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Millers Mutual Selects Majesco’s Cloud-Native Digital1st® Insurance Platform

Next-generation digital platform selection expands partnership

Morristown, NJ – May 26th, 2020 – Majesco (NASDAQ: MJCO), a global leader of cloud insurance software solutions for insurance business transformation, today announced their partnership with Millers Mutual to use cloud-native Digital1st® Insurance platform to develop their next generation engagement and experience for customers, agents and employees.

Millers Mutual Insurance based in Harrisburg, Pennsylvania, is a regional property and casualty insurer serving commercial policyholders in Pennsylvania, Delaware, Maryland, Ohio, Virginia and Washington, D.C., through a network of independent agents. They help single and multifamily housing and commercial real estate owners stay in business by protecting them from financial misfortune by offering a full complement of commercial insurance products and services, including businessowners policies, Umbrella liability, cyber and employment practices liability.

In today’s digital world, customer expectations are driving new business requirements for products and experiences. With Majesco’s Digital1st® Insurance platform, we will be able to design our digital offerings to meet the needs and expectations of our customers, agents and employees,” said Lisa Kozlowski, VP of Marketing and Customer Experience. “This strategic initiative will provide a foundation for us to further develop and enhance our relationships with our agents and customers.”

Majesco’s Digital1st® Insurance is a ground-breaking, micro-services and API-based platform-as-a-service that brings the most cutting-edge business and consumer technology trends to insurance.

“Majesco’s Digital1st® Insurance platform is designed to meet the demands of today’s next-generation engagement for customers and agents who expect real-time, personalized experiences,” said Majesco’s Chief Revenue Office Jim Miller. “We’re excited about the opportunity to deepen our relationship with Millers Mutual and connect them to the latest digital technologies that will help shape the future of their business.”

 

About Majesco

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

 

Cautionary Language Concerning Forward-Looking Statements

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

Important factors that could cause actual results to differ materially from those described in forward-looking statements contained in this press release include, but are not limited to:  the adverse impact on economies around the world and our customers of the current COVID-19 pandemic; our ability to achieve increased market penetration for our product and service offerings and obtain new customers; our ability to raise future capital as needed; the growth prospects of the property & casualty and life & annuity insurance industry; the strength and potential of our technology platform and our ability to innovate and anticipate future customer needs; our ability to compete successfully against other providers and products; data privacy and cyber security risks; technological disruptions; our ability to successfully integrate our acquisitions and identify new acquisitions; the risk of loss of customers or strategic relationships; the success of our research and development investments; changes in economic conditions, political conditions and trade protection measures; regulatory and tax law changes; immigration risks; our ability to obtain, use or successfully integrate third-party licensed technology; key personnel risks; and litigation risks.

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 Draws Record High Attendance at its Virtual Spring Product Council Meeting

Over 175 P&C customers joined Majesco to exchange information and strategize upcoming product plans that will help enable the future of insurance

Morristown, NJ – May 22, 2020 –  Majesco (NASDAQ: MJCO), a global provider of cloud insurance platform software, today announced the successful completion of its 13th spring product council meeting that brought together Majesco’s P&C customers to discuss the product roadmap progress and plans for P&C Policy, P&C Billing and P&C Claims, CloudInsurer®, and Digital1st®.

“These sessions provided us with a great opportunity to engage with our customers, share best practices and common experiences and better understand the unique opportunities and challenges our customers are faced with,” commented Manish Shah, President and Chief Product Officer at Majesco. “This valuable information is critical to the ongoing development of our product roadmap and will help identify new opportunities to keep our solutions and our customers at the leading edge of the industry as we continue our journey to the future of insurance.”

Given the current environment, this year’s meeting was a virtual event with five separate sessions held from Monday, May 18th through Wednesday, May 20th that offered the ability for more to participate.  Kicking off the meeting, CEO Adam Elster and Chief Product Officer Manish Shah welcomed and thanked customers for their partnership with Majesco and shared a corporate overview as well as an update on the overall product strategy and direction for the upcoming year. Majesco product leaders provided details on product updates, new developments and plans defined within the product roadmap for Majesco’s solutions.

“I’m so pleased Majesco moved forward with this event,” commented Stacy Shaw, SVP and CIO at MMG. “It was nice to see the product leaders and I’m pleased to see the ongoing investment in Majesco’s solutions. These products are rapidly coalescing into a highly integrated, robust suite that will meet the digital transformation needs of insurers.”

 

About Majesco

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

Cautionary Language Concerning Forward-Looking Statements

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

Important factors that could cause actual results to differ materially from those described in forward-looking statements contained in this press release include, but are not limited to:  the adverse impact on economies around the world and our customers of the current COVID-19 pandemic; our ability to achieve increased market penetration for our product and service offerings and obtain new customers; our ability to raise future capital as needed; the growth prospects of the property & casualty and life & annuity insurance industry; the strength and potential of our technology platform and our ability to innovate and anticipate future customer needs; our ability to compete successfully against other providers and products; data privacy and cyber security risks; technological disruptions; our ability to successfully integrate our acquisitions and identify new acquisitions; the risk of loss of customers or strategic relationships; the success of our research and development investments; changes in economic conditions, political conditions and trade protection measures; regulatory and tax law changes; immigration risks; our ability to obtain, use or successfully integrate third-party licensed technology; key personnel risks; and litigation risks.

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

Majesco To Report Fiscal 2020 Fourth Quarter and Full Year Financial Results on May 28, 2020

Conference Call Scheduled for May 28, 2020 at 5:00 p.m. ET

 

Morristown, NJ – May 21, 2020 – Majesco (NASDAQ: MJCO), a global provider of cloud insurance platform software, today announced that the company will report its fiscal 2020 fourth quarter financial results after the market close on Thursday, May 28, 2020.  Following the news release, Majesco leadership will host a live teleconference on Thursday, May 28, 2020 at 5:00 p.m. ET to review the results.

 

CONFERENCE CALL AND WEBCAST INFORMATION

Anyone interested in participating in the conference 5:00 p.m. ET on Thursday, May 28, 2020 can dial 855-327-6837 if calling from the U.S., or 631-891-4304 if dialing internationally.

A replay will be available through June 11, 2020 and can be accessed by dialing 844-512-2921 within the U.S. and 412-317-6671 if dialing internationally. Please use passcode 10009421 to access the replay.

The call will be webcast and will be available on the Company’s website at www.majesco.com or by clicking here.

 

About Majesco

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

 

Cautionary Language Concerning Forward-Looking Statements

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

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.

 

Investor Contact

SM Berger & Co

Andrew Berger

+216 464 6400

andrew@smberger.com

Majesco Acquires InsPro Technologies: Strengthens and Scales its Position in L&A and Group Segment

Expands growth potential and enhances domain depth as insurers seek successful digital and business transformation

Morristown, NJ – April 1, 2020 – Majesco (NASDAQ: MJCO), a leading cloud and SaaS provider for insurance businesses, announced today that it has completed the acquisition of InsPro Technologies Corporation (OTCBB: ITCC), a U.S. based software leader in the life and annuity insurance market.

InsPro Technologies brings an insurance administration and marketing system that supports group and individual business lines, and efficiently processes agent, direct market, worksite and website generated business.  Majesco expands their customer portfolio of leading insurers and third-party administrators who currently process over 15 million policies daily, including some with over a million policies each.

The expertise, talent and experience that the InsPro Technologies team brings is critical to meeting the demands of today’s digital customer and reinforces Majesco’s commitment to creating a future of insurance that is agile, nimble and fast. InsPro also strengthens and supports Majesco’s strategy to continue leading the industry with innovative, cloud-based solutions that help carriers take advantage of current market opportunities.

“Our acquisition of InsPro Technologies complements and expands one of our key strategic focus areas. We have been investing in our L&A and Group business and our solid performance and financial position allow us to continue partnering with companies to accelerate and enable their cloud journey and business transformation,” commented Adam Elster, CEO of Majesco. “We’re excited to welcome InsPro’s Technologies customers to our community and look forward to helping them build the future of their business.”

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

 

About Majesco

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

 

Cautionary Language Concerning Forward-Looking Statements

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

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

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

Majesco’s New Research Report Highlights Digital Transformation by Industry Leaders with a New Era of Core Systems, Next Gen Technologies and Ecosystems

Savvy leading insurers are transforming the business to better serve customers, launch new, innovative products, expand market reach with new channels and optimize operations with technology that ultimately reshapes business with new core, next-gen technologies and ecosystems 

Morristown, NJ March 17, 2020 – Majesco (NASDAQ: MJCO), a global leader of cloud insurance software solutions for insurance business transformation, announced the release of Insurance Digital Transformation: A New Era of Core Systems, Next Gen Technologies and Ecosystems, a complementary report to the 2020 Strategic Priorities report launched in February. The new report dives deeper into core platform systems, next-gen technologies and ecosystems and highlights how many insurance leaders are investing in these technologies to ensure that they remain or become leaders in the future of insurance.

“As we enter a new decade, the future of insurance is intensifying and shifting,” stated Denise Garth, SVP of Strategic Marketing, Industry Relations and Innovation at Majesco.  “As customer, market and technology trends continue to disrupt and challenge insurance, understanding the current and future state of insurance and how investment in new technologies will determine success is increasingly crucial. Every aspect of the insurance business is being redefined within the context of the future – not the past. And a new era of core platform systems, next gen technologies and ecosystems are the future. Insurers must assess where they are today as compared to those leading the way in terms of these technologies, because platform and ecosystem models are accelerating the digital transformation and future of insurance today and driving change in the industry.”

Over the last decade or more, core system modernization and transformation has been painful and expensive, often running over several years and costing tens to hundreds of millions of dollars to create an on-premise customer-configured environment.  These on-premise core system implementations also added layers of portals for customers and agents as well as an array of complex integrations to leverage data sources or integrate with other systems, both internal and external.

Some key takeaways from the report:

  • Core system legacy challenge remains. Overwhelmingly, L&A (40-75%) and P&C (50-60%) insurers remain on multiple non-platform solutions, a significant legacy challenge.
  • Core systems rapidly move to platforms. Platformsare technically and architecturally different than on-premise “modern core” solutions.  40-75% of P&C and L&A and Group insurers are putting innovative or new products on platform solutions, a nearly 180-degree difference.
  • Digital experience and Digital Experience Platforms (DXPs) are a top driver of transformation. The rapid evolution of digital strategies is challenging traditional out-of-the-box portals (both agent and customer), exposing their inability to deliver personalized engagement, support non-standardized products and easily integrate with innovative partners.
  • The rise of the platform and ecosystems. New technologies and digital ecosystems are accelerating transformative change and offering opportunities to create a seamless customer experience and relationship.  The gap between Leaders to Followers and Laggards in adoption of platform technologies is 27%.
  • Innovative partnerships, ecosystem development and connections are gaining momentum. New business approaches and value creationare transitioning from vertical market boundaries to porous market boundaries and ecosystems. Leaders are ahead of both Followers and Laggards by 42% – 45% in embracing ecosystems and partnerships to extend value.

Visionary leaders see the market and technological trends as a many-fold opportunity for insurance — preparing to use new sources of data, reach new market segments, and offer innovative new products needed by customers with platforms, next gen technologies and ecosystems. With a digital platform foundation in place, insurers can focus on optimizing and innovating their business to compete in a new era of insurance.

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

 

About Majesco

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

 

Cautionary Language Concerning Forward-Looking Statements

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

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

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

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

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

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

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

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

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

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

 

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

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

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

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

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

 

About Majesco

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

 

Cautionary Language Concerning Forward-Looking Statements

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

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

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

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

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

Third quarter total revenue of $37.2m

Third quarter adjusted EBITDA of $5.0m

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

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

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

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

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

Key Revenue Drivers

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

 

Third Quarter 2020 Financial Results

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

 

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

 

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

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

 

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

 

Balance Sheet Highlights

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

 

Conference Call and Webcast Information

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

 

Use of Non-GAAP Financial Measures

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

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

 

About Majesco

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

 

Cautionary Language Concerning Forward-Looking Statements

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

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

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

Majesco to Acquire InsPro Technologies

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

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

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

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

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

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

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

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

 

Conference Call and Webcast Information

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

 

About Majesco

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

 

About InsPro Technologies

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

 

Cautionary Language Concerning Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of management, are not guarantees of performance and are subject to significant risks and uncertainty. These forward-looking statements should, therefore, be considered in light of various important factors, including those set forth in reports that Majesco and InsPro Technologies file from time to time with the Securities and Exchange Commission (the “SEC”) and which you should review, including those statements under “Item 1A – Risk Factors” in the Annual Reports on Form 10-K of Majesco and InsPro Technologies, as may be amended by their Quarterly Reports on Form 10-Q. 

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

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

 

ADDITIONAL INFORMATION AND WHERE YOU CAN FIND IT

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

 

PARTICIPANTS IN SOLICITATION

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

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

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

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

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

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

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

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

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

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

Notable User Interface Experience Updates:

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

New API Management Capabilities:

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

Usage Analytics:

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

Smart Connector for Majesco Policy for P&C:

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

Majesco Digital1st EcoExchange® Expansion:

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

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

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

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

 

About Majesco

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

 

Cautionary Language Concerning Forward-Looking Statements

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

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

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