Press Archive - Majesco

Majesco CEO Adam Elster Presents at Needham & Company’s Emerging Technology Conference and B. Riley’s Annual Investor Conference

Morristown, NJ – May 23, 2019 – Majesco (NASDAQ: MJCO), a global provider of cloud insurance platform software, today announced presentations from CEO Adam Elster at two major investor conferences this week.

They include B. Riley’s Annual Investor Conference taking place today in Beverly Hills, CA and Needham & Company’s Emerging Technology Conference, which was hosted in New York, NY on May 21, 2019.

“I am thrilled to share Majesco’s compelling market opportunity with the investors at these two conferences,” said CEO Adam Elster. “Majesco is already known in the industry for its strength in completeness of vision and capability. Innovative companies including large traditional brands, new greenfields and InsurTech startups are leveraging Majesco’s cloud and SaaS-based solutions to redefine the future of insurance and meet the demands of tomorrow, right now. The rapid growth in adoption of our next-generation cloud, API and microservices-based platforms is a testament to our leadership in the market and the cutting-edge value we’re bringing to companies across the industry.”

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 harbor” provisions of the Private Securities Litigation Reform Act. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of management, are not guarantees of performance and are subject to significant risks and uncertainty. These forward-looking statements should, therefore, be considered in light of various important factors, including those set forth in Majesco’s reports that it files from time to time with the Securities and Exchange Commission and which you should review, including those statements under “Item 1A – Risk Factors” in Majesco’s Annual Report on Form 10-K.

Important factors that could cause actual results to differ materially from those described in forward-looking statements contained in this press release include, but are not limited to: integration risks; changes in economic conditions, political conditions, trade protection measures, licensing requirements and tax matters; technology development risks; intellectual property rights risks; competition risks; additional scrutiny and increased expenses as a result of being a public company; the financial condition, financing requirements, prospects and cash flow of Majesco; loss of strategic relationships; changes in laws or regulations affecting the insurance industry in particular; restrictions on immigration; the ability and cost of retaining and recruiting key personnel; the ability to attract new clients and retain them and the risk of loss of large customers; continued compliance with evolving laws; customer data and cybersecurity risk; and Majesco’s ability to raise capital to fund future growth.

These forward-looking statements should not be relied upon as predictions of future events and Majesco cannot assure you that the events or circumstances discussed or reflected in these statements will be achieved or will occur. If such forward-looking statements prove to be inaccurate, the inaccuracy may be material. You should not regard these statements as a representation or warranty by Majesco or any other person that we will achieve our objectives and plans in any specified timeframe, or at all. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. Majesco disclaims any obligation to publicly update or release any revisions to these forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this press release or to reflect the occurrence of unanticipated events, except as required by law.

Majesco Announces Webcast for Investor Day 2019

The event to be webcast live from the Nasdaq MarketSite in Times Square, New York

Morristown, NJ – May 7, 2019: Majesco (NASDAQ: MJCO), a global leader of cloud insurance software solutions for insurance business transformation today announced that it will webcast the formal portion of its Investor Day live from the Nasdaq MarketSite in Times Square, New York on Wednesday, May 8, 2019.

Over the course of the event, Majesco’s senior leadership team will lay out the company’s growth strategy and articulate the market opportunities for the Majesco brand. They will highlight Majesco’s vision for the future of insurance, emphasizing the company’s next-generation capabilities, unparalleled domain expertise, industry leadership and strategic partnerships, all focused on helping insurers meet the demands of tomorrow, now.

Details of the Live Webcast

The formal management presentations and Q&A sessions will be held from 1:00 p.m. until 4:30 p.m. ET on Wednesday, May 8, 2019.

The live webcast can be accessed at https://edge.media-server.com/m6/p/gr6dwxpj and the associated slides will be accessible at http://investors.majesco.com with a replay available for 12 months.

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 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); 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

Corporate Contact

Ann Massey
SVP-Finance
+1 973 461 5190
ann.massey@majesco.com

Investor Contact
SM Berger & Co
Andrew Berger
+1 216 464 6400
andrew@smberger.com

Majesco Announces Record Fourth Quarter and Full Year Fiscal 2019 Results

Fourth quarter revenue of $36.9M up 11.9% year over year
Full year revenue of $139.9M up 13.7% year over year
Fourth quarter cloud revenue of $16.3M up 54.9% year over year
Full year cloud revenue of $56.8M up 52.6% year over year
Fourth quarter EBITDA of 12% up 9% year over year
Full year EBITDA of 12.3% up more than 200% year over year
Cloud revenue now represents more than 40% of total revenue

Morristown, NJ – May 7, 2019 – Majesco (NASDAQ: MJCO), a global provider of cloud insurance platform software, today announced strong financial results for the fiscal 2019 fourth quarter and full year that ended March 31, 2019.

“We had a great year for revenue, EBITDA and new sales,” stated Adam Elster, Majesco’s CEO. “Companies of all sizes are turning to Majesco to partner with us on their digital transformation journey. I am more excited than ever about the opportunity ahead, the future of Majesco and the insurance industry. Our relentless focus on delivering innovation and customer success has fueled our growth and solidified our leadership.”

“I am excited by our momentum, and as we look to fiscal 2020 we remain committed to leveraging our technology, expertise and leadership to help insurers modernize, innovate and connect to build the future of their business – and the future of the insurance industry – at speed and scale.”

Key Revenue Drivers

Revenue from cloud-based customers was $56.8 million (40.6% of total revenue) for the year ended March 31, 2019, up 52.6% as compared to $37.2 million (30.3% of total revenue) during the year ended March 31, 2018.
Total number of cloud customers is now 54.
Total recurring revenue was at $45.8 million (32.8% of total revenue) for the year ended March 31, 2019, up 38.8% as compared to $33.0 million (26.8% of total revenue) for the year ended March 31, 2018.
Majesco’s 12-month order backlog as of March 31, 2019 was $96.9 million, up 13.5% from $85.4 million on December 31, 2018.
We added 19 new clients organically for the year ended March 31, 2019.

Fourth Quarter 2019 Financial Results

Revenue was $36.9 million, compared to $32.9 million for the same period last fiscal year. The 11.9% increase in revenue was driven by footprint expansion in existing accounts, new logos, and the acquisition of Exaxe.
Gross profit was $17.9 million (48.5% of revenue), compared to $15.4 million (46.9% of revenue) for same period last fiscal year. The 160-basis point increase in gross profit margin was driven by a higher margin mix of revenue.
Research and development (R&D) expenses were $5.0 million (13.5% of revenue), compared to $4.6 million (13.9% of revenue) for the same period last fiscal year. Investments in R&D were focused on Majesco’s product roadmap to support next generation insurance solutions and digital offerings.
Selling, general and administrative (SG&A) expenses were $10.5 million (28.5% of revenue), compared to $10.0 million (30.4% of revenue) for the same period last fiscal year. The reduction in SG&A as a percent of revenue reflects improved operating leverage.
Adjusted EBITDA was $4.4 million (12.0% of revenue), compared to $2.9 million (8.8% of revenue) for the same period last fiscal year.
Net income was $1.2 million, or $0.03 per diluted share as compared to net income of $0.4 million, or $0.01 per diluted share, for the same period last fiscal year. Net income was significantly higher due to increases in revenue and profitability.

Fiscal Year 2019 Financial Highlights

Revenue for fiscal 2019 was $139.9 million, compared to $123.0 million last fiscal year. The 13.7% increase in revenue was driven by expansion within existing accounts, new logos, and the acquisition of Exaxe.
Gross profit was $68.5 million (49.0% of revenue) for fiscal 2019, compared to $55.9 million (45.4% of revenue) last fiscal year. The 360 basis point increase in gross profit margin was driven by a higher margin mix of revenue.
R&D expenses were $19.3 million (13.8% of revenue) for fiscal 2019, compared to $17.3 million (14.0% of revenue) last fiscal year.
SG&A expenses were $39.1 million (28.0% of revenue) for fiscal 2019, compared to $41.0 million (33.4% of revenue) last fiscal year. The decrease in SG&A was driven by improved control of G&A expenses and higher operating efficiencies.
Adjusted EBITDA for fiscal 2019 was $17.2 million (12.3% of revenue), compared to $5.7 million (4.6% of revenue) last fiscal year.
Net income for fiscal 2019 was $6.9 million or $0.18 per diluted share, compared to a net loss of $5.0 million or $(0.14) per share last fiscal year.

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 cash and cash equivalents of $39.4 million at March 31, 2019, compared to $14.5 million at December 31, 2018, and $9.2 million as at March 31, 2018.
Majesco was debt free at March 31, 2019, compared to $13.7 million in total debt at December 31, 2018, and $13.6 million at March 31, 2018.

Other Highlights

The company announced the acquisition of the India based insurance software business from its parent company, Majesco Limited. The transaction received shareholder approval on April 30, 2019, and the acquisition is expected to close in mid-May.
On February 25, 2019, Majesco completed a rights offering pursuant to which it received approximately $43.5 million in gross proceeds from the sale of 6,123,463 shares of the company’s common stock to shareholders who exercised their subscription rights (including both basic and over-subscriptions) in the rights offering.

Conference Call and Webcast Information

Majesco management will conduct a live teleconference to discuss Majesco’s fiscal 2019 fourth quarter and full year financial results at 8:00 a.m. ET on Wednesday, May 8, 2019. Anyone interested in participating should call 888-256-1007 if calling from the U.S., or 323-994-2093 if dialing internationally. A replay will be available until May 22, 2019, which can be accessed by dialing 844-512-2921 within the U.S. and 412-317-6671 if dialing internationally. Please use passcode: 7826361 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 one-time reversal of accrual for contingent liability and one-time transaction costs related to the Exaxe acquisition.

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 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); 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 for the fiscal year ended March 31, 2018 filed with the SEC on June 22, 2018.

Investor Contact

SM Berger & Co
Andrew Berger
+216 464 6400
andrew@smberger.com

Corporate Contact

Ann Massey
SVP-Finance
(973) 461-5190
Ann.massey@majesco.com

Capgemini and Majesco Become Alliance Partners

New York, May 06, 2019 – Capgemini today announced it has signed an alliance partner agreement with Majesco (NASDAQ:MJCO), a global leader of core insurance software for insurance business transformation. In the agreement, Capgemini will bring its extensive insurance innovation, customer service and digital capabilities to implementations of the Majesco Life & Annuity (L&A) and Group Core Suite for insurance carriers in the life, annuity, group, worksite, and voluntary benefits market, helping them to achieve speed to value.

“Disruption is creating unprecedented growth and innovation opportunities in the insurance industry,” said Seth Rachlin, Chief Innovation Officer for Insurance, at Capgemini. “Customer expectations are moving insurers rapidly to a new generation of digitally superior insurance which requires continuous innovation to acquire and retain customers, introduce products faster, improve efficiency, and reduce costs.”

Capgemini already has implementations underway of the Majesco L&A and Group Core Suite, which includes policy, billing, and claims modules. Capgemini is teaming with Majesco to provide business and systems transformation capabilities along with implementation, integration, conversion, and testing services to group and individual insurers. Additionally, Capgemini will bring its insurance expertise, ecosystem, and InsurTech partnerships to an upcoming L&A and group platform offering with Majesco L&A and Group Core Suite at its heart. The platform will allow insurers to become “Open Insurers” that leverage API and services architectures to rapidly build a digital ecosystem to overcome legacy system setbacks.

“The L&A and Group insurance market is undergoing rapid innovation and transformation that demands modern core solutions underpinned by strategic partnerships that enable implementation in months versus years,” stated Adam Elster, CEO of Majesco. “Our relationship with Capgemini will bring business and technology transformation and systems integration expertise to our customers to achieve speed to value. As we accelerate our growth plans, we want to ensure that our customers have access to the best products, expertise, knowledge and leadership critical for their business innovation and transformation plans, regardless of insurer line of business, size or market. This announcement reinforces our commitment to strategic alliance partnerships that deliver exceptional value to our customers.”

Press Contact:
Mary Sacchi
WE Communications for Capgemini
Tel.: +1 718 916 6873
E-mail: msacchi@we-worldwide.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 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); 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 Capgemini

A global leader in consulting, technology services and digital transformation, Capgemini is at the forefront of innovation to address the entire breadth of clients’ opportunities in the evolving world of cloud, digital and platforms. Building on its strong 50-year heritage and deep industry-specific expertise, Capgemini enables organizations to realize their business ambitions through an array of services from strategy to operations. Capgemini is driven by the conviction that the business value of technology comes from and through people. It is a multicultural company of over 200,000 team members in more than 40 countries. The Group reported 2018 global revenues of EUR 13.2 billion.

Majesco to Report Fiscal 2019 Fourth Quarter and Full Year Financial Results on May 8, 2019

Conference Call Scheduled for May 8, 2019 at 8:00 a.m. ET

Morristown, NJ – May 1, 2019: Majesco (NASDAQ: MJCO), a global leader of cloud insurance software solutions for insurance business transformation, today announced that the Company will report its fiscal 2019 fourth quarter and full year financial results before the market opens on Wednesday, May 8, 2019.

Conference Call and Webcast Information

Majesco leadership will conduct a live teleconference to discuss Majesco’s fiscal 2019 fourth quarter and full year financial results at 8:00 a.m. ET on Wednesday, May 8, 2019.

Anyone interested in participating should call 888-256-1007 if calling from the U.S., or 323-994-2093 if dialing internationally.

A replay will be available until May 22, 2019, which can be accessed by dialing 844-512-2921 within the U.S. and 412-317-6671 if dialing internationally. Please use passcode: 7826361 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 visiting http://public.viavid.com/index.php?id=134419.

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 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); 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

Contacts

Corporate Contact
Ann Massey
SVP-Finance
+1 973 461 5190
ann.massey@majesco.com

Investor Contact
SM Berger & Co
Andrew Berger
+1 216 464 6400
andrew@smberger.com

Majesco to Announce Three-Year Strategic Plan at May 8th Investor Day at Nasdaq

Majesco to be one of the first companies to host its Investor Day at Nasdaq’s new MarketSite in New York

Morristown, NJ – April 25, 2019: Majesco (NASDAQ: MJCO), a global leader of cloud insurance software solutions for insurance business transformation, will host its annual Investor Day at the Nasdaq MarketSite in Times Square, New York from 1:00 to 5:30 pm, with a cocktail reception immediately following.

In mid-April, CEO Adam Elster launched the new face and future of Majesco at Convergence 2019, the company’s sold-out customer conference, where he emphasized the company’s promise and focus on helping insurers build the next generation of their businesses and the industry at speed and scale. He also highlighted Majesco’s commitment to connect insurers with the products, insights and best practices they need to execute their digital transformation strategies, noting both the company’s rich history and the cutting-edge innovation and value they’re bringing to the insurance industry.

“I am excited to introduce our expanded leadership team and three-year strategic plan at our Investor Day on May 8^th,” said Majesco’s CEO Adam Elster. “There has been a lot of activity across our organization in recent months. We just launched a new marketing campaign, announced new strategic partnerships, and unveiled exciting upgrades to our product offerings. Our cloud-based strategy is resonating in the market. I look forward to outlining our vision for the future, and sharing our product roadmaps, financial progress and customer insights with investors next month.”

“We are very pleased to welcome Majesco to Nasdaq’s family of innovative growth companies,” said Nelson Griggs, President of the Nasdaq Stock Exchange. “A Nasdaq listing will provide Majesco with improved liquidity, increased visibility and greater exposure to the institutional community. We look forward to our partnership with Majesco as the company achieves its milestones in the years to come.”

Participants must be preregistered to attend the event. To register please email investorday2019@majesco.com.

Details of the Investor Day include:

Date                        May 8, 2019
Time                        1:00 to 5:30 (to be followed by a cocktail reception)
Location               Nasdaq MarketSite, 4 Times Square New York, NY 10036

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 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); 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 majesco.com.

Cautionary Language Concerning Forward-Looking Statements

Foresters Friendly Society to Replatform its Legacy Systems with Majesco LifePlus Solutions in the Cloud

Dublin, Ireland, April 23, 2019: Majesco (NASDAQ: MJCO), a global provider of cloud insurance software solutions for insurance business transformation, is delighted to announce that it has signed an agreement with Foresters Friendly Society to deliver full, end-to-end policy lifecycle support for their digital strategy. The Society will implement Majesco’s SaaS solutions, including Life AdminPlus, Life DistributionPlus, and Life IllustratePlus, to meet their strategic business objectives.

Foresters Friendly Society chose Majesco for its end-to-end capabilities that will equip the Society with future-proofed technology that enhance its digital capability to meet the emerging challenges it faces in a dynamic marketplace. Majesco will deliver a digitally compliant journey for all Foresters Friendly Society members.

Grant Streader, Head of Insurance Operations at Foresters Friendly Society, commented: “To ensure we are fully equipped to deliver our vision of being the most member-centric mutual, we recognise the need to invest in our existing IT applications with a cloud hosted environment for our business operations. We needed a digital solution that will lower the cost of new business acquisition whilst improving efficiencies and increase our speed to market with new products. Throughout the selection process Majesco proved its capabilities in these areas. We look forward to working with Majesco to deliver the agreed solution to assist in achieving our strategic business goals.”

Philip Naughton, Executive Director Business Development at Majesco, commented: “Following Exaxe’s acquisition by Majesco, we are delighted to have been able to offer even further capability to Foresters Friendly Society. We are looking forward to a successful implementation supporting Foresters Friendly Society’s business growth by delivering a digital by default solution.”

Majesco LifePlus Solutions are tomorrow’s solution for individual life, pensions and wealth management. Majesco’s component-based SaaS solutions provide full policy lifecycle support from customer fact-find right through to payment of a claim. Majesco LifePlus Solutions allow clients to avoid large upfront licence fees, to pay per usage and work anywhere, anytime.

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 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); 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 majesco.com.

About Foresters Friendly Society

Foresters Friendly Society was founded in 1834 and is a mutual organisation. The Society has approximately 73,000 members across 190 UK branches. The Society offers a range of financial savings, investment and insurance products, as well as a range of member benefits, including discretionary educational grants and healthcare support. Nearly £1m in discretionary financial grants and charitable donations was paid out in 2017.

The Society has a strong heritage backed by a modern brand and cares about its members, putting them at the heart of everything it does. Supporting charitable causes and getting involved in community activities is an essential part of the Society’s work. Each year the Society supports a charity and its fundraising activities are focused on supporting that charity. The Association of Air Ambulances Charity was the chosen charity for 2017/2018, and over £68,000 was raised by members. Action on Hearing Loss is the chosen charity for 2018/2019.

Foresters Friendly Society is the trading name of The Ancient Order of Foresters Friendly Society Limited which is an Incorporated Friendly Society (Registration No. 511F) and is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Registration No. 110029).

Membership benefits are not regulated and are regularly reviewed to ensure they are relevant to members.

www.forestersfriendlysociety.co.uk

Cautionary Language Concerning Forward-Looking Statements

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.

Contacts

Sharon Cronin
EMEA Marketing Manager, Majesco LifePlus Solutions
+353 86 3584766
sharon.cronin@exaxe.com

Majesco Crushes Attendance Records at Convergence 2019, Unveils New Brand and Strategy for the Future of Insurance, and Announces Major Product Enhancements and Strategic Partnerships

Launch puts a stake in the ground, promising leadership for Majesco partners and the industry, and creating a bold new landscape that’s on-demand, in the cloud, hyper-relevant and ultra-scalable

Morristown, NJ – April 19, 2019: Majesco (NASDAQ: MJCO), a global leader of cloud insurance software solutions for insurance business transformation, today announced that its annual customer conference crushed attendance records, growing nearly 50%. Attendees included industry influencers from insurers, reinsurers, brokers, MGAs and InsurTechs and business leaders from insurance and beyond.

This jump in attendance underscores Majesco’s market leadership and the rapid growth in adoption of Majesco’s modern cloud, API and microservices-based platforms for existing and new customers across the P&C and L&A and Group segments.

CEO Adam Elster’s keynote focused on Majesco’s vision, strategy and overall brand position, emphasizing the company’s promise and focus on helping insurers build the next generation of their businesses and the industry at speed and scale. He highlighted Majesco’s commitment to connect insurers with the products, insights and best practices they need to execute their digital transformation strategies, noting both company’s rich history and the cutting-edge innovation and value they’re bringing to the insurance industry.

“It’s time for Insurance to become as easy, seamless and powerful as any business or personal service we expect. This is why we do what we do,” said Adam. “Majesco is creating the future—agile, nimble, and lightning fast— a future with cloud-based products and solutions that have the power to transform all P&C, Life & Annuities and Group Benefits to meet the demands of tomorrow, right now.”

The broad range of presentations from industry influencers, partners and customers at the conference is proof that savvy, innovative companies including large legacy brands, new greenfields and InsurTech startups are leveraging Majesco’s solutions to redefine the future of insurance.

In his keynote, Manish Shah, President and Chief Product Officer, highlighted the rapidly changing marketplace and the shift in technology to cloud, API, microservices, AI, and the rich ecosystems that are mandatory to compete today and in the future. He provided insight to the upcoming Version 11 releases of the Majesco P&C Core Suite and the Majesco L&A and Group Core Suite and introduced the Majesco LifePlus Solutions rebranded from the recent Exaxe acquisition. Manish also gave an overview of the wide array of innovative initiatives using the Majesco Digital1^st Insurance platform to change the paradigm of portals, reinvent the concept of speed-to-value, and more.

In recognition of the many customers who are aggressively defining their path to the future, Denise Garth emceed an awards presentation where Majesco recognized those companies who have modernized, optimized and created new business models or products on their path to The Future of Insurance over the last year. These included:

Business Modernization Award – Replacement of legacy systems with new modern platform. There were seven recipients from North America and two international.
Business Optimization Award – Builds off their core platform foundation to optimize the business with data and digital solutions. There were four North America recipients and three international.
Future of Insurance Award – Reinventing or redefining the business of insurance with a new business model, new products and new services and driving innovation. There were six recipients, including one international company.

A number of these recipients demonstrated innovation and speed-to-value in their implementations. Five implemented new business models or new products on Majesco platforms on CloudInsurer™ in 12 weeks or less, setting a new bar for rapid go-lives in the industry. Five of the recipients were recognized for both modernization and optimization of their businesses, reflecting the multi-path approach by many insurers to stay competitive. The award winners represent the growing diversity of customers that are setting a path to the future using Majesco solutions.

“Convergence is our premiere customer event, bringing together leaders across the industry to inspire, collaborate and discuss how to shape the future of the industry and their own companies,” commented Denise Garth, SVP Strategic Marketing, Industry Relations and Innovation. “From our research and active leadership in InsurTech, we have consistently advocated that insurers have every reason to continue fostering their loyal customers but need to begin to cultivate new business models for the future because the window of opportunity to retain existing, let alone capture future customers is rapidly closing. Focusing on the customer and the future is a win-win for insurers and the focus of Convergence.”

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 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); 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 majesco.com.

Cautionary Language Concerning Forward-Looking Statements

Majesco Announces Ready-To-Use Partner Apps in Majesco Digital1st EcoExchange™

Majesco Digital1st EcoExchange™ is a dynamic, real-time marketplace of pay-per-use insurance apps built with Majesco and its rich ecosystem of data and solution partners

Morristown, NJ – April 18, 2019: Majesco (NASDAQ: MJCO), a global leader of cloud insurance software solutions for insurance business transformation, today announced a wide range of ready-to-use partner apps available in the Majesco Digital1^st EcoExchange™ marketplace, which is part of Majesco Digital1^st Insurance™ solutions.

Majesco Digital1^st Insurance™ is a ground-breaking digital and microservices-based solution designed to enable the next era of insurance business models, products and customer engagement to drive innovation and growth.

The Digital1^st EcoExchange™ is a next-generation partner ecosystem hub using third-party services with a standard, semantic layer for easy integration and a true “plug-and-play” environment for both traditional and InsurTech partners. The EcoExchange™ is different from accelerators and other industry offerings with a code repository because it works as an app store with API-based services. Majesco partners will be able to list and offer any number of apps on the EcoExchange™ which operates like any other marketplace or app store.

“The Digital1^st EcoExchange™ is a next-generation marketplace of partner apps designed to enable the insurance industry to make its transition to the digital, on-demand era,” commented Manish Shah, President and Chief Product Officer at Majesco. “The EcoExchange™ supports both experimentation and the creation of new business models with the ability to rapidly scale. In today’s digital economy, capabilities such as pay-per-use pricing and dynamic integration using open APIs to create different cost structures can often mean the difference between success and failure,” continued Manish.

The EcoExchange™ has a wide variety of apps currently available and in development, ranging from a non-interactive service call all the way to a comprehensive solution that can orchestrate multiple provider services, including interactive conversations. The current list of partner apps within the EcoExchange™ include:

CyberSource, Visa’s payment management platform

Online Payment Acceptance – A global, modular payment management platform built on secure Visa infrastructure helping businesses grow by enhancing customer experience, increasing revenues, and mitigating risk.

HazardHub

Property Basics – Our introductory data pack that answers your pressing, hard to gather data – Distance to Coast, Distance To Fire Station, Distance to Fire Hydrant, AAIS Fire Protection Class, Property Elevation, Year Built, Number of Bedrooms, and Square Footage, all for $1 per lookup.

LexisNexis

LexisNexis® Auto Data Prefill is an interactive single-inquiry solution that automates the insurance application process by delivering information at the initial point of contact with the consumer.
LexisNexis® C.L.U.E.® (Comprehensive Loss Underwriting Exchange) is a claim history information exchange that enables insurance companies to access prior claim information in the underwriting and rating process for auto, home and commercial insurance.
Motor Vehicle Records (MVRs)- LexisNexis is the single largest provider of MVRs to the insurance industry, allowing us to deliver innovative cost saving solutions. LexisNexis Duplicate Order check, Driver History Database, and Activity Files allow auto carriers to realize significantly reduced MVR data costs.
LexisNexis® National Credit File provides access to major credit bureau reports through a single point of entry with a common inquiry and results format to help segment risk. LexisNexis continues to enhance the platform and expand data sets, resulting in next generation credit attributes and insurance scores to provide a more granular view of a consumer’s information and risk.

Majesco

Send Mail by SMTP : Capability to send email using SMTP.

SmartyStreets

Address Validation – Validate, standardize and geocode complete addresses and zipcodes to minimize address issues and speed customer engagement processes.

SPLICE Software

FNOL Confirmation – Promptly confirm that a claim has been received and a claim number has been assigned; delivered via the policyholder’s communication channel of choice.
NPS Survey – Conduct Net Promoter Score® (NPS) Surveys allowing you to gauge overall customer satisfaction and measure changes over time. (Coming Soon!)
Post-Cat Notification – Follow-up with policyholders in affected areas after a major CAT event to provide general estimates for claims triage displaced policyholders and provide options for claim submissions. (Coming Soon!)
Claims Closure Notification – Finalize claims process by informing claimants of claim closure, including settlement amount (if any) and expected processing time for payment. (Coming Soon!)
Claim Appointment Reminder – Remind policyholder of an upcoming adjuster appointment, with the option to confirm or reschedule. (Coming Soon!)

Verisk

360Value® Property Prefill – Verisk offers you the next generation of prefill with SmartSource™. SmartSource populates address-specific property characteristics from multiple sources, including public records data, real estate data, underwriting and claims estimates, and topographical data.
BCEGS® (Building Code Effectiveness Grading Schedule) – Verisk’s ISO® Building Code Effectiveness Grading Schedule (BCEGS®) offers a fast, accurate way to get information on building code adoption and enforcement practices. Property/casualty insurers can use the information for underwriting and to grant premium credits for buildings constructed in communities with effective, well-enforced codes.
PPC® (Public Protection Classification) Service – Verisk’s ISO® Public Protection Classification (PPC®) Service helps property/casualty insurers assess fire protection capabilities at point of sale and renewal. The service provides a PPC® rating for communities throughout the United States based on key fire protection information, such as water supply, distance to the nearest fire station, fire department equipment and manpower, and emergency response systems.

“Insurers clearly recognize the value of fanatical attention on customer experience and the need to deliver innovative new products through the use of new digital capabilities and new sources of data. But those that have to individually curate these solutions and then integrate the solutions one at a time will face increasingly high costs”, said Karlyn Carnahan, head of Celent’s property casualty practice for the Americas. “This pre-curated ecosystem with the ability to rapidly deploy solutions gives a tremendous jumpstart to carriers who are looking for rapid transformation.”

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 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); 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 majesco.com.

Cautionary Language Concerning Forward-Looking Statements

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.