Selection will provide foundation for their digital business transformation
Morristown, NJ – February 19, 2019 -Majesco (NYSE American: MJCO),a global leader of cloud core insurance software, today announced that American Public Life Insurance Company (APL) selected Majesco L&A and Group Core Suite platform as the foundation of its digital business transformation strategy.
“As the industry and our customers rapidly embrace digitalization, we recognize the need to radically improve our technology footprint. In doing so, we’ll be able to expand the reach of our organization to better serve and engage with all of our constituents while optimizing our performance,” said Jim Pate, APL President/CEO. “After a long and arduous assessment, we determined that Majesco’s vision, strategy, team and solutions align with our business today and in the future. We look forward to our implementation and the value it will bring to our customers and employees.”
Founded in 1945, APL offers a wide variety of supplemental medical insurance products, providing customized solutions for organizations of any size, in almost any industry, across the US. Its current core business, which includes gap, accident, hospital indemnity, critical illness, cancer, short-term disability, dental and life insurance, will be implemented onto the new platform. APL is licensed to conduct business in 49 states and continues to serve the independent broker market.
“We’re extremely honored to be partnering with APL to enable their digital business transformation,” said Adam Elster, CEO for Majesco. “The group and voluntary benefits market is rapidly changing to align to new customer expectations and different products and services that meet a shifting employee and employer marketplace. Our core platform uniquely provides a single platform for both individual and group/voluntary, which can simplify an insurer’s environment, while providing a platform for growth. We look forward to an exciting future with APL.”
Majesco L&A and Group Suite supports individual, group and voluntary benefits on a single platform, recognizing that growing and retaining customers, regardless of where they originate, is critical to insurers’ growth strategies. The suite provides essential core system capabilities for policy, billing and claims. The powerful design allows for rapid adaptation for new, innovative products or benefit plans, giving insurers the power, flexibility and speed needed to capture opportunities and create profitable growth.
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 majesco.commajesco.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.