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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 www.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

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. 

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 Digital1st 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 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 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 Digital1st EcoExchange™ marketplace, which is part of Majesco Digital1st Insurance™ solutions.

Majesco Digital1st 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 Digital1st 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 Digital1st 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 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 Unveils Majesco L&A and Group Core Suite Version 11

The new version includes significant enhancements including over 200 new features, 1500 new capabilities and a simple upgrade process to accelerate insurers’ transformation to the future of insurance

Morristown, NJ  April 17, 2019 – Majesco (NASDAQ: MJCO), a global leader of cloud insurance software solutions for insurance business transformation, today pre-announced the upcoming version 11 release of the Majesco L&A and Group Core Suite, including Majesco Policy for L&A and Group, Majesco Billing for L&A and Group and Majesco Claims for L&A and Group.  The new version will be available in October 2019.

The L&A and Group segment of the insurance industry has been slow to replace legacy systems and is now facing intensified disruption and change – technological revolution, fast-changing customer needs and expectations, and shifts to new products and business models.  Together, these powerful trends are driving innovation with startups and existing insurers alike building the future of insurance by modernizing, optimizing and creating new business models and products within the business.

“The L&A and Group insurance segment is poised for transformation and Majesco’s aggressive investment in a next-generation core suite platform will enable our customers and the industry to not just modernize, but optimize and innovate their business,” commented Manish Shah, President and Chief Product Officer at Majesco.  “The entire insurance industry, including L&A and Group insurance is pivoting to a digital operating model that requires speed-to-value, test-and-learn capabilities, and customer-focused products and services with the ability to continually adapt to changing market dynamics and customer behaviors. Majesco is committed to bringing insurers an insurance platform that enables digital operating models through open architecture, configurability, ready-to-use content, prebuilt end-to-end capabilities and SaaS-based delivery – ultimately helping our customers capture market opportunities as they shape the future of insurance.”

Today’s insurers are seeking a platform that connects people and business to insurance in ways that are innovative, hyper-relevant, compelling and personal to drive growth and innovation for their business. This release highlights Majesco’s continued, strategic investment in core systems to enable customers’ transformation to meet the demands of a new era of insurance.   The new version will include the following innovative key enhancements and capabilities:

  • Digital RFPs – AI powered Group sales process that allows insurers to offer the best for the customer based on historical trends and profitability.
  • Always STP (straight through processing) – Speeds up transaction processing time and allows having the same information be streamlined through a process across multiple points.
  • Reporting Reimagined – Design, schedule, execute and view tailored reports off a NoSQL DB.
  • Dashboards– Role based activity, analytical and monitoring dashboard views.
  • Global Search – An all-purpose, generic search capability to find any entity across the L&A and Group suite allowing users to initiate transactions right from the search results and make quick judgments.
  • Digital Tour Guide – In-app interactive tutorials and guided tours of existing as well as newly released features for engaging and improving user adoptions and their productivity.
  • API – Start your digital journey with our 1000+ APIs covering all major business functions.
  • Personal Assistant – AI Bot driven conversational UX for navigation to a process to quickly commence and complete the task.
  • User themes & preferences – Configure new themes and preferences for personalized screen layouts and branding.
  • Real-time User Feedback – Proactively gather user feedback and needs then apply it to enhance the user experience.
  • Knowledge Library – Online context sensitive help with ‘how to’ guides and search capability.

“Celent continues to see significant investment in both the individual and group space for new, modern technology,” said Tom Scales, Celent, Head, America’s Life and Annuity. “From the front-office to back-office and more, innovation investment is growing. It is great to see the vendor community making significant investments as well.”

Majesco CloudInsurer leverages Majesco’s experience with over 40 cloud customers, providing a business platform with broad appeal for all insurers from greenfields, new start-ups and incubators to mid-market and tier one insurers. Majesco CloudInsurer provides a core insurance software platform leveraging Majesco core solutions including Majesco Policy, Majesco Billing, and Majesco Claims. With preconfigured content, Majesco solutions are designed to provide agility, rapid product innovation, and speed to market, enabling insurance companies to introduce new products and reach new markets quickly and cost effectively.

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 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 and DataRobot Partner to Bring Integrated AI/Machine Learning with Majesco Solutions to Customers and the Insurance Industry

Partnership will integrate AI and automated machine learning capabilities with Majesco solutions to help insurers optimize the business and drive growth and innovation

Morristown, NJ April 16, 2019 – Majesco (NASDAQ: MJCO), a global leader of cloud insurance software solutions for insurance business transformation, announced today a partnership with DataRobot, the leader of automated machine learning, to accelerate adoption and success of AI in the insurance industry. Through the new partnership, Majesco customers can leverage the DataRobot automated machine learning platform capabilities integrated with Majesco solutions to improve underwriting, claims and servicing excellence, and profitability.

AI and machine learning, along with cloud, APIs and microservices, are the key technologies for platforms, like Majesco’s Core Suites and Digital1st Insurance solutions. The partnership will make machine learning analytics capabilities accessible to any tier of insurer using Majesco solutions, alleviating the burden of limited expertise and resources.

As the insurance industry rapidly moves to the future of insurance, robust AI and machine learning capabilities are increasingly mandatory.  Benefits of the partnership include:

  • Data Science Access to All: empower the data-rich, but data science-limited insurance businesses to rapidly build, test, and deploy machine learning models with DataRobot’s automated machine learning platform with Majesco Solutions.
  • Optimize the Business: Deliver business value via actionable results by applying machine learning to data to optimize decision making within key business processes.
  • Drive Growth and Innovation: Leverage new data sources for innovative new products and services to drive growth and innovation.

“As the insurance industry continues to rapidly transform, advanced analytics capabilities through AI and machine learning are business-critical for growth and innovation,” commented Manish Shah, President and Chief Product Officer at Majesco.  “Despite this, AI and machine learning are inaccessible to many insurers due to the lack of access to technical talent.  This partnership will level the playing field by integrating Majesco solutions with the DataRobot platform to automate the process of building and operationalizing insurance models within any part of the insurance value chain.”

“AI has the potential to revolutionize the insurance industry, and automated machine learning is ripe to solve the challenges that many insurers face, including scarce resources and a slowly evolving technical infrastructure,” said Seann Gardiner, SVP of Business Development at DataRobot. “Leveraging the knowledge, experience, and best practices from the world’s leading data scientists, this partnership will put the power of machine learning into the hands of more insurers looking to transform their businesses into AI-driven enterprises.”

“In 2019 we’re already seeing a significant shift from proof of concepts in AI to something more industrialized and repeatable in the insurance industry,” commented Craig Beattie, Senior Analyst at Celent. “However, in order for AI to be pervasive in an organization it needs to be accessible, and integrated into the processes and core systems that organization uses. This partnership between Majesco and DataRobot could unleash the potential of this wave of AI for 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 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 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.

Contact

DataRobot
Libby Botsford
Communications Manager
+1-978-618-3994
Libby.botsford@datarobot.com

Majesco Unveils Majesco P&C Core Suite Version 11

The new version includes 100 new features and 700 new capabilities to accelerate insurers’ transformation to the future of insurance

Morristown, NJ April 15, 2019 – Majesco (NASDAQ: MJCO), a global leader of cloud insurance software solutions for insurance business transformation, today unveiled the upcoming version 11 release of the Majesco P&C Core Suite, including Majesco Policy for P&C, Majesco Billing for P&C and Majesco Claims for P&C.  The new version will be generally available in October 2019.

It is a time of disruption and change in the insurance industry – technological revolution, fast-changing customer needs and expectations, and shifts to an on-demand, sharing, Gig and platform economy. These powerful trends are driving the creation of new business models, new products, new services and new markets by those who embrace the disruptive potential and looked forward to the future of insurance by modernizing, optimizing and creating new products, services and business models within the business.

“Majesco continues to aggressively invest and deliver expanded capabilities and features in our P&C Core Suite platform. The new version 11 will help our customers and the industry optimize, modernize and innovate to build the future of their business – and the future of insurance – at speed and at scale,” commented Manish Shah, President and Chief Product Officer at Majesco.  “Our focus is to provide a robust platform that provides the open architecture, configurability, ready-to-use content, pre-built capabilities and SaaS based not just for today’s market demands, but for what is next – positioning our customers as leaders in the Future of Insurance.”

This release highlights Majesco’s continued strategic investment in our core systems to enable our customer’s transformation and shift to future of insurance.  Insurers are seeking a platform that connects people and business to insurance in ways that are innovative, hyper-relevant, compelling and personal to drive growth and innovation for their business.

The new version brings new and innovative capabilities for further improving speed to value, customer experience, ecosystem connectivity and cloud delivery across all suite products with simple, easy and quick upgrade.  Insurers will be able to tap into 100 new features including the following our favorite 11 key features:

  • Customer Panoramic View – A panoramic view of customer portfolio through their entire lifecycle with drill down capabilities as an effective underwriting and customer service tool.
  • Submission and Risk Clearance – Streamlined submission and risk clearance pre-integrated with Majesco Policy for P&C.
  • Usage-based Billing – Mileage-based billing for auto insurance.
  • Enhanced Task Management – Centralized and enhanced task management for the P&C Suite focusing on managing business exceptions and approvals through automation and skill-based routing and escalations.
  • Global Search – All-purpose, generic search capability to find any entity across all P&C suite products to initiate transactions right from the search results.
  • Digital Tour Guide – In-app interactive tutorials and guided tours of existing as well as newly released features for engaging and improving user adoptions and their productivity.
  • Personal Assistant – AI Bot driven conversational UX for navigation and quick completion of a task within a business process.
  • Native Document Management – Preintegrated native document composition, generation and storage modules with intuitive document authoring tools.
  • Open API & API Gateway – 700+ OAS3.0 compliant APIs covering all major P&C functions available over an enterprise gateway servicing all APIs with enterprise monitoring and servicing feature for Majesco CloudInsurer™ customer.
  • Ready-to-use Digital1st EcoExchange Capabilities – Built-In integration and configuration capability to quickly integrate with any Digital1st EcoExchange™ partner apps without coding.
  • Enterprise Security & Data Protection – User identity management with popular cloud identity providers with multi-factor authentication for added security measures as well as data protection compliance.

“Modern Insurers are looking for core systems that deliver robust out of the box functionality to accelerate implementation, and an open integration architecture that allows them to deliver unique customer experiences and digital capabilities. Offering this in a secure, stable cloud environment enables insurers to focus resources on differentiators, not commodities like infrastructure.   Forward-looking solution providers like Majesco are meeting these needs,” stated Martina Conlon, Executive Vice President at Novarica.

Majesco CloudInsurer™ leverages Majesco’s experience with over 35 cloud customers, providing a business platform with broad appeal for all insurers from greenfields, new start-ups and incubators to mid-market and tier one insurers. Majesco CloudInsurer provides a core insurance software platform leveraging Majesco core solutions including Majesco Policy, Majesco Billing, and Majesco Claims.

Majesco Policy for P&C provides preconfigured ISO content, including all rates, rules, forms, taxes, fees, and surcharges for 52 jurisdictions (including DC and Puerto Rico), and provides a well-experienced monthly bureau content update service.  Together, the preconfigured bureau content and Majesco Bureau and Content Update Services are designed to provide agility, rapid product innovation, and speed to market, enabling insurance companies to introduce new products and reach new markets quickly and cost effectively. Majesco Enterprise Data Warehouse is pre-integrated with the Majesco P&C software portfolio.

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 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 Plans to Unveil New Brand and Vision for the Future of Insurance

Launching the new face and future of Majesco at the company’s sold-out customer conference

Morristown, NJ April 9, 2019 – Majesco (NASDAQ: MJCO), a global leader of cloud insurance software solutions for insurance business transformation, today announced plans to unveil its new brand and vision for the future of insurance at Convergence 2019, the company’s global customer conference.

Majesco has an incredible history of innovation and raising the bar in the insurance industry. Over the last nine months alone, the company increased its revenue by more than 14%, as reported in its third quarter financial results. This was driven primarily by the growing success of its cloud strategy, with a 51% increase in cloud revenues year over year for the quarter, representing nearly 40% of the company’s total revenue.

“Majesco is evolving its brand to mirror who we are as a company,” says CEO Adam Elster. “The industry is beginning to see how well-run, digitally-capable insurance can impact the world. Successful digital transformation is about finding a strategic partner with the right combination of products and people who can see ahead and help navigate the changes to come. Majesco is that partner,” continued Elster. “We’re powered by the best people in the business, recognized for innovation and vision, and driven to help our customers define the future and thrive in it.”

With this launch, Majesco is elevating its focus on next-generation software solutions, unparalleled domain expertise and industry leadership, and a powerful partner ecosystem to help insurers modernize, innovate and connect to build the future of their business – and the industry – at speed and at scale. The new branding positions Majesco at the intersection of technology, innovation, human-interaction and trust to give insurers a real edge as they reimagine insurance processes for the modern world.

“Our new brand captures the energy and the bold new landscape that’s unfolding in our industry today and underscored by our extensive market research and thought leadership” says Denise Garth, Majesco’s SVP of Strategic Marketing. “Majesco is building the future—agile, nimble, and lightning fast— a future with cloud-based products and solutions that have the power to innovate and transform all existing, greenfield and startup insurers across Property and Casualty, Life and Annuities, and Group Benefits to meet the demands of tomorrow, now.”

Majesco’s new tagline says it all: The future of insurance starts here.

The company’s new brand is live on www.majesco.com today.

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 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 Appoints Finance and Operations Expert Wayne Locke As New CFO

The company continues expansion of its executive team, strengthening alignment across the business with an eye towards  the future of insurance

Morristown, NJ April 8, 2019 – Majesco (NASDAQ: MJCO), a global leader of cloud software solutions for insurance business transformation, today announced the appointment of Wayne Locke as Chief Financial Officer (CFO) effective April 8, 2019.

Wayne brings over two decades of finance and operations experience to the role, and joins the company from Capgemini, where he was responsible for financial and operational consulting services for insurance organizations.  Prior to that he was the President of WEL Consulting LLC, a financial operations firm. There he provided interim and acting CFO support at several growing companies and was instrumental in driving the finance vision, strategy and leadership to help the organizations get to the next level.  Over the course of his career, he has been responsible for designing and implementing world-class, value-added business process management solutions for notable organizations, including AIG, Deloitte Consulting, GE Capital, BNY and Swiss Re.

Wayne holds an MBA in Finance from Baruch College City University of New York and a BS in Accounting from Brooklyn College City University of New York.

As Majesco’s CFO, Wayne will report directly to CEO Adam Elster and oversee all operational, commercial, financial and investor relations functions, ultimately ensuring the company’s ability to capitalize on the growing demand for cutting-edge insurance software solutions that deliver digital business transformation at speed and scale.

“Wayne’s extensive expertise in financial planning and operations, management and strategy, along with his background in the insurance industry is an ideal fit for Majesco as we work to extend our positive momentum, continue growing our cloud business, and help insurers across Property and Casualty, Life and Annuities, and Voluntary Group Benefits to meet the demands of tomorrow, now” said Adam.

“I couldn’t imagine a more exciting time to join Majesco. Their vision for the future of the company and the future of insurance truly impressed me. I look forward to joining the team and leveraging my experience to build on their impressive performance and growth” said Wayne.

With this move, Farid Kazani will continue to lead Majesco’s Group Finance Function as Managing Director and Group CFO, playing a critical role in strategic initiatives including mergers and acquisitions, partnerships, capital raise and other initiatives to increase Majesco’s stakeholder value.

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 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.

New Majesco Research Clearly Reveals Rising Consumer Expectations for a New Era of Insurance

Leaders will rapidly adapt to what customers want and expect, rather than requiring customers to adapt to the way insurance has always worked

Morristown, NJ – March 26 2019:  Majesco (NASDAQ: MJCO), a global leader of cloud insurance software solutions for insurance business transformation, today announced the release of a new thought leadership report, Building a Business Model for the Insurance Customer of the Future, based on its third annual survey of consumers who buy insurance.   The report underscores why insurers must rapidly shift to a new era of insurance for growth and retention of customers.

“Customer focus is always a win-win.  How insurers make it a win-win is changing due to new technologies, new competitors, new products, new services and new customer expectations,” commented Denise Garth, SVP of Strategic Marketing, Industry Relations and Innovation at Majesco. “Today’s and tomorrow’s insurance customers are shifting across multiple fronts.  Understanding how customers make decisions for insurance is critical for insurers as they create strategies for their future.     Savvy, innovative companies are redefining the future of insurance from an outside-in perspective, by adapting to these changes.”

All customer generational segments, led by Gen Z and Millennials, actively participate in marketplace trends and use technologies that are driving the demand for new insurance products, services and engagement strategies. Insurers must begin to act on these now if they hope to capture the growth opportunities they offer, let alone retain existing customers who are increasing open to newer offerings.

  • Gen Z and Millennials lead as consumers in the Sharing Economy. Gen Z stands out in their use of rideshare services jumping sharply from 45% to over 60% and showing a strong 10% increase in the use of homeshare services.
  • Across all generations, fitness trackers and smart speakers are the most heavily used connected devices. Gen Z and Millennials lead in the use of connected home devices, with Millennials doubling their year-over-year use of connected security devices like Ring doorbell.
  • Over 20% of all generations have purchased event or single-item insurance, highlighting growing interest in pay-as-you-need insurance products.

Most insightful, is the strong openness by all generations in using new products, services and business models, many already offered or in experimental phase by InsurTech startups, innovative carriers, reinsurers, and MGAs. First-mover status will be critical to win market share ahead of the growing field of competitors capitalizing on these new customer expectations.

  • Gen Z and Millennials are most interested in value-added service offerings, indicating they are less indoctrinated into the traditional insurance business model than their older counterparts, and are more open to viewing insurers as partners in their overall well-being.
  • Nearly 50% of Millennials and closely followed by Gen Z, would consider eight different insurance pricing models based on new data sources that reflect their desire for personalized rather than “one size fits all” products.
  • The purchase of insurance from Amazon, Google or Apple is most likely by Gen Z and Millennials. In contrast, Gen X and Boomers have very little interest in doing so.This stark difference reflects the growing gap between generations that is increasingly taken advantage of by innovative, digital first competitors who are aggressively capturing and establishing loyal next generation customers.

 

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

Insurance business transformation is a journey of change and revitalization, a renaissance of Insurance.  Approximately 160 insurance companies worldwide in P&C, L&A and Group / Employee Benefits are transforming their businesses with Majesco’s solutions.  Our market leading software, consulting and services uniquely underpin the entire insurance value chain and are designed to empower insurers with the agility, innovation and speed needed to meet their transformation opportunities.  Majesco’s solutions include policy management, new business / underwriting, rating, billing, claims management, distribution management, BI / analytics, predictive modeling, digital platform with mobile and portal, testing services, cloud services, bureau and content services, transformation services, consulting services and more.  For more details on Majesco, please visit www.majesco.com.

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 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.