Innovative Bureau Circular & Rate Adoption Capabilities
Published on
February 27, 2023
The reporting requirements in the insurance industry are often rigorous and traditionally highly regulated. Insurers seek to meet those strict industry requirements easily and accurately, including data management and other state/bureau reporting needs in the workers’ compensation and P&C sectors. Advancements such as Majesco’s Bureau Adoption capabilities, that was released in March 2021, support insurers’ need of reducing time to access and implement circulars as well as improving the user experience when interacting with the process to drive operational effectiveness.
Cutting-Edge Self-Serve Wizard
Majesco’s Bureau Adoption feature facilitates circular adoption services, such as managing and adopting various rates, rules, and form circulars, which are implemented in Base for commercial lines carriers using ISO, NCCI and independent state bureaus. The self-serve Bureau Circular Adoption capability enables simplicity, independence, consistency, and efficiency through a wizard-based adoption process.
This feature also comes with a comprehensive dashboard that not only provides the business users the tools to manage bureau circular adoption along with rate updates, but also provides a catalog of new bureau circulars available for adoption for multiple lines of business. Furthermore, the self-serve wizard provides an auto adoption option to update Majesco Policy for P&C with the circulars with no manual user intervention.
Feature Overview:
Self-Serve adoption through easy to navigate wizards or Expert Mode with ability to expire and un-adopt
Completely removes dependency on Majesco
Ability to turn on auto adoptions
Get notification when new circulars are available for adoption
Promote adoptions from one environment to another through export and import
Insurers face increasingly complex risks. Regulations and reporting requirements are constantly changing which prompts insurers to seek higher degrees of operational efficiencies and timeliness when managing ISO and NCCI bureau content. The Bureau Circular and Rate Adoption self-serve wizard for Majesco Policy for P&C, continue to meet the demands and expectations of regulatory changes easily and quickly in a more consistent, and autonomous way.
Do you have any additional thoughts or questions on this topic? Drop a comment or reach out to our product teams.
