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Majesco’s Fifth Annual Strategic Priorities Research Report Highlights How Leaders are Accelerating Their Path to the Future of Insurance

Forward-thinking leaders are optimizing and nurturing their current businesses, while also disrupting them at the same time to build their business models for the future. The result is a growing gap between Leaders, Laggards and Followers

Morristown, NJ – February 5, 2020 – Majesco (NASDAQ: MJCO), a global leader of cloud insurance software solutions for insurance business transformation, today announced the release of the 5th annual Strategic Priorities report, based on primary research with a cross-section of insurers.  The research assesses how insurers are understanding, planning and responding to the various trends in the marketplace to modernize and optimize today’s business while creating a new business for the future.   The report provides a view into insurers’ readiness in a new decade and the future of insurance.

“Too often strategic planning does not yield the bold changes needed because insurers do not rapidly move from knowing to doing, creating a significant gap between leaders, followers, and laggards,” stated Denise Garth, SVP of Strategic Marketing, Industry Relations and Innovation at Majesco.  “Our Strategic Priorities research over the last five years has brought clarity to this challenge. This year’s research shows an ever-widening gap that is redefining a new era of leaders.”

New in the research this year, is an assessment on where insurers are in their core system transformation, defining four options within two simple concepts: Platform and Non-Platform.

  • Platform was defined as cloud-enabled, API and SaaS-based solutions or next-gen that were cloud-native, API and microservices solutions.
  • Non-Platform was defined as old monolithic legacy and modern on-premise solutions.

Core system transformation has been underway for the last two decades at differing paces, with P&C leading the charge and L&A and Group just beginning. However, these transformations were primarily with modern, on-premise solutions that are Non-Platform solutions, limiting their ability to support new business models, new products, and customer experiences, leverage ecosystems, and much more.  In today’s digital age, platform solutions are mandatory.  We found that most companies fall short, with both P&C and L&A and Group insurers operating with Non-Platform solutions for traditional business at a staggering 60%, impacting their ability for innovation, speed and agility.

 

Furthermore, this year’s research highlights how Leaders have replaced legacy, expanded their channels, introduced new products and new business models, and are seeing higher growth, both in the past year and in their expectations for the next 3 years.  Some key insights:

  • State of the business last year was challenging for Laggards, who had a 41% gap to Leaders; and Followers, who had a 15% gap. More striking is that the expected state of the business over the next three years had even greater gaps, with Laggards and Followers falling further behind Leaders, with 62% and 21% gaps, respectively.
  • Leaders are laser-focused on both speed of operations and on speed of innovation. This is reflected in their active work on legacy replacement, channel expansion, new products and new business models, whereas Followers and Laggards are primarily concerned with speed of operations.
  • Leaders are creating new products and new business models at a faster rate of nearly 55% and 47% respectively – enabling them to capture market share and revenue more quickly.
  • Insurers introducing innovative new products and services are more likely using Platform-based solutions in the range of 60%-70%, reflecting the growing focus on greenfields and startups.
  • Leaders are expanding channels at a staggering rate of 19% higher than Followers and 88% higher than Laggards – expanding their market reach and their ability to acquire and retain customers, and revenue.
  • L&A and Group insurers lag significantly behind P&C and multi-line insurers in preparation for the AM Best innovation rating, with a gap of nearly 30%. In addition, multi-line insurers outpace both P&C and L&A and Group insurers by upwards of 35% in the use of sandboxes.

These visionary leaders see the market, customer and technological trends as a many-fold opportunity for insurance — preparing to use new sources of data, reach new market segments, offer innovative new products needed by customers, create exceptional customer experiences, leverage new channels, and more. Their path forward is with a cloud-based platform utilizing microservices, open APIs, and a digital ecosystem that will allow them to stay out ahead of the trend and the marketplace.

As we enter a new decade, a picture of the future of insurance is gaining clarity.  Whether you are still defining your path or you are well on your way, speed, agility and innovation are the fuel to power insurers’ growth strategies for the future of insurance.  Taking action around strategy is crucial, particularly with the pace of change we continue to experience, by focusing on both optimizing today’s business and boldly creating tomorrow’s business – a two speed strategy – speed of operations and speed of innovation.

The thought leadership report is available to download on the Majesco website, or you can request a copy by emailing info@majesco.com.

 

About Majesco

Majesco (NASDAQ: MJCO) 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.

 

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, as amended by its Quarterly Reports on Form 10-Q.

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.

Majesco Reports Accelerating Momentum of Cloud Subscription Revenue, Record Quarterly EBITDA and Strong Total Sales Growth for Third Quarter Fiscal 2020

Cloud Subscription Revenue of $6.1m up 39% year over year

Third quarter total revenue of $37.2m

Third quarter adjusted EBITDA of $5.0m

Acquisition of InsPro Technologies a U.S. based life and annuity software provider

Morristown, NJ – February 3, 2020 – Majesco (NASDAQ: MJCO), a global provider of cloud insurance software solutions for insurance business transformation, today announced solid financial results for the fiscal 2020 third quarter that ended December 31, 2019.

“Our third quarter financial results reinforce the continuing momentum of our cloud subscription product focus”, said Adam Elster, Majesco’s CEO.  “Our product business now represents more than 40% of our total revenue. The number of cloud customers continues to grow with accelerating project go-lives, as our customers are benefitting from dramatically reduced project implementation timelines. These trends clearly demonstrate Majesco’s ability to rapidly deliver time-to-value to our customers while providing a modern platform for insurers to innovate new products and business models. This is the foundation for our long-term growth as we acquire, adopt and expand customers.”

“We are thrilled to announce the acquisition of InsPro Technologies, further demonstrating our product focus in the Life and Annuity market.  InsPro has strong relationships with top tier customers, an experienced team, and a strong technology footprint.  In addition, this acquisition expands our partnership with Capgemini as their existing TPA business is based on this platform,” concluded Mr. Elster.

Industry veteran, John Heidelberger, InsPro Technologies’ Customer Delivery Leader said, “We are delighted to join the Majesco family.  We looked long and hard for a partner that shared our view of the digital future for group and individual insurance lines.  As a former insurance industry CIO and long-term practitioner, I’m confident our policy processing experience coupled with Majesco’s significant investments in digital solutions will allow us to offer our combined customer base a wider selection of solutions while providing even greater opportunities for our committed team.”

Key Revenue Drivers

  • Revenue from cloud-based customers was $16.3 million (43.8% of total revenue) for the quarter ended December 31, 2019.
  • Total number of cloud customers is now 63.
  • Total product revenue was 41.4% of total revenue for the quarter ended December 31, 2019.
  • Majesco’s 12-month order backlog as of December 31, 2019 was $101.7 million.
  • Two new core platform cloud deals added from existing customers for the quarter ended December 31, 2019.

 

Third Quarter 2020 Financial Results

  • Revenue was $37.2 million, compared to $35.8 million for the same period last fiscal year.
  • Gross profit was $17.9 million (48.0% of revenue), compared to $17.5 million for the same period last fiscal year.
  • Research and development (R&D) expenses were $4.7 million (12.7% of revenue), compared to $4.9 million for the same period last fiscal year.
  • Selling, general and administrative (SG&A) expenses were $10.0 million (27.0% of revenue), compared to $10.3 million for the same period last fiscal year.
  • Adjusted EBITDA was $5.0 million (13.4% of revenue), compared to $4.8 million for the same period last fiscal year.
  • Net income was $3.9 million, or $0.09 per diluted share.

 

EBITDA and Adjusted EBITDA are non-GAAP measures. Reconciliation tables of EBITDA and Adjusted EBITDA as  used in this press release to GAAP are included in the financial section of this press release.

 

2020 Financial Results for the Nine Months ended December 31, 2019

  • Revenue was $108.5 million, compared to $104.1 million for the same period last fiscal year.
  • Gross profit was $53.4 million (49.2% of revenue), compared to $50.8 million for the same period last fiscal year.
  • Research and development (R&D) expenses were $14.6 million (13.5% of revenue), compared to $14.4 million for the same period last fiscal year.
  • Selling, general and administrative (SG&A) expenses were $31.7 million (29.2% of revenue), compared to $29.5 million for the same period last fiscal year.
  • Adjusted EBITDA was $12.9 million (11.8% of revenue), compared to $12.6 million for the same period last fiscal year.
  • Net income was $6.1 million, or $0.14 per diluted share.

 

EBITDA and Adjusted EBITDA are non-GAAP measures. Reconciliation tables of EBITDA and Adjusted EBITDA as used in this press release to GAAP are included in the financial section of this press release.

 

Balance Sheet Highlights

  • Majesco had no significant debt and cash equivalents (including short term investments) of $45.5 million at December 31, 2019, compared to net cash of $11.5 million for the same period last fiscal year.

 

Conference Call and Webcast Information

Majesco management will conduct a live teleconference to discuss Majesco’s fiscal 2020 third quarter at 5:00 pm ET on Monday, February 3, 2020.  Anyone interested in participating should call 855-327-6837 if calling from the U.S., or 631-891-4304 if dialing internationally.  Please use passcode: 10008458 A replay will be available until Monday, February 17, 2020, which can be accessed by dialing 844-512-2921 within the U.S. and 412-317-6671 if dialing internationally.  Please use passcode: 10008458 to access the replay.  In addition, the call will be webcast and will be available on the Company’s website at www.majesco.com or by clicking here.

 

Use of Non-GAAP Financial Measures

In evaluating our business, we consider and use EBITDA as a supplemental measure of operating performance. We define EBITDA as earnings before interest, taxes, depreciation and amortization. We present EBITDA because we believe it is frequently used by securities analysts, investors and other interested parties as a measure of financial performance.  We define Adjusted EBITDA as EBITDA before stock-based compensation, a reversal of accrual for contingent liability and mergers and acquisitions expenses.

The terms EBITDA and Adjusted EBITDA are not defined under U.S. generally accepted accounting principles, or U.S. GAAP, and are not a measure of operating income, operating performance or liquidity presented in accordance with U.S. GAAP. EBITDA and Adjusted EBITDA have limitations as an analytical tool, and when assessing Majesco’s operating performance, investors should not consider EBITDA or Adjusted EBITDA in isolation, or as a substitute for net income (loss) or other consolidated income statement data prepared in accordance with U.S. GAAP. Among other things, EBITDA and Adjusted EBITDA do not reflect our actual cash expenditures. Other companies may calculate similar measures differently than Majesco, limiting their usefulness as comparative tools. We compensate for these limitations by relying on U.S. GAAP results and using EBITDA and Adjusted EBITDA only as supplemental.

 

About Majesco

Majesco (NASDAQ: MJCO) 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™ 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.

 

Cautionary Language Concerning Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbour” 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 (SEC) and which you should review, including those statements under “Item 1A – Risk Factors” in Majesco’s Annual Report on Form 10-K, as amended by Majesco’s Quarterly Report on Form 10-Q.

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.

Majesco to Acquire InsPro Technologies

Extending capability, scale and expertise serving customers in the growing U.S. based Life and Annuity technology segment

Morristown, NJ – January 30, 2020 – Majesco (NASDAQ: MJCO), a global leader of cloud insurance software solutions for insurance business transformation, announced today that it has entered into a merger agreement for the acquisition of InsPro Technologies Corporation (OTCBB: ITCC), a U.S. based software leader in the life and annuity insurance market.

The InsPro Enterprise platform is an insurance administration and marketing system that supports group and individual business lines, and efficiently processes agent, direct market, worksite and web site generated business. InsPro Technologies processes over 15 million policies for some of the leading blue chip insurance carriers and third party administrators in the United States, including several customers who process more than a million policies each.

Headquartered near Philadelphia, PA, InsPro Technologies brings a team of over 50 dedicated employees with deep experience in the accident & health, long term care, Medicare supplement, life and annuity market segments.  The acquisition will strengthen and expand Majesco’s domain depth in voluntary, group, voluntary benefits, and worksite markets that will enable successful digital transformation journeys for insurers.

“The InsPro team brings years of experience and amazing talent to the global Majesco team. Together, we’ll focus on bridging customers to the new world with continuous software innovation that help them take advantage of the market growth opportunities in today’s insurance experience with cloud and digital transformation,” said Adam Elster, CEO of Majesco.

Industry veteran, John Heidelberger, InsPro Technologies’ Customer Delivery Leader said, “We are delighted to join the Majesco family.  We looked long and hard for a partner that shared our view of the digital future for group and individual insurance lines.  As a former insurance industry CIO and long term practitioner, I’m confident our line of business policy processing experience coupled with Majesco’s significant investments in digital solutions will allow us to offer our combined customer base a wider selection of solutions while providing even greater career opportunities for our committed team.”

The transaction is structured as a cash for stock merger and is subject to customary closing conditions, including InsPro Technologies’ stockholder approval. The transaction is expected to close in April 2020. Majesco intends to finance the total consideration in the transaction of approximately $12 million, subject to adjustments (including for cash and certain debt of InsPro Technologies), through available cash.

Nomura Securities International, Inc. and Morgan, Lewis & Bockius LLP represented InsPro Technologies and Needham & Company, LLC and Sheppard, Mullin, Richter & Hampton LLP represented Majesco in the acquisition.

 

Conference Call and Webcast Information

Majesco management will host a previously-announced live teleconference at 5:00 p.m. ET on Monday, February 3, 2020 to review fiscal 2020 third quarter financial results, discuss the proposed transaction, and business outlook.  Anyone interested in participating can dial 855-327-6837 if calling from the U.S., or 631-891-4304 if dialing internationally.  A replay will be available until Monday, February 17, 2020, which can be accessed by dialing 844-512-2921 within the U.S. and 412-317-6671 if dialing internationally.  Please use passcode 10008458 to access the replay.  In addition, the call will be webcast and will be available on the company’s website at www.majesco.com or by clicking here.

 

About Majesco

Majesco (NASDAQ: MJCO) 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. Majesco’s 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.

 

About InsPro Technologies

InsPro Technologies Corporation (OTCBB: ITCC) offers InsPro Enterprise, an end-to-end, web-based policy administration system used by insurance carriers and third-party administrators. By managing the entire product and policy lifecycle on a single integrated platform, customers are afforded opportunities to accelerate new product introductions, lower costs, increase customer satisfaction and improve operational performance. InsPro’s solutions are offered through standard software licensing, as a hosted solution, or via Software as a Service (SaaS) delivery.

 

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 reports that Majesco and InsPro Technologies file from time to time with the Securities and Exchange Commission (the “SEC”) and which you should review, including those statements under “Item 1A – Risk Factors” in the Annual Reports on Form 10-K of Majesco and InsPro Technologies, as may be amended by their Quarterly Reports on Form 10-Q. 

Among the key factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements are the following: (i) the expected timeframe for completing the merger; (ii) the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement; (iii) the risk that one or more of the conditions to closing of the merger may not be satisfied, including, without limitation, the approval of the merger by InsPro Technologies’ stockholders; (iv) the risk of disruptions to current plans and operations, increased operating costs and the potential difficulties in maintaining customer, supplier, employee, operational and strategic relationships as a result of the announcement and consummation of the merger or otherwise; (v) adverse results in any legal proceedings that may be instituted against InsPro Technologies, Majesco, their respective affiliates or others following announcement of the merger; (vi) the risk that unexpected costs will be incurred in connection with the merger; (vii) the risk that the projected value creation and efficiencies from the merger will not be realized, or will not be realized within the anticipated time period; (viii) Majesco’s ability to promptly, efficiently and effectively integrate InsPro Technologies’ operations into those of the combined company; (ix) working capital needs; (x) continued compliance with government regulations; (xi) labor practices; (xii) the combined company’s ability to achieve increased market acceptance for its product and service offerings and penetrate new markets; and (xii) the possibility that InsPro Technologies or Majesco may be adversely affected by other economic, business and/or competitive factors, including rapidly changing customer preferences and trends.

Additional information concerning these and other factors can be found in Majesco’s and InsPro Technologies’ filings with the SEC, including Majesco’s and InsPro Technologies’ most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K and in the proxy statement to be filed by InsPro Technologies in connection with the proposed transaction. These forward-looking statements should not be relied upon as predictions of future events and neither Majesco nor InsPro Technologies can 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. Readers should not regard these statements as a representation or warranty by Majesco or InsPro Technologies or any other person that these objectives and plans will be achieved in any specified timeframe, or at all. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Majesco and InsPro Technologies are under no obligation to, and expressly disclaim any obligation to, update or alter any forward-looking statements, whether as a result of new information, future events, changes in assumptions or otherwise, except as required by applicable law.

 

ADDITIONAL INFORMATION AND WHERE YOU CAN FIND IT

In connection with the proposed transaction between Majesco and InsPro Technologies, Majesco and InsPro Technologies intend to file relevant materials with the SEC, including a proxy statement of InsPro Technologies, and a definitive proxy statement will be mailed to InsPro Technologies stockholders when it becomes available. Majesco and InsPro Technologies will each also file other documents regarding the proposed transaction with the SEC. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT AND OTHER DOCUMENTS THAT WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT INSPRO TECHNOLOGIES, MAJESCO AND THE PROPOSED TRANSACTION. Investors and security holders will be able to obtain free copies of proxy statement (when it becomes available) and other documents filed with the SEC (when they become available) by Majesco or InsPro Technologies through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with the SEC by InsPro Technologies will be available free of charge on InsPro Technologies’ website at https://www.inspro.com/ or by contacting Anthony R. Verdi, Chief Executive Officer, InsPro Technologies Corporation, at 1510 Chester Pike, Suite 400 Baldwin Tower, Eddystone, PA 19022 or by e-mail at info@inspro.com. Copies of documents filed with the SEC by Majesco will also be available free of charge on Majesco’s website at http://www.Majesco.com/ or by contacting Lori Stanley, General Counsel, 412 Mount Kemble Avenue, Suite 110C, Morristown, NJ 07960, or by e-mail at lori.stanley@majesco.com.

 

PARTICIPANTS IN SOLICITATION

This communication is not a solicitation of a proxy from any investor or security holder. However, Majesco, InsPro Technologies, their respective directors and certain of their respective executive officers may be deemed participants in the solicitation of proxies in connection with the proposed transaction under the rules of the SEC. INFORMATION REGARDING THE PARTICIPANTS IN THE PROXY SOLICITATIONS, INCLUDING INSPRO TECHNOLOGIES’ AND MAJESCO’S DIRECTORS AND EXECUTIVE OFFICERS, AND A MORE COMPLETE DESCRIPTION OF THEIR DIRECT AND INDIRECT INTERESTS IN THE PROPOSED TRANSACTION, BY SECURITY HOLDINGS OR OTHERWISE, WILL BE CONTAINED IN THE PROXY STATEMENT AND OTHER RELEVANT MATERIALS TO BE FILED BY INSPRO TECHNOLOGIES AND MAJESCO WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION WHEN THEY BECOME AVAILABLE. These documents can be obtained free of charge from the respective sources indicated above.

This communication does not constitute the solicitation of any vote or approval.

Majesco Announces Expanded Capabilities to Majesco Digital1st Insurance® to Accelerate Insurers’ Digital Transformation

Majesco Digital1st Insurance® is a cloud-native, microservices-based digital experience platform with a low code / no code configurability and a robust API and partner ecosystem apps

Morristown, NJ January 14, 2020 – Majesco (NASDAQ: MJCO), a global leader of cloud insurance software solutions for insurance business transformation, today announced the availability of expanded capabilities of Majesco Digital1st Insurance® to evolve and accelerate insurers’ business and technology models in their digital transformation.

“The demands of agility, speed and innovation are accelerating as we enter a new decade,” stated Adam Elster, CEO of Majesco.  “To succeed in the future of insurance, which is coming faster than most realize, insurers must lay the groundwork of a new digital insurance business model.  Future market leadership and success will be defined by focusing on the customer experience, business innovation, and technological leadership.”

Majesco research notes that a top motivator for digital transformation is driven by customer and distribution channel expectations of a much improved experience and ranks as a top strategic initiative.  They are looking to new platforms with rich and robust capabilities that will enable speed of innovation to reimagine their future as digital insurer.

“We have strategically focused on the intersection of business and consumer technology trends that are relevant to the insurance industry,” stated Manish Shah, President and Chief Product Officer for Majesco.  “Majesco Digital1st Insurance® enables insurance industry to accelerate their digitalization journey through new ways of designing and delivering compelling customer experiences.  We are committed to provide a robust, rich set of capabilities, underpinned by an innovative architecture and technology to support the industry’s continued digital transformation.  The variety of uses by customers today highlight the flexibility and innovation that can be delivered rapidly.”

Majesco Digital1st Insurance® provides a powerful platform that can be leveraged through a wide variety of use cases ranging from high-fidelity portals over core systems to well-rounded omni-channel and omni-device customer and agent experiences enriched through heterogenous capabilities available through APIs.

The new and expanded capabilities are targeted to further improve the speed and agility, customer experience, connectivity to third party APIs, expanding ecosystems and more. These latest improvements are evidence of Majesco’s commitment to our Digital Platform with relentless innovation.  The latest update, representing a series of monthly software updates includes:

Notable User Interface Experience Updates:

  • 1 compliance to support Digital Accessibility
  • Notification Widgets
  • Processing Status Widget
  • Multi-media Carousel Widget
  • Autocomplete Dropdown with third-party data API integration hooks
  • Popup Menu Action Widget with dynamic list of actions
  • Native Payment Widgets pre-integrated with Visa CyberSource, Chase Paymentech and PayPal gateways
  • Enhancements to several existing widgets for configuring animations

New API Management Capabilities:

  • No-code API definition and configuration of external APIs through wizard-based imports
  • New API Plug-in to create and publish a new API without writing a single line of code.
  • 50+ pre-packaged public domain APIs such as Twitter, Facebook etc. ready to be used in configuring digital experiences

Usage Analytics:

  • Events Funnels powered by Google Analytics to understand usage patterns for applications for test-n-learn apps as well as A/B testing

Smart Connector for Majesco Policy for P&C:

  • Fully eliminates need for integrating Majesco Policy for P&C APIs resulting into 5x improvement in building core-enabled digital apps
  • Automatically synchronize and validate data bi-directionally between Majesco Digital1st Apps® and Majesco Policy for P&C utilizing Majesco P&C Core APIs
  • Intelligently optimize number of calls between Majesco Digital1st® and Majesco Policy for P&C by reducing chattiness but provide the best real-time experience

Majesco Digital1st EcoExchange® Expansion:

  • 15 more partner apps now available on Majesco Digital1st EcoExchange® with 50 more coming soon

Majesco Digital1st Electronic and Billing Payments (EBP) App® Updates:

  • Easy access to invoice and payment history
  • Warning message for policies under notice
  • Policy terms displayed in the policy card section
  • Administrative dashboard with usage information helping to understand the customer experience and user adoption

“Insurers increasingly understand that being a digital company requires an outside-in customer perspective,” stated Karen Furtado, Partner at Strategy Meets Action.  “While many insurers have a digital strategy, bringing that strategy into action demands next gen technology platform to enable new business processes, products, services, and channels relative to the customer experience and new insurance business model. Solutions such as Majesco’s Digital1st Insurance® provides a platform that enables insurers to rethink digital insurance customer experiences.”

 

About Majesco

Majesco (NASDAQ: MJCO) 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.

 

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, as amended by its Quarterly Reports on Form 10-Q.

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.

Texas Farm Bureau Insurance Upgrades Majesco Policy for P&C on Majesco CloudInsurer® to Strengthen Agility and Speed to Market

Morristown, NJ December 17, 2019 – Majesco (NASDAQ: MJCO), a global leader of cloud insurance software solutions for insurance business transformation, today announced that Texas Farm Bureau Insurance upgraded to the newest version of Majesco Policy for P&C and moved from on-premise to Majesco CloudInsurer® to strengthen their agility and speed to market.  The move to the SaaS model will deliver content, speed and scalability for their commercial lines operation, including umbrella, commercial property and general liability.

“Texas Farm Bureau Insurance’s original selection and implementation of Majesco Policy for P&C has proven to be strategically important,” commented Craig Daughtery, Vice President of Underwriting for Texas Farm Bureau Insurance.  “The continued rapid market changes and our ability to quickly adapt to them will be strengthened even further with this upgrade and move to the cloud.   Majesco’s commitment to next generation technology will provide us leading-edge business capabilities that will strengthen our commitment to customer service excellence.  We look forward to our deepening and expanding partnership with Majesco.”

Texas Farm Bureau Insurance has been protecting Texans since 1952 with a mission to help their customers manage the financial risks of everyday life.  For eight consecutive years Texas Farm Bureau Insurance has been ranked “Highest Customer Satisfaction among Auto Insurers in Texas” by J.D. Power.

“We are excited and honored to be working with Texas Farm Bureau Insurance and supporting them in their upgrade to CloudInsurer®,” said Prateek Kumar, EVP for Majesco.  “The unique and evolving market needs of Texans highlight the strategic value of our platform to deliver agility, innovation and speed to value.  Our continued move of customers to our latest version and CloudInsurer® highlight the rapidly growing value of our next generation platform in a new era of insurance.  We are thrilled to have Texas Farm Bureau Insurance join our rapidly expanding Cloud customer community.”

 

About Majesco

Majesco (NASDAQ: MJCO) 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.

 

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, as amended by its Quarterly Reports on Form 10-Q.

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.

 

Texas Farm Bureau Insurance received the highest score in Texas in the J.D. Power 2012-2019 U.S. Auto Insurance studies of customers’ satisfaction with their auto insurance provider. Visit jdpower.com/awards

Announcing General Availability of Version 11 of Majesco Distribution Management Platform

The new version includes cutting-edge capabilities and innovative features to accelerate insurers’ ability to modernize, optimize and create a new future of insurance

Morristown, NJ December 10, 2019 – Majesco (NASDAQ: MJCO), a global leader of cloud insurance software solutions for insurance business transformation, today announced the general availability of version 11 for the Majesco Distribution Management platform.  This follows the announcement for V11 of P&C Core Suite and L&A and Group Core Suite on October 28, 2019.

“Insurers across P&C and L&A and Group are focused on growth strategies through traditional agent and broker channels as well as new channels such as marketplaces, white-labelling partnerships, banks, and more but are challenged in effectively engaging, managing and optimizing these channels due to legacy compensation systems designed for a different era of distribution,” stated Eric Bustos, Vice President of Distribution Management Practice at Majesco.  “With the proliferation of new channels and the consolidation of agent and broker channels, insurers must meet the unique needs of these diverse channels with more innovative, forward-looking channel management, compensation and on-boarding capabilities.  Majesco Distribution Management provides a new platform that brings digital, distribution and data together for a new era of insurance to help insurers optimize and grow their business.”

Major changes in customer behaviors and expectations, particularly among the next generations of insurance buyers, Millennials and Gen Z, require insurers to offer a multi-channel ecosystem of options including agents, brokers, marketplaces, embedding insurance in other businesses at the point of sale, integrating with comparison sites and direct distribution.  The diversity of these channels, require new, innovative digital, distribution and data capabilities to create a sustainable competitive advantage and drive growth.

“Today’s insurers must rethink their distribution management organization and solutions to manage the variety and uniqueness of a growing diversity of channels to not only modernize their operation but optimize it to support their growth strategies,” stated Mike Fitzgerald, Senior Analyst at Celent.  “Insurers need to consider not only the core distribution capabilities, but also the digital and data needs to fully optimize these channels to drive ease of doing business them.”

“Majesco is aggressively investing and delivering on our vision to help insurers build the future of their multi-channel businesses.  This new version of Majesco Distribution Management brings a channel-centric view across all lines of business and channels to leverage ideas, innovations and capabilities delivered on a mature cloud environment with Majesco CloudInsurer®” commented Manish Shah, President and Chief Product Officer at Majesco.

This release highlights Majesco’s continued strategic investment in the distribution management solution to enable insurers to optimize their distribution channels with rich digital, distribution and data capabilities.  Some key elements include:

  • Multi-Channel Enablement – With the robust hierarchy and compensation schemes, insurers can quickly expand to new channels and enable cross-channel management.
  • Compensation Schemes – Expanded capabilities will support current and forward-looking schemes from transactional, to event-based, KPI based schedules, incentive and innovative new schemes to drive channel optimization and growth.
  • Enhanced Onboarding and Compliance – Automated credentialing, licensing and appointments, E&O expiry notification, license expiry notification and enhanced processing for promotions and demotions.
  • Performance and Relationship Management – Enhanced KPI and benefits including automatic evaluation of benefit scheme based on evaluation frequency, state specific requirements, and more.
  • Robust API Catalog and API Gateway – Over 100 0 compliant APIs covering all major functions such as NIPR integration, producer outstanding dues, producer payment inquiry, application background check available over an enterprise gateway servicing all APIs with enterprise monitoring and servicing feature for Majesco CloudInsurer®
  • Fully Cloud-Enabled – Embrace speed and agility with core suites that maximize cloud capabilities.
  • Digital Tour Guide – Contextual and interactive tutorials and guided tours of existing and newly released features for engaging and improving user adoptions and their productivity.
  • Ready-to-use Digital1st EcoExchange Capabilities – Built-In integration and configuration capability to quickly integrate with any Digital1st EcoExchange™ partner apps without coding.
  • Simple, Automated Upgrades – Seamless monthly upgrades of software and content to keep insurers compliant and at the leading-edge.

 

About Majesco

Majesco (NASDAQ: MJCO) 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.

 

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, as amended by Majesco’s Quarterly Report on Form 10-Q .

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.

Aite Group Names Majesco the Top “Best-in-Class” Vendor in the P&C Policy Administration Aite Matrix Report

Aite Group recognizes Majesco’s overall vendor stability, client strength and product features with top marks for its ability to solidly perform the “day to day” and capacity to help insurers grow and evolve in an ever-changing landscape 

Morristown, NJ December 5, 2019 – Majesco (NASDAQ: MJCO), a global leader of cloud insurance software solutions for insurance business transformation, today announced that Aite Group named Majesco the top “Best-in-Class” Vendor in the P&C Policy Administration Aite Matrix Report. Using the Aite Matrix, a proprietary Aite Group vendor assessment framework, the Impact Report evaluates the overall competitive position of each solution vendor, focusing on vendor stability, client strength, product features, and client services.

“Majesco has a robust platform that can meet the current needs of most carriers but that can also evolve with the changing P&C insurance world.  The modern architecture of Majesco Policy for P&C with the cloud-enabled, open-API platform, depth of out-of-the-box content, and growing partner ecosystem drives the speed to value for their customers,” says Aite Senior Analyst Jay Sarzen. “Majesco continues to enhance the API catalogue, partnership integrations that are built-in, and the modeler functionality; and recently, Majesco has added focus on AI to understand how the system can learn from the mapping and APIs that are used to automatically accept and accelerate new formats.”

Out of the 14 vendors evaluated, Majesco had the highest overall score of all vendors in the survey, achieving best in class scores in three of four categories evaluated – vendor stability, client strength, and product features.  In the latter two categories, Majesco achieved the highest scores among participating vendors.  In the report, Aite Matrix Evaluation: P&C PAS Vendors’, Aite Group explores how well PAS vendors can deliver on policyholder expectations and process efficiency by integrating external data and leveraging APIs to enhance core operational functions, such as underwriting and claim processing, and improve customers’ digital experiences.

“Majesco continues to redefine the next generation of solutions that are helping insurers transform complexity, create innovation, and meet the demands of speed in a new era of insurance,” commented Majesco CEO Adam Elster. “We are proud to be named the top “best-in-class” vendor by Aite Group in the P&C insurance technology space.  This further recognition, combined with our strong, diverse customer base, reflects the aggressive momentum of our SaaS and cloud platform solutions, helping our customers modernize, optimize and create new business models that prepare them for the future of insurance.”

Some of the capabilities highlighted by Aite Group were:

  • The exceptionally strong product features drove the high score highlighting the solutions ability to solidly perform the “day to day”, but having the capacity to help insurers grow and evolve in an ever-changing landscape.
  • The intuitiveness of the solution helps drive operational efficiency.
  • The solution hits the “sweet spot” of strong technology that is accessible and usable for business staff.
  • Majesco’s continued investment and growth provides assurance of stability and forward-thinking, making it a sound, strategic choice.

“We are honoured to be recognized by Aite Group as the top “best in class” P&C Policy Administration system. Majesco Policy for P&C is a proven cloud-enabled enterprise platform supporting various P&C lines of business, including innovative new products such as on-demand, cyber, rideshare and more,” commented Manish Shah, President and Chief Product Officer at Majesco.  “Built-on open, secure and scalable architecture and designed for continuous updates and speed to value, Majesco Policy for P&C stands apart as a powerful yet easy-to-use platform for enabling insurers, MGAs, brokers and reinsurers to seize new markets, new business opportunities and new customers in today’s dynamic and highly-competitive market. We are committed to expand this platform with more rich and innovative capabilities that’ll help our customers shape the future of their business and the future of insurance.”

For more information, view the Aite Group report at this link.

 

About Majesco

Majesco (NASDAQ: MJCO) 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.

 

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, as amended by Majesco’s Quarterly Report on Form 10-Q.

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 press release. 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.

New Majesco Future Trends Report Takes a Look Back and Forward on the Disruptive Forces Transforming the Future of Insurance

The shift is intensifying and realigning fundamental elements of the insurance business, requiring us to erase the idea that we can ease our organizations into this new era with minor adjustments

Morristown, NJ – December 4, 2019 – Majesco (NASDAQ: MJCO), a global leader of cloud insurance software solutions for insurance business transformation, today announced the release of a new research report, Future Trends – Looking Back and Leaping Forward.

The report takes a retrospective view from the first Future Trends report published nearly four years ago that discussed a major shift due to the converging “tectonic plates” of people, technology and market boundaries.  These changes are disrupting and redefining the world, industries and businesses including insurance — to where the industry is today and where it needs to leap forward for tomorrow.   Underscored within the report are the dramatically different demands of agility, speed and innovation as we enter 2020, compared to where they were in 2015. To succeed in the future of insurance, which is coming faster than most realize, insurers must lay the groundwork of a new digital insurance business model that embraces customer, technology and market boundary changes with vision, energy and speed.

“The pace of disruption and dramatic changes in the key trends of people, technology and market boundaries were in the early stages of development and experimentation in in the first Future Trends report, but their adoption and expansion have accelerated rapidly within the industry today,” commented Denise Garth, SVP of Strategic Marketing, Industry Relations and Innovation at Majesco.  “With so much disruption and change – technological revolution, fast-changing customer needs and expectations, regulatory changes such as the AM Best innovation rating and shifts to an on-demand, sharing, Gig and platform economy – the next generation of insurance leaders are aggressively adapting and responding to reinvent themselves before someone else does it for them.  The leaders creating the future of insurance are connecting current and future visions to the markets and opportunities that lie ahead.”

Tremendous changes are still on the horizon.  As we enter 2020, the future of insurance is intensifying and shifting.  Future market leadership and success will be defined by focusing on the customer experience, business innovation, and technological leadership.  Insurers must think and operate as technology-led companies, rather than insurance-product companies by leveraging new, emerging and maturing technologies to provide digitally-savvy customers with the product they want and need, recognizing that a product includes the customer experience, risk coverage and services.

These future leaders are not just innovating their business, they are disrupting their business by rethinking and reimagining the future as a digital insurer. Rather than holding onto decades of operational tradition built into their current business systems and processes, they are shifting their technological and administrative weight using a two-speed strategy – Speed of Operations and Speed of Innovation – for growth, relevance and success.  With evolving changes in regulations, from the introduction of sandbox environments to the new AM Best innovation rating, innovation barriers are being lowered and innovation is now a must-have for survival.

The thought leadership report is available to download on the Majesco website, or you can request a copy by emailing info@majesco.com.

 

About Majesco

Majesco (NASDAQ: MJCO) 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.

 

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, as amended by Majesco’s Quarterly Report on Form 10-Q.

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.

Ullico Casualty Group Selects Majesco P&C Core Suite and Majesco Enterprise Data Warehouse on Majesco CloudInsurer® to Underpin Digital Transformation and Growth Strategy

Selection will drive business modernization leveraging pre-configured industry leading practices, deliver optimized and operational capabilities and enable product innovation to their customers

Morristown, NJ November 19, 2019 – Majesco (NASDAQ: MJCO), a global leader of cloud insurance software solutions for insurance business transformation, today announced that Ullico Casualty Group, LLC (UCG), a wholly-owned subsidiary of Ullico, Inc., selected Majesco P&C Core Suite and Majesco Enterprise Data Warehouse on Majesco CloudInsurer® to underpin their digital transformation and growth strategy.

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, financial services and administrative products. UCG provides various commercial, business owners, cyber, bonds, fiduciary liability, union liability, and other insurance products to union pension and benefit plans, labor officials, 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 writes policies as a Managing General Agent with multiple A.M. Best A rated insurers as of September 30, 2019.

“Over our history, Ullico has been at the forefront in providing insurance products that meet Labor’s needs. With the emergence of the digital era and rapid changes in the marketplace, we needed new technology to underpin our digital transformation so that we would be able to respond and capture growth opportunities,” stated Tina Fletcher, President of UCG. “Through a very in-depth and detailed selection process, Majesco stood out with their core suite that delivers advanced capabilities, embedded industry best practices, exceptional user experience and a mature cloud offering that would provide the platform for us to deliver a world-class customer experience and products. We look forward to our partnership with Majesco and what we will be able to deliver together to our customers.”

UCG is entering a growth period requiring modernization with a new technology platform to support growth in existing and new lines of business to meet the evolving needs of their customers while gaining operational optimization and speed to value. Key to the selection were pre-configured industry best practices and market leading capabilities, customer panoramic view of quote to underwriting, policy and claims to deliver a world- class experience, enable UCG self-sufficiency from configuration, upgrades, testing and deployment, and achieve a predictable and low total cost of ownership leveraging mature cloud capabilities and operation.

“We are excited and honored by UCG’s selection of Majesco solutions to underpin their transformation that builds on their decades of trust and innovation,” commented Prateek Kumar, EVP of Majesco.  “Our solutions have rapidly evolved to help insurers modernize and optimize their business, but also innovate with new products, services and more that meet a rapidly changing market demographic and new risk needs on our mature, robust CloudInsurer® platform. We look forward to our partnership and delivering speed of value to UCG and their customers.”

 

About Majesco

Majesco (NASDAQ: MJCO) 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.

 

About Ullico

For more than 90 years, Ullico has been a proud partner of the labor movement, keeping union families safe and secure. From insurance products that protect union members, leaders and employers, to investments in building projects that have created thousands of union jobs, our customers continue to trust us with protecting their families, employees and investments. The Ullico Inc. Family of Companies includes The Union Labor Life Insurance Company; Ullico Casualty Group, LLC; Ullico Investment Company, LLC; and Ullico Investment Advisors, Inc. For additional information, visit www.ullico.com.

 

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, as amended by its Quarterly Report on Form 10-Q.

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 press release. 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.