. By utilizing Majesco’s Eco-Exchange, Forge gains easy access to third-party data sources like Verisk and LexisNexis, enabling a more efficient underwriting process and enhanced risk pricing accuracy.
With Majesco Billing, Forge has achieved greater flexibility and structure in their billing rules, resulting in reduced time spent on reconciliation tasks. Forge has also experienced significant improvements in their claims management through Majesco Claims. The automation of initial reserves setup, based on the cause of loss and applied coverage, has replaced the previously manual process.
“We are seeing more and more companies look to accelerate their innovation strategies and bring new, digital products to the market quickly,” says Jim Miller, Chief Revenue Officer at Majesco. “Forge has a long history of delivering solutions that meet their customer’s needs, and we are pleased that they have entrusted us to help with this transformation and take hold of these new opportunities.”
