NTUC Income has partnered with New Jersey-based insurance software provider Majesco to optimise its sales and distribution channels across its insurance businesses.
The Singaporean insurance cooperative was recently named the most digitally innovative insurer in its market. According to a statement by both companies, the strategic partnership is part of Income’s plan to improve its distribution management operations and bolster sales performance as customer engagement evolves in the digital age.
Income will harness the Majesco Distribution Management platform and an agent self-service portal based on Majesco Digital Solutions which will allow financial planners to build and develop customer relationships. The portal will also provide a dashboard for agents and their managers to view real-time sales, performance, compensation, and rewards information across the insurance business.
“We expect the Majesco Distribution Management and Majesco Digital Solutions to be a key plank in helping us streamline our distribution operations as we gear up to capture future opportunities in the market,” said Andrew Yeo, general manager for life & health insurance at NTUC Income.
“More importantly, we welcome a platform that will allow us to have an optimised, scalable, agile, and efficient distribution operation that will enable our financial planners to not only meet, but exceed customers’ needs and expectations in the next stage of our growth,” Yeo added.
Meanwhile, Ketan Mehta, co-founder and CEO of Majesco, said: “Distribution management is increasingly a strategic business capability required to enable robust growth strategies. We are honoured to be partnering with such a forward-thinking and innovative insurer like Income. We look forward to a successful implementation and in supporting Income in its business growth.”
