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Implementation is first phase of their business transformation

Morristown, NJ May 6, 2021 – Majesco, a global leader of cloud insurance software solutions for insurance business transformation, today announced that Ullico Casualty Group, LLC (UCG), a subsidiary of Ullico Inc., went live with Majesco P&C Core Suite on Majesco CloudInsurer® for eight professional lines products for all 50 states.  

Ullico Inc., founded in 1927 with initial funding from the American Federation of Labor, is the nation’s only union-owned provider of multi-line insurance and investment products. UCG provides various commercial, business owners, cyber, bonds, fiduciary liability, union liability, and other insurance products to union pension and benefit plans and labor organizations for all 50 states. They have been at the forefront in providing innovative coverages for labor such as Individual Labor Leader, Investigatory Expense, and Educator’s Liability endorsements. UCG is a Managing General Agent and wholesale broker who works with multiple A.M. Best A rated insurers-.

 “Our partnership with Majesco has exceeded our expectations with this first phase of implementation, positioning us to rapidly follow with commercial lines products,” stated Tina Fletcher, President of UCG.  “The implementation will provide the foundation of our digital transformation to better meet rapidly changing market dynamics and union labor’s needs.  In addition, this next-generation platform will enable us to respond and capture growth opportunities while optimizing our operational capabilities that will help enhance our competitive advantage in a rapidly changing marketplace.  We are thrilled with our partnership and look forward to an exciting future together.” 

The implementation was the first phase of UCG’s transformation.  Professional products implemented include cyber, bonds, fiduciary liability, union liability, non-profit directors and officers, governmental fiduciary liability, and excess fiduciary liability.  

”We are thrilled with Ullico’s milestone and the new foundation of their business which will accelerate their growth strategy,” stated Prateek Kumar, EVP for Majesco. “The last year has highlighted the strategic need for next generation cloud solutions to provide insurers the agility, flexibility and speed to adapt to market and customer demands.   Ullico’s implementation has positioned them to take advantage of the rich, robust capabilities of Majesco P&C Core Suite today, but also in the future with our forward thinking focus on our roadmap.  We look forward to the next phases of implementation and a long, successful partnership.”

About Majesco

Majesco provides technology, expertise, and leadership that helps insurers modernize, innovate and connect to build the future of their business – and the future of insurance – at speed and scale. Our platforms connect people and businesses to insurance in ways that are innovative, hyper-relevant, compelling, and personal. Over 200 insurance companies worldwide in P&C, L&A, and Group Benefits are transforming their businesses by modernizing, optimizing, or creating new business models with Majesco. Our market-leading solutions include CloudInsurer® P&C Core Suite (Policy, Billing, Claims); CloudInsurer® LifePlus Solutions (AdminPlus, AdvicePlus, IllustratePlus, DistributionPlus); CloudInsurer® L&A and Group Core Suite (Policy, Billing, Claims); L&A Insurance Data & Analytics Platform, Majesco ClaimVantage solutions (Claims Management, Absence Management, IDAM and Accommodation Management), Digital1^st® Insurance with Digital1^st® Engagement and Digital1^st® Platform – a cloud-native, microservices and open API platform; EcoExchange MarketPlace; Distribution Management; and P&C Insurance Data & Analytics Platform, including an Enterprise Data Warehouse. For more details on Majesco, please visit www.majesco.com.

About Ullico

The Ullico Inc. family of companies provides insurance and investment solutions for labor organizations, union employers, institutional investors and union members. Founded 90 years ago, the company takes a proactive approach to anticipating labor’s needs, developing innovative financial and risk solutions and delivering value to our clients. Our products are tailored to promote financial security and stability for American workers.

The Ullico Inc. family of companies includes The Union Labor Life Insurance Company; Ullico Casualty Group, LLC; Ullico Investment Company, LLC; Ullico Investment Advisors, Inc.; and Ullico Benefit Solutions, LLC. For additional information, visit www.ullico.com.

New hires bring industry knowledge, expertise and leadership to support expanding market demand, customer community and Majesco’s market leadership position

Morristown, NJ May 4, 2021 – Majesco, a global leader of cloud insurance software solutions for insurance business transformation, today announced that the expansion of the L&A and Group business with five new leadership hires.  These new hires bring industry knowledge, expertise and leadership to support the rapidly growing selection and adoption of the L&A and Group software solutions.  

As the L&A industry enters a new decade, many recognize the significant need to improve, both operationally and innovatively, to create immediate business results and long-term value.  In rethinking their operating model, insurers must make their products and processes more cost-effective, while also digitally making their products and processes more attractive to the next generation of buyers to drive growth and avoid the financial impact of declining legacy business. 

“The L&A and Group business is one of our strategic pillars and has experienced significant growth in the last year”, Adam Elster, CEO of Majesco. “To support our current, new and upcoming customers, we are strengthening and expanding our market and business-focused L&A and Group division to execute on Majesco’s vision, strategy, and plans, establishing Majesco as the leader in the L&A and Group market.  We are excited about the new talent joining Majesco and energized about the opportunities ahead for our customer and business.”

The new hires include:

• Raymond Law, SVP and GM for L&A and Group Products – Ray has over three decades of experience in various roles with tier 1 insurers such as MetLife, AIG, Travelers and most recently at Prudential as VP & CTO of Group Insurance.  He also participates in Innovation Underwriters – The Insurance Collaborative, providing advice focused on accelerating innovation in with a focus on disruption and transformation in the workplace benefits.  
• Jennifer Messersmith, SVP Global Leader of L&A and Group Delivery – Jennifer brings extensive insurance and financial services transformation program experience from JPMorgan Chase, E&Y and most recently with Nationwide.  Jen will lead the global L&A and Group delivery teams across the L&A and Group and Distribution Management products. 
• Naveen Wadhwa, VP Delivery Transformation – Naveen has over twenty years of IT experience during which he held leadership roles at RIA Advisory, United Health Group, Capgemini and Ernst & Young.  He will be focused on maturing both the P&C and L&A and Group Delivery organization to the next level, managing the SAFe Agile 5.0 initiatives, automation initiatives, SI enablement, and maturing the implementation playbook across all Majesco products, including L&A and Group.  
• Tom Fisher, VP of L&A and Group Delivery – Tom has over three decades of experience in insurance and financial services , leading major transformational programs and portfolios, most recently at Nationwide for the Life & Annuity, retirement plans and commercial lines business areas.  He has helped companies’ transition delivery programs to end-to-end agile execution using SAFe Agile methodology. 
• Colleen O’Hara, VP of L&A and Group Delivery – Colleen bring over two decades of experience in transformation initiatives for insurance and financial services companies including investment firms, most recently at Nationwide for the Life & Annuities and retirement income areas.   She has held innovation leadership roles and has led efforts to evolve agile and DevOps project management practices.

The L&A market is focused on two key areas:  digital transformation and business transformation that addresses legacy debt and operational efficiency while also establishing a foundation for new business models and products to support both growth and expense containment needs. Majesco’s L&A and Group portfolio of solutions including Majesco L&A and Group Core Suite inclusive of policy, billing and claims, Majesco L&A and Group Insurance Data & Analytics Platform, Majesco Distribution Management, Majesco Digital1^st Insurance and the recent acquisition of ClaimVantage solutions including Majesco ClaimVantage Claims Management, Majesco Absence Management, Majesco Accommodation Management and Majesco IDAM which provide next-generation cloud platform solutions that will accelerate insurer’s digital transformation.

About Majesco

Majesco provides technology, expertise, and leadership that helps insurers modernize, innovate and connect to build the future of their business – and the future of insurance – at speed and scale. Our platforms connect people and businesses to insurance in ways that are innovative, hyper-relevant, compelling, and personal. Over 190 insurance companies worldwide in P&C, L&A, and Group Benefits are transforming their businesses by modernizing, optimizing, or creating new business models with Majesco. Our market-leading solutions include CloudInsurer® P&C Core Suite (Policy, Billing, Claims); CloudInsurer® L&A and Group Core Suite (Policy, Billing, Claims); L&A Insurance Data & Analytics Platform, Digital1^st® Insurance with Digital1^st® Engagement, Digital1^st® EcoExchange, and Digital1^st® Platform – a cloud-native, microservices and open API platform; Distribution Management, P&C Insurance Data & Analytics Platform, including an Enterprise Data Warehouse. For more details on Majesco, please visit www.majesco.com.

New report “Satisfaction with Core Systems Vendors: What Carriers Say”, explores the critical component of client feedback from the Aite Matrix: 2020 U.S. P&C Core Systems Evaluation Report

Morristown, NJ April 15, 2021 – Majesco, a cloud insurance software company for insurance business transformation, today announced that in a new Aite report titled, “Satisfaction With Core Systems Vendors: What Carriers Say”, received strong customer satisfaction for Ability to Deliver on Promises, Cost Value of Platform, Ease of Implementation/Integration, Management and Reputation.   This report is a complement to the Aite Matrix: 2020 U.S. P&C Core Systems Evaluation which garnered Majesco a “Best in Class” ranking and delves into the details of the client feedback.

“Recognition by our customers across these ten categories with these outstanding results means so much because they work with us and the core solution each and every day to run their business, commented Adam Elster, CEO at Majesco.  “This report reflects strong customer satisfaction as we continue to rapidly move our customers to the Cloud, providing next generation core platform solutions that are accelerating insurers digital transformation to meet the continually changing marketplace shifts, new customer demands, new competition and new product and market opportunities for growth as the industry shifts to a new era and future of insurance.”

The report notes that as the P&C insurance world shifts to become more digital, carriers will require a core system that can accommodate the shifts that are currently in motion and those that are yet to come. As a result, flexibility in a core system is paramount. P&C carriers increasingly rely on third-party data and on a core system that can integrate the data into various workflows to provide personalized customer experiences, improve underwriting decisions and enhance the claims process.

“Most carriers know these shifts are coming and have an eye toward some type of a core system upgrade, either from a legacy system or from an implementation of a “modern” system that was deployed 10 to 15 years ago.  Client feedback on next-gen core systems provides valuable insights for those looking at replacement,” stated Jay Sarzen, Senior Analyst for P&C at Aite.   “The Majesco P&C core platform did very well with strong, very satisfied rankings that align to the “Best in Class” ranking from the original report.  Majesco continues to deliver forward-thinking core solution but with the strength and focus on customer satisfaction and value as represented by these results.”

About Majesco

Majesco provides technology, expertise, and leadership that helps insurers modernize, innovate and connect to build the future of their business – and the future of insurance – at speed and scale. Our platforms connect people and businesses to insurance in ways that are innovative, hyper-relevant, compelling and personal.  Over 200 insurance companies worldwide in P&C, L&A and Group Benefits are transforming their businesses by modernizing, optimizing or creating new business models with Majesco. Our market-leading solutions include CloudInsurer® P&C Core Suite (Policy, Billing, Claims); CloudInsurer® LifePlus Solutions (AdminPlus, AdvicePlus, IllustratePlus, DistributionPlus); CloudInsurer® L&A and Group Core Suite (Policy, Billing, Claims); Digital1st® Insurance with Digital1st® eConnect, Digital1st® EcoExchange and Digital1st® Platform – a cloud-native, microservices and open API platform; Distribution Management, Data and Analytics and an Enterprise Data Warehouse. For more details on Majesco, please visit www.majesco.com.

Upgrade and implementation will strengthen, modernize and optimize business operations

Morristown, NJ April 13, 2021 – Majesco, a cloud insurance software company for insurance business transformation, today announced that Erie Insurance (ERIE), a multi-line insurance company,  will upgrade to Version 11 of Majesco Billing for P&C and move from on-premise to Majesco CloudInsurer®.

ERIE has been a long-term customer of Majesco. The company offers auto, home, business and life insurance through a network of independent agents across 12 states and the District of Columbia. ERIE is recognized as the 11^th largest homeowners’ insurer and 12^th largest automobile insurer in the United States based on direct premiums written and the 16^th largest P&C insurer in the United States based on total lines net premium written. A Fortune 500 company, ERIE has nearly 6 million policies in force and is rated A+ (Superior) by A.M. Best and consistently recognized for its commitment to customer service.

“We understand that enhancing our digital capabilities is crucial to maintaining agent and customer satisfaction,” says Matt Oldach, IT director for ERIE. “Given today’s rapid market shifts, we recognized the need for new and innovative payment methods, billing plans, access to real-time billing information and electronic billing options. We’re excited to deepen our strategic partnership with Majesco and are confident the upgrade and migration to the cloud solution will better position us to grow our business, rapidly adapt to changing market demands and further enhance our customer and agent experience.”

Majesco Billing for P&C provides rich, broad capabilities with out-of-the-box functionality, content and options that empower today’s companies to rapidly respond to market scenarios and customer demands. By upgrading to the latest version and migrating to the cloud, ERIE is modernizing and optimizing its business while providing the necessary agility and speed that can make all the difference in customer loyalty. ERIE is also considering implementation of Majesco’s Insurance Data and Analytics Platform including the Enterprise Data Warehouse which will provide a holistic view of its business operations at any level.

“We’re honored that ERIE is expanding our long-standing partnership with its upgrade of Majesco Billing for P&C, move to CloudInsurer® and implementation of Majesco Insurance Data and Analytics Platform,” says Prateek Kumar, EVP of Americas at Majesco. “We have long been recognized as the market leader in Billing, providing capabilities needed today but also for tomorrow to strengthen the customer experience, placing billing front and center.   Whether meeting new billing demands or supporting new products, Majesco Billing for P&C provides our customers a solution that quickly responds to meet these shifting needs when they need it most.”

About Majesco

Majesco provides technology, expertise, and leadership that helps insurers modernize, innovate, and connect to build the future of their business – and the future of insurance – at speed and scale. Our platforms connect people and businesses to insurance in ways that are innovative, hyper-relevant, compelling, and personal.  Over 200 insurance companies worldwide in P&C, L&A and Group Benefits are transforming their businesses by modernizing, optimizing, or creating new business models with Majesco. Our market-leading solutions include CloudInsurer® P&C Core Suite (Policy, Billing, Claims); CloudInsurer® LifePlus Solutions (AdminPlus, AdvicePlus, IllustratePlus, DistributionPlus); CloudInsurer® L&A and Group Core Suite (Policy, Billing, Claims); Digital1st® Insurance with Digital1st® eConnect, Digital1st® EcoExchange and Digital1st® Platform – a cloud-native, microservices and open API platform; Distribution Management, Data and Analytics and an Enterprise Data Warehouse. For more details on Majesco, please visit www.majesco.com.

Morristown, NJ April 7, 2021 – Majesco, a cloud insurance software company for insurance business transformation, today announced its recent advancement and future plans following the acquisition by Thoma Bravo in September 2020.

Thoma Bravo, a leading private equity firm on the software and technology-enabled services sectors, purchased Majesco with plans to leverage its own operational experience to enhance Majesco’s capabilities and the continued growth and shift of Majesco’s business model to cloud software revenue.

“In just six short months, we’ve leveraged Thoma Bravo’s extensive resources and industry knowledge to accelerate our growth strategy, shift to cloud product revenue and expand our leadership position in the cloud insurance software sector,” says Adam Elster, CEO of Majesco. “Each day that we work with industry leaders, customers and partners we receive confirmation that our strategy, direction and view of the future of insurance is aligned with the market.  The flexibility of being a private company has allowed us to help the market accelerate their plans and shift to the future.”

Majesco has accomplished the following in the 6 months since the acquisition:

• Strengthened our leadership team with the addition of Joe Aho as CFO.
• Released V11 Release 2 of Majesco P&C Core Suite, Majesco L&A Core Suite, Majesco Distribution Management and Majesco Digital1^st® Insurance.
• Launched the new Majesco L&A Insurance Data & Analytics Platform.
• Chosen by eight new insurance customers across all Majesco software products and currently have seven existing customers, signed agreements to upgrade and move them to Majesco CloudInsurer®.
• Completed eighteen customer implementations including three upgrades to Majesco CloudInsurer® from older versions.
• Acquired ClaimVantage, a global provider of enterprise claims software as well as absence and accommodation management for the L&A and group market segment. The investment strengthened Majesco’s L&A and Group strategy and expanded the customer base by thirty-five, including many blue chip group and benefits insurers.
• Expanded our strategic partner portfolio to include KPMG, PwC and Microsoft.
• Hosted a strategic partner summit with over 200 attendees from twelve different companies including Capgemini, Deloitte, IBM, KPMG, Microsoft, and PwC
• Increased investment in the strategic partner program including a series of joint initiatives to accelerate insurer’s digital transformation.
• Expanded our ecosystem with three partners and five new apps that provide innovative data and capabilities.
• Recognized by industry analysts including:
  • Leader in Gartner 2020 Magic Quadrant for P&C Core Platforms, North America
  • Visionary in Gartner 2020 Magic Quadrant for Life Insurance Policy Administration Systems, North America
  • “Best-In-Class” Vendor in the Aite Matrix: 2020 U.S. P&C Core Systems Evaluation Report
  • XCelent Award for Depth of Service in the North American Policy Administration Systems 2020 Personal, Commercial and Specialty ABCD Vendor View Report
  • Leader in Forrester Insurance Agency Portals, Q3 2020 Analyst Evaluation

“It has been an amazing six months with the Majesco team, and the level of execution focused on their strategy,” commented AJ Rohde, Senior Partner with Thoma Bravo.  “We are more excited than ever about the growth trajectory of the company – from their innovative work in cloud insurance software platforms to their increased market leader strength in both the property/casualty and L&A and group market segments.  The focus on M&A with the acquisition of ClaimVantage three months in and with many in evaluation, will contribute to their accelerated growth.  We are thrilled with the leadership, execution and results which have exceeded our expectations.”

About Majesco

Majesco provides technology, expertise, and leadership that helps insurers modernize, innovate and connect to build the future of their business – and the future of insurance – at speed and scale. Our platforms connect people and businesses to insurance in ways that are innovative, hyper-relevant, compelling and personal.  Over 200 insurance companies worldwide in P&C, L&A and Group Benefits are transforming their businesses by modernizing, optimizing or creating new business models with Majesco. Our market-leading solutions include CloudInsurer® P&C Core Suite (Policy, Billing, Claims); CloudInsurer® LifePlus Solutions (AdminPlus, AdvicePlus, IllustratePlus, DistributionPlus); CloudInsurer® L&A and Group Core Suite (Policy, Billing, Claims); Digital1st® Insurance with Digital1st® eConnect, Digital1st® EcoExchange and Digital1st® Platform – a cloud-native, microservices and open API platform; Distribution Management, Data and Analytics and an Enterprise Data Warehouse. For more details on Majesco, please visit www.majesco.com.

New generally available release includes features that provide major quality of distributor performance improvements for carriers looking to optimize and expand distribution channels

Morristown, NJ April 5, 2021 – Majesco, a global leader of next-generation cloud insurance platform software for insurance business transformation, today announced the general availability of new key capabilities to Majesco’s Distribution Management platform.

“Our latest product release for Majesco Distribution Management, includes major ease of use capabilities for our customers,” said Manish Shah, President and Chief Product Officer at Majesco. “We have now enabled carriers to quickly and automatically identify and notify under performers and route them to termination if necessary. In addition, we added enhanced communication preferences, through configurable notifications, which can be sent directly to producers or their parent organization, and mass onboarding of producers through a file upload, particularly valuable when bringing on large distribution groups.”

This latest release highlights Majesco’s continued strategic investment in distribution management by expanding innovative, new digital, distribution and data capabilities to speed distribution on-boarding and optimize the distribution operation to drive profitable growth.  Some of the key new capabilities include:

• Distributor Performance – Enables carriers to configure rules that automate identification of under performers and flag for termination. The approval workflow includes low performance warning notifications sent to producers prior to review of a potential termination decision.  After review, the termination can be cancelled if performance is met or accepted.  
• Communication Personalization – Enhanced capabilities through configuration of communication and notification preferences for distributors or their parent organization.  This capability will enable carrier’s flexibility to better service distribution channels that can influence growth in business from those channels. 
• Rapid Mass Onboarding –New mass onboarding that speeds and streamlines the onboarding process and enables hundreds or thousands of producers to be onboarded simultaneously through a simple file load rather than a manual process, accelerating business growth. 

“Insurers acceleration of new products, new business models, and new ways of engaging with customers is driving an increase in the use of new channels,” said Karlyn Carnahan, head of Celent’s North American Property Casualty practice.  “If a carrier wants to fully exploit the potential of its various channels, they must think very differently about distribution management, compensation and segmentation.   Distribution management platforms must continue to evolve to enable insurers to manage their distribution force with increasing sophistication.” 

Today’s insurers must bring together a range of distribution, data and digital capabilities as a foundation of a next-generation distribution operation to effectively expand their reach, brand and customer engagement in a multi-channel world.  Majesco Distribution Management offers a next generation solution to manage the complexities of a changing distribution landscape using technology that keeps the insurance providers on the leading edge by reducing the time to implement a new distribution arrangement or consolidate the existing channel landscape onto a common platform. From managing multiple channels, to handling complex and high-volume changes, and personalizing payment schedules for channels, to accommodating integration with existing core insurance systems, Majesco Distribution Management enables agility, innovation and speed.

About Majesco

Majesco provides technology, expertise, and leadership that helps insurers modernize, innovate and connect to build the future of their business – and the future of insurance – at speed and scale. Our platforms connect people and businesses to insurance in ways that are innovative, hyper-relevant, compelling and personal.  Over 200 insurance companies worldwide in P&C, L&A and Group Benefits are transforming their businesses by modernizing, optimizing or creating new business models with Majesco. Our market-leading solutions include CloudInsurer® P&C Core Suite (Policy, Billing, Claims); CloudInsurer® LifePlus Solutions (AdminPlus, AdvicePlus, IllustratePlus, DistributionPlus); CloudInsurer® L&A and Group Core Suite (Policy, Billing, Claims); Digital1st® Insurance with Digital1st® eConnect, Digital1st® EcoExchange and Digital1st® Platform – a cloud-native, microservices and open API platform; Distribution Management, Data and Analytics and an Enterprise Data Warehouse. For more details on Majesco, please visit www.majesco.com.

As the first ClaimVantage customer, Irish Life continues to lead by focusing on next-generation customer demands and expectations

Morristown, NJ – March 30, 2021 – Majesco, a global leader of cloud insurance software solutions for insurance business transformation, announced today that Irish Life, the largest life insurance company in Ireland, will upgrade to the newest version of the ClaimVantage Claims Management platform and move to the cloud to digitally transform their claims operation. ClaimVantage was acquired by Majesco.

Irish Life, the first customer of ClaimVantage in 2007, is a leading life and pensions company with over 1.3 million customers focused on helping their customers embrace change and build better futures through its innovative products and dedication to customer care. The growing demands of customers and the need to optimize the claims operation is a key driver in their digital transformation. The upgrade and move to the cloud will modernize and optimize Irish Life’s claims operation, elevate their Income Protection offering in the market, and enable them to rapidly adapt to new products to expand its leading market share in Ireland. Irish Life also uses Majesco Digital1^st® Insurance in support of their broader digital transformation and innovation program.

“Our commitment to customers to help them build better futures with our products and focus on customer care will be significantly enhanced with this upgrade and move to the cloud of the Majesco ClaimVantage Claims Management platform,” said Clodagh Elliott, Director of Corporate Business Operations. “As we continue to digitally transform our business, this new version will provide expanded and innovative capabilities that will drive operational effectiveness, but most importantly an enhanced, superior claims experience. We are looking forward to our continuing long-term partnership and excited about the possibilities for the future.”

Majesco ClaimVantage Claims Management provides an enterprise platform for the life, health and group benefits segment. It is built natively on the Salesforce Lightning Platform, with a focus on modernizing and optimizing claims operation by reducing the complexity of managing claims, providing pre-defined best practices and standardization across the claim life cycle.

“We are thrilled and honored to deepen and expand our partnership with Irish Life, our first customer who believed in our vision and strategy for claims transformation,” commented Stacy Varney, VP Sales at Majesco. “The upgrade and move to cloud will accelerate their digital transformation while driving operational effectiveness, enhanced customer experiences that will enable agility, speed and innovation as they continue their digital journey.”

About Majesco

Majesco, provides technology, expertise, and leadership that helps insurers modernize, innovate and connect to build the future of their business – and the future of insurance – at speed and scale. Our platforms connect people and businesses to insurance in ways that are innovative, hyper-relevant, compelling and personal.  Over 200 insurance companies worldwide in P&C, L&A and Group Benefits are transforming their businesses by modernizing, optimizing or creating new business models with Majesco. Our market-leading solutions include CloudInsurer® P&C Core Suite (Policy, Billing, claims); CloudInsurer® LifePlus Solutions (AdminPlus, AdvicePlus, IllustratePlus, DistributionPlus); CloudInsurer® L&A and Group Core Suite (Policy, Billing, Claims); Digital1st® Insurance with Digital1st® Engagement, Digital1st® EcoExchange and Digital1st® Platform – a cloud-native, microservices and open API platform; Distribution Management, Data and Analytics and an Enterprise Data Warehouse. For more details on Majesco, please visit www.majesco.com.

Majesco platform will provide a foundation for their Commercial lines

Morristown, NJ – March 25, 2021 – Majesco, global leader of cloud insurance software solutions for insurance business transformation announced that Óptima Seguros based in Puerto Rico will upgrade Majesco Policy for P&C and move from on-premise to Majesco CloudInsurer™ to bolster their growth strategy.   Óptima Seguros has been a customer of Majesco’s since 2013 and is one of twenty Majesco customers in Puerto Rico.    

Óptima Seguros is a property and contingency insurer created and authorized to operate in Puerto Rico in 2006, underwriting insurance under the name Óptima Insurance Company. In 2012 QBE, an insurer with global operations based in Australia, acquired the insurer and later changed the name to QBE Seguros.  Late 2018, QBE Seguros signed an agreement for the acquisition of its Puerto Rico operations with Grupo Óptima, a Puerto Rican holding company and in August 2019, Grupo Óptima assumed the administration of the insurer upon completion of the regulatory process, operating under the Óptima Seguros brand.

“Óptima’s growth strategy demanded our ability to rapidly adapt to market opportunities, innovate and scale at speed,” commented Jonathan A. Martínez,

Head of Technology at Óptima.  “Our long-term partnership with Majesco and their commitment to supporting the Puerto Rico market demonstrated by their stellar reputation for their robust cloud-based platform was a key factor in our decision to upgrade and move to the cloud.   Our ability to deliver the products and service our customers expect, demanded next generation cloud solution like Majesco’s that delivers leading-edge business capabilities with cutting-edge technical architecture that delivers on our commitment to our customers. We look forward to our deepening and expanding partnership with Majesco.”   

Óptima is one of the leading commercial carriers in Puerto Rico and has been using Majesco Policy and the out of box ISO Content to provide Commercial Package and Commercial Auto Insurance to their customers in Puerto Rico. Majesco Policy for P&C on Majesco CloudInsurer® brings advanced and innovative capabilities that will help support Óptima’s growth strategy.

“We are thrilled to deepen and extend our partnership with Óptima Seguros and help them move to the newest version of Majesco Policy for P&C on Majesco CloudInsurer®,” commented Prateek Kumar, EVP at Majesco. “The demanding and unique needs of the Puerto Rican market highlight the strategic value of the Majesco solutions as a platform that delivers agility, innovation and speed while delivering a competitive, safe, scalable and secure operation.  We look forward to our growing partnership with Óptima.”

About Majesco

Majesco provides technology, expertise, and leadership that helps insurers modernize, innovate and connect to build the future of their business – and the future of insurance – at speed and scale. Our platforms connect people and businesses to insurance in ways that are innovative, hyper-relevant, compelling and personal.  Over 200 insurance companies worldwide in P&C, L&A and Group Benefits are transforming their businesses by modernizing, optimizing or creating new business models with Majesco. Our market-leading solutions include CloudInsurer® P&C Core Suite (Policy, Billing, Claims); CloudInsurer® LifePlus Solutions (AdminPlus, AdvicePlus, IllustratePlus, DistributionPlus); CloudInsurer® L&A and Group Core Suite (Policy, Billing, Claims); L&A Insurance Data & Analytics Platform; Digital1st® Insurance with Digital1st® Engagement, Digital1st® EcoExchange and Digital1st® Platform – a cloud-native, microservices and open API platform; Distribution Management, P&C Insurance Data & Analytics Platform, including an Enterprise Data Warehouse. For more details on Majesco, please visit www.majesco.com.

General availability of new cutting-edge self-serve wizards will drive operational effectiveness, regulatory compliance and pricing changes with speed and agility

Morristown, NJ – March 16^th, 2021 – Majesco, a global leader of next-generation cloud insurance platform software for insurance business transformation, today announced the release of the new, innovative Bureau circular and rate Adoption capability for the market-leading Majesco Policy for P&C.

“Majesco has been delivering monthly bureau circular updates containing rates, rules and forms – fully integrated with Majesco Policy from many decades to provide regulatory compliance to our commercial lines customers. We relentlessly explore ways to improve ease of use and speed to implement for impactful product capabilities,” said Manish Shah, President and Chief Product Officer at Majesco. “With the general availability of the Bureau Circular and Rate Adoption self-serve wizards for Majesco Policy for P&C, our commercial lines and workers compensation customers can now continue to meet the demands and expectations of regulatory changes easily and quickly in a more consistent, quality and autonomous way.”

This release highlights Majesco’s continued strategic investment in Majesco Policy for P&C. To keep pace with ISO, NCCI and other bureau content, it’s absolutely essential for commercial lines and workers compensation insurers to stay current with the latest loss costs, rules and forms as well as remain compliant with continuous regulatory changes. While support for bureau circulars has always been a key strength and differentiator for Majesco Policy for P&C, the new self-serve Bureau Circular Adoption capability enables simplicity, independence, consistency, and efficiency through a wizard-based adoption process. Furthermore, the new feature provides an auto adoption option to update Majesco Policy for P&C with the circulars with no manual user intervention.

This feature also comes with a comprehensive dashboard that not only provides the business users the tools to manage bureau circular adoption along with rate updates, but also provides a catalog of new bureau circulars available for adoption for multiple lines of business.  Business users can generate monthly and yearly reports listing bureau circular adoption audit history to help their compliance needs.

“Insurers continue to seek higher degrees of operational efficiencies and timeliness when managing ISO an NCCI bureau content,” stated Karen Furtado, Partner at Strategy Meets Action. “Advancements such as Majesco’s Bureau Adoption capabilities support insurers needs of reducing time to access and implement circulars as well as improving the user experience when interacting with the process.”

Majesco was named a Leader in the October 2020 Magic Quadrant for P&C Core Insurance Platforms, North America;  received an XCelent award for Depth of Service in the Policy Administration Systems: North America Property and Casualty Report; and named the Top “Best-in-Class” Vendor in the P&C Policy Administration Aite Matrix Report.

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About Majesco

Majesco provides technology, expertise, and leadership that helps insurers modernize, innovate and connect to build the future of their business – and the future of insurance – at speed and scale. Our platforms connect people and businesses to insurance in ways that are innovative, hyper-relevant, compelling, and personal. Over 190 insurance companies worldwide in P&C, L&A, and Group Benefits are transforming their businesses by modernizing, optimizing, or creating new business models with Majesco. Our market-leading solutions include CloudInsurer® P&C Core Suite (Policy, Billing, Claims); CloudInsurer® L&A and Group Core Suite (Policy, Billing, Claims); L&A Insurance Data & Analytics Platform, Digital1st® Insurance with Digital1st® Engagement, Digital1st® EcoExchange, and Digital1st® Platform – a cloud-native, microservices and open API platform; Distribution Management, P&C Insurance Data & Analytics Platform, including an Enterprise Data Warehouse. For more details on Majesco, please visit www.majesco.com.