Archives: Press

Morristown, NJ, May 19^th, 2022 – Majesco, a global leader of cloud insurance platform software for insurance business transformation, today announced that Majesco Claims for P&C has been recognized as a Luminary in Celent’s new Technical Capability Matrix in the “Claims Systems Vendors: North American P&C Insurance, 2022 Edition” report.

The report, which evaluated 23 core claims solutions, “provides an overview of their functionality, customer bases, lines of business supported, technology, implementation, pricing, and support.”

“A hearty congratulations to Majesco Claims for P&C for being recognized as a Luminary in our Technical Capability Matrix,” said Karlyn Carnahan, Head of Insurance, North America at Celent and co-author of the report. “The Luminary award is given only to those products that excel on both our Advanced Technology scale and our Breadth of Functionality Scale and is a recognition of the strength of an offering.”

“We are delighted to be recognized by Celent as a Luminary for our P&C Claims offering,” said Manish Shah, Chief Product Officer, and President at Majesco. “Leaders in our industry demand a next generation claims solution that can easily integrate with digital, data, ecosystems, and other emerging technologies – enabling them to fundamentally transform their claims processes. This cannot be done without rethinking traditional claims business models in favor of establishing new business processes that deliver exceptional customer service all while providing options to manage or eliminate risk and cost.”

Majesco Claims for P&C is a comprehensive claims management solution that has been deployed in some of the most demanding claims operations. Developed by claims experts – for claims experts – the business rules-driven and robust configurable solution empowers claims adjusters to meet the ever-changing expectations of today and tomorrow. The functionality and proven processes in Majesco Claims for P&C provide insurers control of their claims management processes so they can focus on optimizing the customer experience.

“It’s an honor to be recognized as a Luminary in the P&C Claims space,” said Adam Elster, CEO at Majesco. “It is a testament to our commitment to providing our customers and the industry with innovative, forward-thinking, and client-driven products. We don’t want to chase the trends of the market when designing our products instead, we want to lead and guide the market and this recognition reflects our vision and our commitment to the industry.”

About Majesco

Majesco is the partner P&C and L&A insurers choose to create and deliver outstanding experiences for customers. We combine our technology and insurance experience to anticipate what’s next, without losing sight of what’s important now. Over 330 insurers, from greenfields and startups to some of the world’s largest insurers, rely on Majesco’s SaaS platforms solutions of core, data, analytics, digital, and rich ecosystem of partners to create their next now.

As an industry leader, we don’t believe in managing risk by avoiding change. We embrace change, even cause it, to get and stay ahead of risk. With 825+ successful implementations we are uniquely qualified to bridge the gap between a traditional insurance industry approach and a pure digital mindset. We give customers the confidence to decide, the products to perform, and the follow-through to execute.

For more information, please visit www.majesco.com and follow us on LinkedIn.

New brand underscores company’s accelerated growth strategy and success in 2021 as Rule of 40+ SaaS Company approaching $250M in total revenue and Product Revenues now exceeding 60%

Morristown, NJ – May 11^th, 2022 – Majesco, a global leader of cloud insurance platform software for insurance business transformation, announces a new brand identity that centers around Majesco’s next-gen technology and extensive industry experience that reimagines insurance for the betterment of all. In addition, Majesco announced exceptional company results for 2021 reflecting a successful accelerated growth strategy.

“Since the acquisition by Thoma Bravo in 2020 we have significantly accelerated our growth strategy, expanded product offerings and delivery capabilities, and strengthened our strategic partnerships,” says Adam Elster, CEO of Majesco. “While our business has transformed and kept pace with market changes, it became clear that the perception of our brand did not evolve at the same speed. This evolution of the Majesco brand combines the most comprehensive set of digital insurance products, expertise, and experience, as well as a deep understanding of our customer’s needs and goals.”

Like everything else in a digitally driven economy, risk itself is changing faster than it used to. Majesco understands this change and the expectations insurance professionals are up against. The new Majesco brand represents the organization’s significant growth and evolved offerings, but more importantly its understanding and commitment to enable change at the speed of risk. This marks the first phase of Majesco’s brand evolution with new materials planned for later this year including a rebuild of its website.

“We are thrilled with the level of execution from the Majesco team and are confident this new brand aligns with the direction of the company” says A.J. Rohde, Senior Partner at Thoma Bravo. “We’ve been excited about the growth potential of Majesco right from the start, and with the addition of the ClaimVantage and Utilant teams last year, we couldn’t be more confident in our investment. Their customer-centric strategy is clearly identified in the new brand and accelerated product roadmap. Complemented with strengthened partnerships, and continued focus on M&A, they are primed for a ground-breaking year.”

Financial highlights include:

• A Rule of 40+ SaaS Company approaching $250M in total revenue
• Significant 2021 revenue growth including 40% subscription and 28% product
• Expanded SaaS portfolio and customers with ClaimVantage and Utilant acquisitions

• Product Revenues now exceeding 60% of total revenue

Customer highlights:

• With over 350 customers, Majesco now supports many of the leaders in different segments including:
  • The top 2 Reinsurers
  • 8 of the top 15 L&AH and Group Insurers
  • 8 of the top 15 P&C Insurers
  • Over 25 InsurTech Startups and Greenfields
  • Over 15 MGAs and Brokers
  • Over 10 TPAs for L&AH and Group
  • Over 20 of the top Risk Engineering firms

Organizational highlights:

• Welcomed 250 new employees across the organization
• Trained over 1,500 systems integrator partner staff with over 850 actives on Majesco projects
• Added new partnerships with Earnix, Cybercube, and Prima Solutions to support market trends for telematics, cyber and reinsurance
• Expanded systems integrator partnerships to 12 of the market-leading firms
• Established a Customer Success organization underpinned by the implementation of ServiceNow technology
• Expanded leadership with significant talent across the organization in all operational areas

Product innovations:

• Launched fourteen product releases across all solutions
• Launched the new Majesco Analytics solution portfolio inclusive of Property Intelligence solution using AI/ML and our contributory database of 200m photos / images and 16m loss control surveys
• Launched new next-gen digital solutions built on Majesco Digital1^st® Platform including:
  • Digital Underwriter360
  • Digital Customer360
• Launched ClaimVantage Customer Portal to support integrated disability and absence management service for employees and employers
• Expanded SaaS portfolio with ClaimVantage and Utilant acquisitions

Industry recognitions and awards:

• Expanded and strengthened market leadership across all solutions with industry recognition from Gartner, Celent, Forrester, Aite-Novarica, Quadrant Solutions, Everest Group, and ISG
• Named InsurTech 100 Company for 2022
• Recognized as a Salesforce Partner Innovation Award Winner

About Majesco

Majesco is the partner P&C and L&A insurers choose to create and deliver outstanding experiences for customers. We combine our technology and insurance experience to anticipate what’s next, without losing sight of what’s important now.  Over 350 insurers, reinsurers, brokers, MGAs, and greenfields/startups rely on Majesco’s SaaS platform solutions of core, digital, data & analytics, distribution, and a rich ecosystem of partners to create their next now. 

As an industry leader, we don’t believe in managing risk by avoiding change. We embrace change, even cause it, to get and stay ahead of risk. With 900+ successful implementations we are uniquely qualified to bridge the gap between a traditional insurance industry approach and a pure digital mindset. We give customers the confidence to decide, the products to perform, and the follow-through to execute.

For more information, please visit www.majesco.com and follow us on LinkedIn.

Migration to Cloud enables seamless application and platform upgrades to keep them at the leading edge of market and customer expectations

Morristown, NJ – May 10^th, 2022 – Majesco, a global leader of cloud insurance software solutions for insurance business transformation, today announced that Crum & Forster has completed the upgrade and migration Majesco Billing for P&C on Majesco CloudInsurer®. As a long-time customer, Crum & Forster has been successful at managing and simplifying the complex needs of wholesale and agency billing on Majesco’s market leading billing solution.

Crum & Forster has a 200-year history of helping its customers manage risk through providing market-leading property & casualty, accident, & health and specialty insurance solutions. Crum & Forster offers admitted and surplus lines products for a broad array of customers and industries and is dedicated to meeting the needs of its clients with laser-focused expertise, customized coverages, and superior customer services.

“We are thrilled to continue our long-term partnership with Majesco and look forward to leveraging the advanced capabilities and technologies Majesco Billing for P&C and CloudInsurer® offers,” said Ken Russo, Chief Operating Officer of Crum & Forster’s Surplus & Specialty Lines division. “As we continue to migrate our solutions to the Cloud, we’re excited to bring our customers next-gen, digital capabilities that make their experience easier, faster and more personalized,” said Mr. Russo.

Majesco Billing for P&C platform provides rich, broad capabilities with out-of-the-box functionality, content and options that empower companies to rapidly respond to market and customer demands, all through simple business rule configuration by either business or IT users. The configuration tools bring a new level of autonomy, flexibility, and speed to the billing management operation. Changes that previously took weeks or months can now be configured and implemented in hours. In such a dynamic and evolving market, Majesco Billing for P&C on Majesco CloudInsurer® helps insurers easily keep pace with the increasing demands and needs of the customer.

“Once considered to be back-office financial functions, billing and payments are now at the center of the digital customer relationship as well as the expectation for innovative new products and services,” said Prateek Kumar, EVP of Sales at Majesco. “We are proud to help Crum & Forster migrate to our newest version in the cloud that is equipped to meet the higher challenges of service expectations and customer success. We look forward to continuing our long-term partnership with Crum & Forster as they continue to adapt to the changing market through their digital transformation journey,” said Mr. Kumar.

About Majesco

Majesco is the leading software partner to both the P&C and L&A insurance markets to modernize, optimize and innovate their businesses at speed and scale. Over 330 insurers, from greenfields, start-ups and MGAs to the largest insurers, reinsurers and brokers use Majesco’s next generation SaaS platform solutions of core, data, and analytics, digital, distribution, absence management and a rich ecosystem marketplace of established and InsurTech partners to build the future of insurance.

Our technology, expertise and leadership help insurers innovate and connect to build the future of their business. With over 825 successful implementations and over 65% of our customers on Cloud with Majesco platform solutions, together we have an amazing track record of innovation and real-world results. For more details on Majesco, please visit www.majesco.com.

The partnership integrates CyberCube’s solutions and Majesco’s Policy for P&C to automate cyber risk assessments using expanded sources of data, signals and models for risk modeling, rating, and underwriting to support the growing demand for cyber (re)insurance in the market

Morristown, NJ – May 5^th, 2022 – Majesco, a global leader of cloud insurance software solutions for insurance business transformation, today announced a partnership with CyberCube, a global provider of advanced solutions for cyber insurance risk modeling, rating and underwriting. The partnership will accelerate the use of expanded sources of data, signals, and models to support the growing demand of cyber (re)insurance in the market across various stakeholders. CyberCube will be creating a marketplace application that will be available in the Majesco EcoExchange to be used dynamically with Majesco’s Policy for P&C.

“The partnership with CyberCube brings together two leading solutions to meet the growing complexity and demands of cyber (re)insurance which is seeing increased market demand and profitability challenges,” stated Ed Ossie, Chief Operating Officer of Majesco. “The combined innovative capabilities and access within our EcoExchange makes it available to anyone immediately, creating speed and agility to adapt to the changing cyber insurance market. We look forward to an exciting partnership that delivers market-leading capabilities for all our customers focused on the cyber line of business.”

Together, the market-leading platforms provide an on-demand Software as a Service (SaaS) solution using CyberCube’s platform and Majesco’s Policy for P&C to integrate expanded sources of data, signals and models during the risk modeling, rating, and underwriting process for cyber insurance. It will also be utilized for cyber risks bundled with other offerings such as Business Owner’s Policy (BOP).

Ross Wirth, CyberCube’s Head of Client Account Management and Technology Services, said: “Carriers using Majesco’s platform can quickly enhance their cyber practices and enable CyberCube’s risk scoring analysis to triage their underwriting workflows and identify high-risk accounts. This partnership puts critical information into the hands of the underwriter at the point of decision, in an evolving market and threat landscape.”

Majesco’s recent SMB research reflects how SMBs have rapidly adapted to new business strategies and digital models, creating an increased need for cyber insurance with over 85% indicating a need for automated monitoring and alerts to potential security incidents.   

About Majesco

Majesco is the leading software partner to both the P&C and L&A insurance markets to modernize, optimize and innovate their businesses at speed and scale. Over 330 insurers, from greenfields, start-ups and MGAs to the largest insurers, reinsurers and brokers use Majesco’s next-generation SaaS platform solutions of core, data, and analytics, digital, distribution, absence management and a rich ecosystem marketplace of established and InsurTech partners to build the future of insurance.

Our technology, expertise and leadership help insurers innovate and connect to build the future of their business. With over 825 successful implementations and over 65% of our customers on Cloud with Majesco platform solutions, together we have an amazing track record of innovation and real-world results.  For more details on Majesco, please visit www.majesco.com.

Important changes in insurers’ strategic priorities fueled by three digital eras in just seven short years

Morristown, NJ – April 28^th, 2022 – Majesco, a global leader of cloud insurance software solutions for insurance business transformation, today announced the availability of its annual, new research report, A Seven-Year Itch: Changes in Insurer’s Strategic Priorities Defined by Three Digital Eras Over Seven Years. The report, based on primary research, underscores the market changes and industry dynamics that have shaped the direction and strategies of companies and insurers over the last seven years.

Majesco launched the first Strategic Priorities report in 2015 with the purpose of identifying the key challenges internally and externally insurers faced and their current and planned strategic initiatives for growing business. Over the last seven years, new risks emerged, customer behaviors and expectations shifted and expanded, technology-driven capabilities and data sources accelerated, channels increased, partners and ecosystems formed, unrelenting investment growth in the InsurTech market, and a pandemic fueled significant market changes. As a result, the industry has seen three different digital eras in a short seven-year period, including the Digital Disruption Era, Digital Transformation Era, and Digital Acceleration Era.

“As insurers look to keep pace and overcome the challenges throughout each of these eras, staying informed, planning ahead and executing on those plans has never been more critical,” says Denise Garth, Chief Strategy Officer at Majesco. “The changes we’ve seen over the last seven years, have created a new generation of buyers who look at everything differently and digitally. The rising importance of new innovative products, value-added services, channels, and customer experiences are only achieved through adoption of advances in next-generation platform technologies, APIs, microservices, robust digital capabilities, new/non-traditional data sources and advanced AI/ML analytics to compete in a vastly changing marketplace and new generation of buyers.”

The last seven years can be summed in one word: change. The strategic responses to these changes have redefined industry players into three categories: Leaders, Followers, and Laggards. Gaps between them remain, but the size of the gaps continue to change. Yet one thing has remained the same…Leaders, represented across all tiers, continue to accelerate the pace with a sizeable gap that sets them apart from Followers and Laggards.  

This new report identifies key areas separating Leaders from Followers and Laggards:

Learn more by downloading A Seven-Year Itch: Changes in Insurer’s Strategic Priorities Defined by Three Digital Eras Over Seven Years from the Majesco website or by emailing info@majesco.com.

About Majesco

Majesco is the leading software partner to both the P&C and L&A insurance markets to modernize, optimize and innovate their businesses at speed and scale. Over 330 insurers, from greenfields, start-ups and MGAs to the largest insurers, reinsurers and brokers use Majesco’s next generation SaaS platform solutions of core, data, and analytics, digital, distribution, absence management and a rich ecosystem marketplace of established and InsurTech partners to build the future of insurance.

Our technology, expertise and leadership help insurers innovate and connect to build the future of their business. With over 825 successful implementations and over 65% of our customers on Cloud with Majesco platform solutions, together we have an amazing track record of innovation and real-world results. For more details on Majesco, please visit wordpress-82171-584158.cloudwaysapps.com.

Increase profitability, reduce risk, and improve customer retention with AI-powered Property Intelligence

Morristown, NJ – April 19^th, 2022 – Majesco, a global leader of cloud platform software for insurance business transformation, today introduced Property Intelligence powered by Majesco Analytics – a new AI/ML-based analytics offering that provides insightful and intuitive property underwriting information including various quantitative risk scores such as Property Score, Overhead Score, Exterior Score, NatCat Score, and Permit Score – available as an add-on for Majesco Policy for P&C for Commercial Property and Commercial Package lines of business.  This is the first intelligent analytics offering as part of the new Majesco Analytics product line. Property Intelligence is now available as part of Majesco’s Spring ’22 Product Release.

To remain competitive in today’s ever-changing market, carriers must leverage data and technology to transform the underwriter experience and increase profitability. As the customer experience moves digital, the availability of a wide array of data is increasing, leading to transformations on underwriter evaluations and decisions with instantaneous impacts to their books of business. Leveraging real-time data from multiple sources and market insights, coupled with underwriter expertise, underwriters can increase profitability through better risk selection and reduced underwriting expenses.

“The art and science of underwriting is changing,” said Patrick Davis, SVP and General Manager of Majesco Analytics. “We designed Property Intelligence to provide comprehensive property underwriting information with simple and insightful analysis to improve both underwriting profitability and efficiency. We are excited to see our customers quickly realized benefits of this innovative capability providing better risk selection, improve their loss ratio, reduce loss control expenses through selective high risk inspection orders and more.”

Key elements for Property Intelligence powered by Majesco Analytics include:

• Simple to understand analytics data from risk scores by leveraging wide variety of data and   Machine Learning based analytics – Property Score, Overhead Score, Exterior Score, NatCat Score, and Permit Score to provide a comprehensive insight to the property
• Leveraging Loss Control Inspection Data including 2+ billion inspection data points and 200+ million images from 16+ million properties collected by professional risk engineers
• Multi-Source Gallery with satellite, aerial, ground-level, balloon, and Drone MLS images leveraged by the risk scores and Property Intelligence model
• Pre-integrated with Majesco Policy for P&C for Commercial Property and Commercial Package requiring no implementation efforts

“People and Technology – Underwriters and models – both require improved insights of the property risk to improve the assessment of the risk. New insights and analytics that are derived from a unique combination of property characteristics can improve the decision-making process when assessing various property locations,” stated Karen Furtado, Partner, Strategy Meets Action.

Advanced data and analytics using AI/ML is crucial both operationally and strategically for insurers by enabling the ability to analyze data in real-time and drive intelligent decision-making. By identifying property hazards and providing detailed scores, insurers can enhance underwriting, risk exposure analysis, and risk appetite to drive improved profitability and customer service. With the pre-built integration between Majesco Policy for P&C and Majesco Property Intelligence, each property will receive an aggregated location assessment score across the various assessments done. This provides underwriters with insights into the aspects of the property that pose the greatest risk through AI/ML analytics using a diverse set of data sources, which provides Majesco customers with immediate value realization.

About Majesco

Majesco is the leading software partner to both the P&C and L&A insurance markets to modernize, optimize and innovate their businesses at speed and scale. Over 330 insurers, from greenfields, start-ups and MGAs to the largest insurers, reinsurers and brokers use Majesco’s next generation SaaS platform solutions of core, data, and analytics, digital, distribution, absence management and a rich ecosystem marketplace of established and InsurTech partners to build the future of insurance.

Our technology, expertise and leadership help insurers innovate and connect to build the future of their business. With over 825 successful implementations and over 65% of our customers on Cloud with Majesco platform solutions, together we have an amazing track record of innovation and real-world results.  For more details on Majesco, please visit wordpress-82171-584158.cloudwaysapps.com.

Morristown, NJ – April 7^th, 2022 – Majesco, a global leader of cloud insurance platform software for insurance business transformation, today announced the general availability of the Spring ’22 release for the market-leading Majesco P&C Core Suite insurance software, including Majesco Policy for P&C, Majesco Billing for P&C, and Majesco Claims for P&C.

Today’s customers expect more from their insurance carriers. They view insurance coverage as a combination of protection from risk, value-added services, with a personalized, consistent, transparent, and convenient customer experience − everything from sophisticated price quoting to rapid claims processing − all of which require new data sources and technology. The highly competitive digital and data race to the future requires leaders to invest in innovative next generation intelligent core, digital, and data technology. Proactive market leaders are redefining the competition in terms of new products, underwriting, pricing, service, billing, and claims and most importantly customer experience.

“In today’s ever-changing market, customers are looking for a better experience that can be managed with digital tools and digital proficiency,” said Terrence Clark, SVP and General Manager for P&C Products at Majesco. “An effective customer experience strategy takes an outside in approach, considering when and how the customer wants to engage. At Majesco, we realize insurers must move from transactions to personalized experiences and use a 360° view of the customer whether for buying, servicing, billing, submitting, or paying claims, and accessing value-added services – making insurance relevant for the customer. We are excited about our latest release to help insurers, reinsurers, startups, greenfields, brokers and MGAs examine and refine their strategies around their core system platforms to deliver hyper-relevant experiences to today’s customers.”

The Spring ’22 release highlights Majesco’s continued strategic investment in the next-generation SaaS platform for the P&C market segment across personal, commercial and specialty lines to accelerate insurer’s ability to meet expanding customer expectations by launching new products and creating personalized digital customer experiences across the value chain. Key elements for Majesco P&C Core Suite Spring ’22 release include:

• Embedded AI/ML Analytics – Embedded property score-based assessment with AI / ML based hazard insights on properties to enhance risk management using imagery, permit and peril data, to improve the speed and accuracy of quoting, underwriting, rating to empower underwriting teams with a comprehensive assessment of property conditions and hazards.
• Advanced Reinstatement Capabilities – Enhanced capabilities to help customers calculate reinstatement costs with “Amount to Reinstate” details along with a drill down explanation of the calculation for a simple and error-proof user experience.
• Deep Integration between Majesco Policy for P&C and Loss Control 360 –Deep integration for Personal and Commercial and lines of business to provide holistic and unified views that enable intelligent and comprehensive risk assessments for improved underwriting and identify opportunities to proactively mitigate risk, that together enhance customer experiences and push competitive boundaries.
• Cutting Edge Self-Serve Bureau Adoptions – Commercial Lines and Workers’ Compensation insurers now have a cutting-edge capability to stay current with the latest rates, rules, and forms to remain compliant with regulatory changes and ISO, NCCI and other bureau content. The innovative self-serve capability enables simplicity, independence, consistency, and efficiency through a wizard-based adoption process while providing an auto adoption option to update Majesco Policy for P&C with the circulars with no manual user intervention through the monthly updates.

“Insurers are investing in technology that is constantly evolving to enable them to respond quickly to shifting customer needs that will support true digital interactions while also improving their operational efficiency and decisioning capabilities, said Karen Furtado, Partner at Strategy Meets Action. The companies today must lean into transformation into data and insights driven businesses utilizing AI/ML wherever possible to augment the critical decisions that are required in evaluating risks and streamlining processes.”

Majesco’s P&C and Group Core Suite has been recognized by industry experts including Celent, Gartner, Aite-Novarica, Quadrant Solutions, and ISG.

About Majesco

Majesco is the leading software partner to both the P&C and L&A insurance markets to modernize, optimize and innovate their businesses at speed and scale. Over 330 insurers, from greenfields, start-ups and MGAs to the largest insurers, reinsurers and brokers use Majesco’s next generation SaaS platform solutions of core, data, and analytics, digital, distribution, absence management and a rich ecosystem marketplace of established and InsurTech partners to build the future of insurance.

Our technology, expertise and leadership help insurers innovate and connect to build the future of their business. With over 825 successful implementations and over 65% of our customers on Cloud with Majesco platform solutions, together we have an amazing track record of innovation and real-world results. For more details on Majesco, please visit wordpress-82171-584158.cloudwaysapps.com.

Morristown, NJ – April 5^th, 2022 – Majesco, a global leader of cloud insurance platform software for insurance business transformation, today announced the general availability of the Spring ’22 release for the market-leading Majesco L&A and Group Core Suite insurance software, including Majesco Policy for L&A and Group, Majesco Billing for L&A and Group and Majesco Claims for L&A and Group.

Nearly every L&A insurer today is talking about transforming their business, recognizing the significant need to improve, both operationally and strategically, to enable optimized operations and sustainable growth. This era of insurance is different than even just a few years ago. Insurers are now pressured to develop tailored, simple, affordable, digital products and services for individual, voluntary benefits and group that are grounded in trust. Products encompass a compelling customer experience wrapped around a risk product and value-added services that are part of a broader life, health, wealth, and wellness ecosystem. This is where exciting new business opportunities for growth abound for those embracing next-gen intelligent core platforms that meet the dynamic demands of customers, today and in the future.

“The L&A and Group insurance industry continues to experience significant growth with tremendous opportunities to create unique and personalized customer experiences in current and new markets and segments,” said Ray Law, SVP and General Manager for L&A, Group, and Distribution Management Products at Majesco. “Majesco L&A and Group Core Suite is purpose-built with robust capabilities supporting individual, group, and voluntary benefit – all on a single platform. Using our many out-of-the-box product templates, workflows, or configuration tools, carriers are creating intelligent and smart process with cloud-based digital capabilities and API-native connections. We are excited to announce the Spring ’22 Release for Majesco L&A and Group with even more features to help our customers enable rapid adaptation for new, innovative products or benefit plans, giving insurers the power, flexibility and speed needed to capture new opportunities and keep them at the leading edge.”

The Spring ’22 release highlights Majesco’s continued strategic investment in the next-generation SaaS platform for the L&A market segment will further enable insurers to meet expanding customer expectations by launching new products and creating personalized digital customer experiences. Key elements for Majesco L&A and Group Core Suite Spring ’22 release include:

• Universal Life and Wellness Expanded Capabilities – Majesco L&A and Group Core Suite has expanded to support universal life, accident and health and wellness capabilities, top areas of market interest. Expanded death claim of a life member and benefits for dependents for Group Universal Life and underlying rider coverages; expanded service capabilities for Accident & Health products with new Wellness coverage options; and seamless end-to-end claims automation from adjudication to payout.
• Optimized Business User Configuration – Reimagined and simplified questionnaire definition to enable business users to define unlimited questionnaire options needed for any business process for Individual, Benefits or Group lines of business.
• Integrated Document Generation and Expanded Ready to Use Templates – Out-of-the-box 125 ready-to-use document templates across policy, billing, and claims that can be leveraged and reused by business users, accelerating speed to market.
• Enhanced Out-of-Sequence Processing – Expanded support of out-of-sequence processing for amendments, recalculates rates and premiums, and automatically triggers policy certificates and more based on configured rules to optimize the business user experience.
• Containerization and Auto Scaling – The suite has been re-architected as Docker images, orchestrated using Kubernetes and deployed as Helm charts. This enables insurers to run on any Cloud and provides portability, agility, speed-to-market, and ease of environment consistency management to accelerate insurer’s business transformation on the cloud.
• Strengthened Data Privacy and Security – “Veracode Verified” certification, following conventional best practices such as firewalls, dynamic application security testing including external certifications.

“Demands for a more digital relationship across channels for policyholders and agents, more efficient and cost-effective operations, staffing productivity, and faster product introductions are driving many life insurers to find technology that meets their needs. Additionally, insurers’ propensities to move to the cloud and increase mobile and digital capabilities via outside resources are driving their external resource spend,” said Keith Raymond Senior Analyst for Life Insurance at Celent.

Majesco’s L&A and Group Core Suite has been recognized by industry experts including Celent, Gartner, Aite-Novarica, Quadrant Solutions, and ISG.

About Majesco

Majesco is the leading software partner to both the P&C and L&A insurance markets to modernize, optimize and innovate their businesses at speed and scale. Over 330 insurers, from greenfields, start-ups and MGAs to the largest insurers, reinsurers and brokers use Majesco’s next generation SaaS platform solutions of core, data, and analytics, digital, distribution, absence management and a rich ecosystem marketplace of established and InsurTech partners to build the future of insurance.

Our technology, expertise and leadership help insurers innovate and connect to build the future of their business. With over 825 successful implementations and over 65% of our customers on Cloud with Majesco platform solutions, together we have an amazing track record of innovation and real-world results. For more details on Majesco, please visit wordpress-82171-584158.cloudwaysapps.com.

Morristown, NJ – March 15^th, 2022 – Majesco, a global leader of cloud insurance software solutions for insurance business transformation, today announced that it won an XCelent Award for Breadth of Functionality by Celent in their “Policy Administration Systems: North American Group/Voluntary Life Insurance Edition.”

The report, which profiled 19 PAS solutions, “uses Celent’s ABC vendor view, a standard representation of a vendor marketplace designed to show at a glance the relative positions of each vendor in three categories: Advanced Technology, Breadth of Functionality, and Customer Base and Support.”

“Congratulations to Majesco on their XCelent Award! Majesco’s Core Suite for L&A and Group is a strong solution in the North American group/voluntary market,” states Karen Monks, Celent Sr. Analyst and co-author of the report. “The last two years have shown remarkable progress in the group/voluntary PAS market in regard to functional advancements, and Majesco’s Core Suite excelled in the functionality we looked for in 2022.”

“The group and voluntary benefits insurance industry is faced with an opportunity to meet the needs of a diverse employee base crossing multiple generations,” said Manish Shah, Chief Product Officer and President of Majesco. “It is no longer a one-size fits all market, insurers must adapt, and change their business operational model to meet increasing customer expectations with new and innovative products and value-added services. Majesco L&A Group and Core Suite is purpose-built to help carriers optimize their operational business processes while innovating their business through next-gen technologies, cloud-based digital capabilities, and API-native connections. It is an honor for Majesco L&A and Core Suite to be recognized for its Breadth of Functionality with this XCelent Award, it is a testament to our team’s dedication to enabling core system transformations.” 

Majesco L&A and Group Core Suite, uniquely supports individual, voluntary benefits, and group on a single platform, recognizing that nurturing and retaining customers, regardless of where they originate, is critical to insurers’ growth strategies. The suite provides important core insurance capabilities for policy, billing, and claims. The powerful design and innovative product chassis enable rapid adaptation for new, innovative products or benefit plans, giving insurers the power, flexibility and speed needed to capture opportunities and keep them at the leading edge. Majesco’s L&A and Group Core Suite is recognized by industry experts including ISG, Gartner, Aite-Novarica, and most recently Celent.

“We are excited to win the XCelent Award for Breadth of Functionality for Group and Voluntary Life,” said Adam Elster, CEO of Majesco. “One of our great strengths is our customer-first philosophy which enables us to offer the insurance industry products that are not only innovative and hyper-relevant but reflect the ever-shifting needs of our customers. We will continue to lead with this philosophy and demonstrate the strength of our L&A and Group Core Suite.”

About Majesco

Majesco is the leading software partner to both the P&C and L&A insurance markets to modernize, optimize and innovate their businesses at speed and scale. Over 330 insurers, from greenfields, start-ups and MGAs to the largest insurers, reinsurers and brokers use Majesco’s next generation SaaS platform solutions of core, data, and analytics, digital, distribution, absence management and a rich ecosystem marketplace of established and InsurTech partners to build the future of insurance.

Our technology, expertise and leadership help insurers innovate and connect to build the future of their business. With over 825 successful implementations and over 65% of our customers on Cloud with Majesco platform solutions, together we have an amazing track record of innovation and real-world results. For more details on Majesco, please visit wordpress-82171-584158.cloudwaysapps.com.