A Leading Indian Life Insurer Selects Majesco Distribution Management
Selection is the foundation for their channel management transformation program
Navi Mumbai, May 08, 2018 – Majesco (NSE MKT: MAJESCO), a global provider of software and consulting services for insurance business transformation, today announced that a leading Indian life insurance company selected Majesco Distribution Management to transform their channel management operation.
As a life insurer serving over 1 million customers across India, they distribute life insurance products through a multi-channel environment including agency, bancassurance and alliances. The agency channel comprises over 35,000 advisors attached to over 200 company offices and customer care centers across India.
Their selection of Majesco Distribution Management increases the number of customers in India using Majesco Distribution Management to 12, highlighting a strong market adoption and penetration. The new platform will transform the insurer’s channel management operation from a manual, excel driven processes to a highly automated operation. With the growing array of channels and complexity to manage each effectively, the insurer’s implementation will improve hierarchy management from appointment through transfers and termination, providing flexibility to manage the channels and enabling them as ‘easy to do business’.
“The insurance industry dynamics place significantly more emphasis on a multi-channel environment, enabling channel choice for customers,” commented Farid Kazani, Managing Director of Majesco. “Robust, digitally enabled distribution management solutions are mandatory to improving insurer’s distribution channel and customer experience, as well as, efficiency and effectiveness. We are honored to have this life insurer join our growing customer community as their strategic partner for transforming their channel management operation.” Added Farid Kazani.
Majesco Distribution Management is a standalone, modern solution that enables insurance carriers to manage the entire distribution landscape with comprehensive business capabilities that enable diverse channel options, supports the increasing need of a multi-channel environment, effectively administer channel producers from registration to termination, compensation and performance management, and launch innovative contests and personalize payment schedules for producers to help drive business growth. The highly configurable platform enables ease of integration within the insurance carrier’s business system landscape.
Insurance business transformation is a journey of change and revitalization, a renaissance of Insurance. Approximately 170 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.
Important factors that could cause actual results to differ materially from those described in forward-looking statements contained in this press release include, but are not limited to: integration risks; changes in economic conditions, political conditions, trade protection measures, licensing requirements and tax matters; technology development risks; intellectual property rights risks; competition risks; additional scrutiny and increased expenses as a result of being a public company; the financial condition, financing requirements, prospects and cash flow of Majesco; loss of strategic relationships; changes in laws or regulations affecting the insurance industry in particular; restrictions on immigration; the ability and cost of retaining and recruiting key personnel; the ability to attract new clients and retain them and the risk of loss of large customers; continued compliance with evolving laws; customer data and cybersecurity risk; and Majesco’s ability to raise capital to fund future growth.
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Director, Market Research and Content Development