New York, NY August 13, 2015: Majesco (NYSE MKT: MJCO), a global provider of core insurance software, consulting and services for insurance business transformation, today announced the launch of Majesco Business Analytics on the foundation of a robust and proven BI / analytics solution, Cover-All BI exclusively designed for the insurance industry. Majesco Business Analytics is an integral part of the Majesco software portfolio and Majesco Data Services offering.
Majesco Business Analytics is a first step of integration of the portfolio of solutions between Cover-All Technologies and Majesco following their merger. Majesco Business Analytics will be offered as a pre-built to Majesco P&C Suite and each of the individual components, inclusive of policy, rating, underwriting, billing, claims, and reinsurance, as well as a standalone solution to internalize their data, BI and analytics needs enterprise-wide. It is also a key component of the Majesco Data Services which includes data strategy, data warehousing and data management.
“The capabilities to generate actionable business insights for improving business performance are becoming critical for insurers to differentiate by meeting increasing customer expectations and sighting opportunities in today’s dynamic insurance market,” said Manish Shah, EVP Products for Majesco. “For building such differentiating capabilities using rapidly growing data from disparate internal and external sources require robust and insurance-aware data technologies. Majesco Business Analytics is an enterprise insurance data platform with a comprehensive view of insurance business and collaborative self-serve capabilities for generating business insights by business users.”
Majesco Business Analytics is an established solution within the P&C insurance market, with seven insurance carriers across the different tiers using the solution, highlighting the breadth, depth and flexibility of the solution. In addition, Majesco Business Analytics is currently in implementation with two insurers, one a tier one insurer.
“Many in the insurance industry are still struggling with adoption of data management and analytics, within departments and across the value chain,” stated Karlyn Carnahan, Director of P&C Insurance at Celent. “Insurers need to capture and effectively analyze their data across all their solutions to achieve efficiencies and effectiveness, but also business optimization and innovation. This is where real business value can define competitive differentiation.”
“Our deep expertise in enterprise data management capabilities including data strategy, warehouse, migration and predictive modelling combined with Majesco Business Analytics provide insurance companies a platform, roadmap and partner on their data transformation journeys,” said John Johansen, SVP for Majesco Data Services.
Majesco enables insurance business transformation for approximately 140 insurance customers by providing solutions which include software, consulting and services.
Our customers are insurers, MGA’s and other risk providers from the Property and Casualty, Life, Annuity and Group insurance segments worldwide. Majesco delivers proven software solutions, consulting and services in the core insurance areas such as policy, billing, claims, distribution management, BI/ analytics, digital, application management, cloud and more. For more details on Majesco, please visit www.majesco.com.
Director — Global Marketing
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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.
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