Competitors - Insurance Software Development Market: The Findings Part Two
Among the competitors of Management Data and Insurance Adminitrators, Inc. - Benefitfocus, Inc., Majesco, and InsPro Technologies Corp - Majesco is the strongest competitor due to the number of its recognition, unique growing ecosystem, and partnership with IBM. These attributes put Majesco in the best position to help the industry transition to digital insurance 2.0.
- Company Overview: Benefitfocus aims at providing not just technology but "peace of mind". The company seeks to end the confusing information and overwhelming options surrounding life's most crucial decisions. Majorly, the company offers solutions to employers, medical carriers, brokers, and partners. This company also has offices in New York, Charleston, and Greenville.
- Competitive Positioning/Advantage: Benefitfocus "pivoted a strategic transformation" by bringing consumers, brokers, carriers on a unified platform that connects people to the best solutions. The consumer-based platform enables "benefit shopping and engagements 52 weeks of the year". Aside from creating technology, the company has a unique culture. Benefitfocus supports the community through its Benfitfocus program, and this program focuses on three major areas which are "strengthening the community", "providing health and wellness", and empowerment.
- Products/Services offered: Benefitfocus offers a unique platform called BenefitSaige. This platform powers the services and solutions rendered by the company. The services powered by this platform include analytics, enhancement, and connection.
- Weaknesses: Benefitfocus relies on a "single technology platform to protect consumers' health, wealth, and lifestyle".
- Company Overview: Majesco is a company with the vision of "where insurance makes life and business easier". The company offers strategic solutions for its partner insurers to deliver "digital business transformation". The "agile, nimble, and lightning-fast" company provides a technology that works in the cloud to help make innovation faster and easier.
- Competitive Positioning/Advantage: Majesco sees itself as the best in the industry with unmatched expertise, knowledge, and focus. The company boasts of its head start among its competitors, being the first in the industry to move to the cloud. Among its numerous features, Majesco can be found among top insurers and firms providing a vision for the future, a platform for growth, and "speed to implementation, market, and revenue".
- Products/Services offered: The company's main products and services are cloud-insurer products and digital insurance. Other products and services include P&C software, insurance distribution management software, digital insurance platform, and digital engagement. The unique features of Majesco products and services is its ability to adapt and grow with change.
- Weaknesses: Majesco has a limited "North American life insurance customer base"; this limits the width of user-defined changes. These changes could be shared as "common capabilities across the entire customer base". Also, Majesco’s Policy for "L&A and Group customer portal and mobile solutions" has not yet been adopted by customers in the North American region.
InsPro Technologies Corp
- Company Overview: InsPro Technologies Corp is a US-based company located in Philadelphia. The company's core values include integrity, performance, simplicity, and teamwork; all of which help to direct its operations. The primary focus of InsPro Technologies is on InsPro Enterprise. This is "an end-to-end, web-based policy administration system used by insurance carriers".
- Competitive Positioning/Advantage: The company offers "dynamic insurance solutions" that help carriers provide unique customer service to their clients. InsPro Technologies devotes itself to being an innovative leader in an adaptable market, measuring its success based on the success of its customers and partners. The company prides itself on delivering services that surpass customers' expectations. InsPro Technologies boasts of its simplicity in terms of partnership and its ability to unite towards common goals. With simple methods, InsPro Technologies prides itself on the "exceptional delivery of products".
- Products/Services offered: InsPro Technologies' main focus is on InsPro Enterprise. This enterprise is a flexible insurance software with a "pre-configured, product-specific template" that allows analysts to perform everyday tasks. This software offers policy administration, product and plan configuration, new business, and underwriting. InsPro Technologies also features end-to-end service offering. This service offers hosting, client engagement, business analysis, implementation, and integration.
- Weaknesses: The company has an estimated range of 51-200 employees, and this limits the ability to engage in the more demanding tasks and also attend to a large customer base with unique demands.
The Strongest Competitor
- The strongest competitor among the four companies appears to be Majesco. In 2019, Majesco was recognized by the Aite group as the top "best-in-class" vendor in the "P&C policy and administration report".
- In 2018 and 2019, Majesco was named a leader by Gartner in the "Magic Quadrant for P&C Core Platforms, North America".
- With an estimated range of 1,000–5,000 employees, the Majesco company has the edge over its competitors being the first to the cloud. The company prides itself as a visionary for the future recognized as one by Gartner 2019.
- Despite having a lower market share than Benefitfocus, the company's unique growing ecosystem and partnership with IBM, puts it in the best position to help the industry transition to digital insurance 2.0.
To carry out this research, the research team started by searching through the competitors' websites for information on products/services offered. This method proved fruitful as we were able to find a description of the products/services provided by the individual companies. We then proceeded to look for competitive advantages and weaknesses. We also looked into news articles and research reports for insights into the perceived weakness of the above companies. To determine how the competitors stacked up against Management Data and Insurance Administrators Inc, we compared their benchmarks, recognition and awards within the industry, market share, and size. We found Majesco to be the strongest of them all.