Majesco Digital1st Insurance, the first Digital Engagement and Microservices Platform as a Service for the Entire Insurance Industry
The new portfolio of solutions will enable new business models, new products and customer engagement in the digital age, allowing insurers to embrace innovation and disruption
Morristown, NJ – October 2, 2017 Majesco (NYSE MKT: MJCO), a global provider of core insurance software and consulting services for insurance business transformation, announced at their 10th annual customer conference, Convergence 2017, a ground-breaking micro-services based solution set that enables the next era of customer engagement and supports a new generation of business models and products. The solution is Majesco Digital1st and will complement the Majesco core software suite and integrate with other core software to accelerate the value of core software solutions.
The Majesco Digital1st Insurance portfolio provides the next generation of solutions to help the insurance industry shift more rapidly to the digital age. By leveraging insurer investment in their modern core systems, Majesco Digital1st Engagement solutions is designed to enhance insurers’ power to:
- create superior customer experiences
- innovate products and services
- embrace an on demand world
- leverage a vast ecosystem
- capture market opportunities
- compete in the digital age
- change the industry
The insurance industry is in the midst of profound change fueled by trends that are converging and creating leaps in innovation and disruption, shifting traditional business models driven to align to a new digital age. To enable their customers and the industry in this shift, Majesco’s thought leadership and primary research recognized the need for a new generation of solutions that would help insurers begin the shift with their existing business as well as prepare for their business of the future. This approach is no different than what we have seen with new generation of customer engagement and platform as a service leveraging micro-services architecture more commonly found in other industry segments and emerging with new InsurTech startups.
“ Our new Digital1st portfolio will enable insurers to design custom journeys that cut through traditional insurance silos (systems and lines of business) to create an end-to-end highly personalized, engaging customer experience for their needs, on their terms.” commented Manish Shah, EVP of Products at Majesco. “This new portfolio of digital solutions will offer cloud-based, real-time, insurance specific capabilities that enhance the customer experience and micro-services based platform that together will help insurers adapt and innovate in a rapidly changing competitive landscape.”
The new portfolio of solutions, called Majesco Digital1st Insurance, is distinctly different from our existing portfolio of solutions, though the engagement solutions can be used and integrated with our current P&C and L&A and Group core systems portfolio. The new Majesco Digital1st Insurance solutions include:
- Majesco Digital1st Engagement – Portfolio of integrated solutions for enhancing customer experience.
- Majesco Digital1st Journey Designer – the next generation of digital tools to design customer journey with embedded insurance specific content for various persona
- Majesco Digital1st dConnect – the next generation of digital engagement beyond portal and mobile with insurance specific content that will deliver personalized customer experience
- Majesco Digital1st EcoExchange – the next generation of partner ecosystem hub using third party services with a standard semantic layer for easy integration and a true “plug and play” environment for traditional and InsurTech partners
- Majesco Digital1st Platform – Industry’s first micro-services platform bundled with rich insurance content across P&C and L&A business segments that will enable a new generation of business models and products that require on-demand capabilities, high volume of transactions and extensive use of new real-time data sources that traditional core systems cannot effectively support.
“Nearly every insurer is embarked on several digital journeys to engage more effectively and directly with their policyholders, distribution partners, and broader ecosystem. Majesco Digital1st Insurance is a portfolio of solutions designed to enable those journeys. It includes an innovative microservices platform to support products and business models in an on-demand world,” said Donald Light, Director in Celent’s North America Property/Casualty Practice.
The new solutions will be beta-tested and begin implementation by a number of existing and new Majesco Customers, over the next few months. For more information, contact Majesco at firstname.lastname@example.org.
Insurance business transformation is a journey of change and revitalization, a renaissance of Insurance. Approximately 150 insurance companies worldwide in P&C, L&A and Group/ Employee Benefits are transforming their businesses with Majesco’s solutions. Our market leading software and consulting 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.
Director — Global Marketing
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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 – Global Marketing