CCMSI Selects Majesco Policy and Billing for P&C on Majesco CloudInsurer and Majesco Insurance Data & Analytics Platform
Implementation will support the explosive program business growth
Morristown, NJ – September 24, 2018 – Majesco (NYSE American: MJCO), a global provider of core insurance software and consulting services for insurance business transformation, today announced Cannon Cochran Management Services Inc. (CCMSI), the largest privately held third-party administrator, selected Majesco Policy and Billing for P&C on Majesco CloudInsurer and Majesco Insurance Data & Analytics Platform to transform their business by replacing their legacy systems to enable their growth strategy.
CCMSI is a privately held, employee-owned company that creates and provides innovative multi-line insurance program solutions inclusive of workers compensation, auto liability, property and general liability for thousands of companies. For over 40 years, they have administered individual and group self-insured programs across a wide range of industries with a focus on being transparent, innovative, proactive, consistent and flexible.
“From the very beginning we were impressed with the depth of business and technical knowledge and capabilities of the Majesco team,” said Kerry Rademacher, VP of Underwriting at CCMSI. “The Majesco core insurance, data and cloud platforms provide forward looking solutions that will enable our ability to create innovative insurance programs to support our growth strategy. What was so exciting was their understanding of the needs of a third party administrator like ourselves, to enable agility and innovation to support our growing, diverse customers.”
CCMSI has more than 1300 employees, working from 34 office locations, providing services to more than 400 individual self-insured employers, 15 primary insurance companies, and more than 50 self-insurance groups. CCMSI’s underwriting business is expanding and they are adding new client types like Professional Employment Organizations (PEO).
“We are excited to be CCMSI’s partner in their transformation and growth strategy, said Prateek Kumar, EVP of P&C Business for Majesco. “With new risk needs emerging in the marketplace, property and casualty insurance programs are growing at an explosive pace, giving companies like CCMSI unique growth and innovation opportunities. We look forward to a long-term partnership as they transform their business and capture the opportunities in the era of Digital Insurance 2.0.”
Majesco is working with a growing number of innovative insurance carriers, reinsurers, MGAs and third party administrators across both the P&C and L&A segments to launch new business models, introduce new products, and enter new markets leveraging a portfolio of platforms to deliver speed to value – speed to implementation, speed to market and speed to revenue.
Majesco CloudInsurer platform leverages Majesco’s experience with over 38 cloud customers, providing a business platform with broad appeal for all insurers from greenfields, new start-ups and incubators to mid-market and tier one insurers. Majesco Policy provides pre-configured ISO content, including all rates, rules, forms, taxes, fees, and surcharges for 52 jurisdictions (including DC and Puerto Rico), and provides a well-experienced monthly bureau content update service. Together, the preconfigured bureau content and Majesco Bureau and Content Update Services are designed to provide agility, rapid product innovation, and speed to market, enabling insurance companies to introduce new products and reach new markets quickly and cost effectively. Majesco Insurance Data & Analytics Platform includes Majesco Enterprise Data Warehouse with is pre-integrated with the Majesco P&C software, Majesco Enterprise Data Model and Majesco Enterprise Business Analytics.
Insurance business transformation is a journey of change and revitalization, a renaissance of Insurance. Approximately 160 insurance companies worldwide in P&C, L&A and Group/ Employee Benefits are transforming their businesses with Majesco’s solutions. Our market leading software, consulting and services uniquely underpin the entire insurance value chain and are designed to empower insurers with the agility, innovation and speed needed to meet their transformation opportunities. Majesco’s solutions include policy management, new business / underwriting, rating, billing, claims management, distribution management, BI/ analytics, predictive modeling, digital platform with mobile and portal, testing services, cloud services, bureau and content services, transformation services, consulting services and more. For more details on Majesco, please visit www.majesco.com.
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This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of management, are not guarantees of performance and are subject to significant risks and uncertainty. These forward-looking statements should, therefore, be considered in light of various important factors, including those set forth in Majesco’s reports that it files from time to time with the Securities and Exchange Commission and which you should review, including those statements under “Item 1A – Risk Factors” in Majesco’s Annual Report on Form 10-K.
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Tara Dilzer Alexander
Director, Marketing Communications and Creative Services