Highlights flexible and modern Majesco solutions’ ability to respond to rapidly evolving market
Morristown, NJ – June 1, 2016 – Majesco (NYSE MKT: MJCO), a global provider of core insurance software, consulting and services for insurance business transformation, today announced the launch of Majesco CloudInsurer, an out-of-the-box repeatable, scalable cloud platform.
Majesco CloudInsurer leverages Majesco’s experience with over 30 cloud customers, is designed to provide a business platform with broad appeal for all insurers from greenfields, new start-ups and incubators to mid-market and tier one insurers. The new offering includes:
- Core insurance software platform leveraging Majesco Policy for P&C, Majesco Billing, Majesco Claims
- Digital, multi-channel platform leveraging Majesco Distribution Management and Majesco DigitalConnect
- Data driven analytics leveraging Majesco Business Analytics, Majesco Data Science and predictive models
- Robust ready to use content including ISO, NCCI and others to provide pre-defined base P&C commercial, personal and specialty insurance products to jump-start the business.
- Majesco Partner EcoSystem with prebuilt integration to extend Majesco solutions with unique capabilities.
- Extensive implementation and post production services to maintain and support business strategies and plans.
“We see growing momentum in the industry around new greenfields and startups, both by new entrants and existing players. Insurers are also seeking options to incubate new products and reach new segments quickly and cost effectively,” stated Mathew Josefowicz, President/CEO of Novarica. “New offerings like this one from Majesco can provide companies with an innovative option to bring new business models, products, and services to market rapidly.”
The combined solution offering is designed to provide insurers:
- A launch pad for innovative business plans regardless of business model
- Speed to value
- Variable cost model with a pay as you go approach
- Lower total cost of ownership
- Transition to customer-centric model across all lines of business
- Improved operational efficiency and economies of scale
- Distribution channel flexibility and expansion
- Reallocate capital to business growth versus technology and infrastructure
- Leverage best practices to enhance business operations
“It is an exciting time in our industry as we see dramatic changes due to disruption and innovation happening at a rapid pace, challenging traditional insurance models and creating the opportunity for a renaissance in insurance,” stated Prateek Kumar, EVP P&C Business. “Majesco CloudInsurer is designed to enable new and existing insurers to proactively meet these challenges and turn them into opportunities by using Majesco’s portfolio of solutions, experience and success with greenfields, startups, incubators and traditional insurers with a robust platform managed by Majesco.”
Insurance business transformation is a journey of change and revitalization, a renaissance of insurance. Approximately 150 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 modelling, 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.