Maine Mutual Group Selects Majesco P&C Suite
Business Transformation further enabled with Majesco Business Analytics and Majesco Cloud Services
Morristown, NJ – January 5, 2016 – Majesco (NYSE MKT: MJCO), a global provider of core insurance software, consulting and services for insurance business transformation, today announced that Maine Mutual Group (MMG Insurance) has selected Majesco P&C Suite to replace their core systems as a foundation to transform their business. MMG Insurance will deploy Majesco Policy, Majesco Billing and Majesco Claims as the foundation of their transformation initiative. Majesco Business Analytics – a data and business intelligence solution pre-integrated with the Majesco P&C Suite will provide business intelligence to MMG Insurance. MMG Insurance will be using Majesco Cloud Services to deploy the entire solution.
Commenting on the selection, Larry Shaw, President & CEO at MMG Insurance said, “MMG Insurance understands that our customers expect and demand exceptional value from their insurance providers. Our business transformation initiative is a step to reaffirm our commitment to our customers and our agents. Majesco’s P&C suite will help us become even more nimble, responsive, and cost efficient to our existing insureds and agents as well as new customers and new market opportunities. We look forward to collaborating with Majesco on this transformation and developing a long-term partnership.”
Established in 1897, MMG Insurance provides home, auto, and commercial insurance. The company has more than 3,200 licensed Independent Agents in over 450 agency locations throughout Maine, New Hampshire, Vermont, Pennsylvania and Virginia.
“We are delighted to add MMG Insurance to our growing list of customers,” commented Prateek Kumar, EVP for P&C Business for Majesco. “We echo MMG’s commitment to industry leadership and service to agents and customers and are excited to be their partner of choice in their business critical transformation. MMG is representative of mid-market insurers who are leading the industry with core insurance, digital and data solutions deployed in the cloud, allowing them to focus on their business and achieve agility, innovation and speed to market. “
Majesco P&C Suite includes Policy, Billing, Claims, Rating and Underwriting Workbench. Majesco Policy is recognized as a market-leading solution is pre-defined, integrated, and maintained for ISO bureau content via Majesco Bureau and Content Services for all lines of business and states, designed to enable speed to market opportunities for insurance companies to introduce new products and reach new markets quickly and cost effectively to capture market share. Majesco Business Analytics is a data a business intelligence solution that is pre-integrated to Majesco P&C Suite as well as a standalone solution to internalize carriers’ data, BI and analytics needs enterprise-wide. Majesco Cloud Services has over 27 cloud customers.
About MMG Insurance
MMG Insurance Company is a regional property/casualty insurance company that carries an AM Best A (Excellent) rating and is the National Association of Professional Insurance Agents’ 2015 National Company of the Year. MMG provides home, auto, and commercial insurance to over 115,000 policyholders and has more than 3,200 licensed Independent Agents in over 450 agency locations throughout Maine, New Hampshire, Vermont, Pennsylvania and Virginia. The company is headquartered in Presque Isle, ME and also maintains regional offices in Concord, NH and Bethlehem, PA. For more details on MMG Insurance, please visit www.mmgins.com.
Majesco enables insurance business transformation for approximately 140 insurance customers by providing solutions which include software, consulting and services.
Our customers are insurers, MGA’s and other risk providers from the Property and Casualty, Life, Annuity and Group insurance segments worldwide. Majesco delivers proven software solutions, consulting and services in the core insurance areas such as policy, billing, claims, distribution management, BI/ analytics, digital, application management, cloud and more. For more details on Majesco, please visit www.majesco.com.
Director — Global Marketing
Cautionary Language Concerning Forward-Looking Statements
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.
These forward-looking statements should not be relied upon as predictions of future events and Majesco cannot assure you that the events or circumstances discussed or reflected in these statements will be achieved or will occur. If such forward-looking statements prove to be inaccurate, the inaccuracy may be material. You should not regard these statements as a representation or warranty by Majesco or any other person that we will achieve our objectives and plans in any specified timeframe, or at all. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. Majesco disclaims any obligation to publicly update or release any revisions to these forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this press release or to reflect the occurrence of unanticipated events, except as required by law.
Tara Dilzer Alexander
Director, Marketing Communications and Creative Services