Recognition for their Customer Risk Management App Using Majesco Loss Control
MORRISTOWN, N.J.–Majesco, a global leader of cloud insurance software solutions for insurance business transformation, today announced a long-time customer, Pennsylvania Lumbermens Mutual (PLM), a mid-sized mutual insurance company, was featured in the Datos Insurance Technology Impact Awards Case Study Compendium 2023: Digital Initiatives. In its 12th annual year, the Insurance Technology Impact Awards program reviewed and selected 65 examples of insurer technology initiatives that delivered real business impact. PLM is featured in the Mid-Sized P/C Insurer category highlighting their business goals, challenges, success factors and business impact delivered for the implementation of a virtual loss control inspection process that enables insureds to complete surveys on their own and conference with a loss control engineer using a mobile device.
PLM is proud to be the oldest and largest mutual insurance company dedicated to the wood products and building materials industries. With 125+ years of insuring the wood industry, PLM and its employees provide specialized coverage to fit the unique needs of the wood industry and help policyholders better manage their everyday risk to ensure business thrives. PLM needed to increase the frequency of loss control inspection and manage their risk. They searched for a solution that could provide timely risk visitations to maintain insurance to value, expand coverage to lower premium classes, and reduce long commutes to remote locations.
“We’d like to congratulate Pennsylvania Lumbermens Mutual on this recognition, and their commitment to investing in a successful digital transformation strategy,” says Jim Miller, Chief Revenue Officer at Majesco. “Majesco’s Loss Control digital self-survey technology helps leading organizations like PLM transform underwriting, improve profitability, stay ahead of the competition, and improve overall customer experiences.”
The main drivers for the implementation were constrained face-to-face contact and the need to provide timely risk visitations to maintain insurance to value, expand coverage to lower premium classes, and reduce long commutes to remote locations. PLM successfully deployed Majesco’s Loss Control digital self-survey technology, along with Microsoft Dynamics CRM and Customer Voice to measure Net Promoter Score (NPS), to enable fully remote inspections which supports 75% more digital surveys per month and has cleansed records for over 260 locations to benefit other projects on the digital roadmap. The project has reduced the average time for new surveys by more than 90 minutes, saving more than $56,000 in expenses and 757 hours of travel time. A new product rollout was recently released with this new capability to meet tight new business quote service levels.
Visit the website to learn more about Majesco’s Loss Control solution.
About Majesco
Majesco is the partner P&C and L&AH insurers choose to create and deliver outstanding experiences for customers. We combine our technology and insurance experience to anticipate what is next, without losing sight of what’s important now. Over 350 insurers, from greenfields and startups to some of the world’s largest insurers, rely on Majesco’s SaaS platforms solutions of core, data and analytics, digital, and rich ecosystem of partners to create their next now.
As an industry leader, we do not believe in managing risk by avoiding change. We embrace change, even cause it, to get and stay ahead of risk. With 900+ successful implementations we are uniquely qualified to bridge the gap between a traditional insurance industry approach and a pure digital mindset. We give customers the confidence to decide, the products to perform, and the follow-through to execute.
For more information, please visit www.majesco.com and follow us on LinkedIn.
