Implementation will support the explosive program business growth
Morristown, NJ – September 24, 2018 - Majesco (NYSE American: MJCO), a global provider of core insurance software and consulting services for insurance business transformation, today announced Cannon Cochran Management Services Inc. (CCMSI), the largest privately held third-party administrator, selected Majesco Policy and Billing for P&C on Majesco CloudInsurer and Majesco Insurance Data & Analytics Platform to transform their business by replacing their legacy systems to enable their growth strategy.
CCMSI is a privately held, employee-owned company that creates and provides innovative multi-line insurance program solutions inclusive of workers compensation, auto liability, property and general liability for thousands of companies. For over 40 years, they have administered individual and group self-insured programs across a wide range of industries with a focus on being transparent, innovative, proactive, consistent and flexible.
“From the very beginning we were impressed with the depth of business and technical knowledge and capabilities of the Majesco team,” said Kerry Rademacher, VP of Underwriting at CCMSI. “The Majesco core insurance, data and cloud platforms provide forward looking solutions that will enable our ability to create innovative insurance programs to support our growth strategy. What was so exciting was their understanding of the needs of a third party administrator like ourselves, to enable agility and innovation to support our growing, diverse customers.”
CCMSI has more than 1300 employees, working from 34 office locations, providing services to more than 400 individual self-insured employers, 15 primary insurance companies, and more than 50 self-insurance groups. CCMSI’s underwriting business is expanding and they are adding new client types like Professional Employment Organizations (PEO).
“We are excited to be CCMSI’s partner in their transformation and growth strategy, said Prateek Kumar, EVP of P&C Business for Majesco. “With new risk needs emerging in the marketplace, property and casualty insurance programs are growing at an explosive pace, giving companies like CCMSI unique growth and innovation opportunities. We look forward to a long-term partnership as they transform their business and capture the opportunities in the era of Digital Insurance 2.0.”
Majesco is working with a growing number of innovative insurance carriers, reinsurers, MGAs and third party administrators across both the P&C and L&A segments to launch new business models, introduce new products, and enter new markets leveraging a portfolio of platforms to deliver speed to value – speed to implementation, speed to market and speed to revenue.
Majesco CloudInsurer platform leverages Majesco’s experience with over 38 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 Policy provides pre-configured 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 Insurance Data & Analytics Platform includes Majesco Enterprise Data Warehouse with is pre-integrated with the Majesco P&C software, Majesco Enterprise Data Model and Majesco Enterprise Business Analytics.
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.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.