Majesco, a multinational provider of cloud insurance software solutions based in Morristown, announced on Tuesday a partnership with DataRobot, an automated machine learning platform.
The partnership will accelerate the adoption and success of AI in the insurance industry, Majesco said. It will allow Majesco customers to leverage DataRobot’s platform with Majesco solutions to improve underwriting, claims and servicing excellence and profitability, Majesco said.
“As the insurance industry continues to rapidly transform, advanced analytics capabilities through AI and machine learning are business-critical for growth and innovation,” Manish Shah, president and chief product officer at Majesco, said. “Despite this, AI and machine learning are inaccessible to many insurers due to the lack of access to technical talent. This partnership will level the playing field by integrating Majesco solutions with the DataRobot platform to automate the process of building and operationalizing insurance models within any part of the insurance value chain.”
Key technologies for platforms like Majesco’s Core Suites and Digital1st Insurance solutions include AI and machine learning as well as cloud, APIs and microservices. Machine learning analytics capabilities will be accessible to any tier of insurer using Majesco solutions through the new partnership, it said.
“AI has the potential to revolutionize the insurance industry, and automated machine learning is ripe to solve the challenges that many insurers face, including scarce resources and a slowly evolving technical infrastructure,” Seann Gardiner, senior vice president of business development at DataRobot, said. “Leveraging the knowledge, experience, and best practices from the world’s leading data scientists, this partnership will put the power of machine learning into the hands of more insurers looking to transform their businesses into AI-driven enterprises.”
It is possible that robust AI and machine learning capabilities will become increasingly mandatory as the insurance industry moves to the future of insurance, Majesco said.
“In 2019 we’re already seeing a significant shift from proof of concepts in AI to something more industrialized and repeatable in the insurance industry,” Craig Beattie, senior analyst at Celent, said. “However, in order for AI to be pervasive in an organization it needs to be accessible and integrated into the processes and core systems that organization uses. This partnership between Majesco and DataRobot could unleash the potential of this wave of AI for their customers.”
