Morristown, NJ January 12, 2016: Majesco (NYSE MKT: MJCO), a global provider of core insurance software, consulting and services for insurance business transformation, today published a new research report, 2016 Strategic Initiatives: Impactful Pace of Change.
In late 2015, Majesco surveyed its North American customer base to assess and understand the strategic issues they were facing today and over the next three years along with their plans for overcoming challenges and turning them into opportunities. Four overall themes emerged from the survey responses. First, there is a clear recognition of the shift with the customer in control and the importance of being customer-driven. Second, there are significant barriers and limitations on current business capabilities that must be overcome to grow and compete, starting with transformation of legacy systems that were built around products rather than customers. Third, there are some potential blind spots about customer expectations, technology and competition that are lurking around the corner in the not too distant future, creating impactful disruption. And fourth, the pace and impact of change has intensified the need for agility, speed and innovation to compete.
While progress is being made, significant work is necessary to compete in a customer-driven age. At the same time, the world is rapidly changing, and new expectations, risks, technologies, competitors and innovations threaten to significantly disrupt and change the insurance business landscape. Insurance companies must adroitly do two things at simultaneously: modernize and optimize the current business while reinventing it for the future. While generally aware of the pace of change going on in these areas, many respondents indicated they were engaged in relatively low levels of activity in response to specific outside trends and technologies and trends, creating a potentially devastating blind spot.
“Most customers are focused on business optimization through modernization of their core systems, and they expect to be introducing new products, new channels and potentially new business models over the next three years,” commented Denise Garth, Senior Vice President Strategic Marketing for Majesco. “While this optimism outlook is encouraging, most companies are challenged with these priorities and are not staying abreast of the disruptive changes going on both inside and outside the industry, creating a potentially devastating blind spot. As part of Majesco’s client-centric mission, we are committed to partnering with our customers to help them understand these trends and find ways for taking advantage of the opportunities they present.”
“Many insurers - even market leaders - are increasingly challenged to have broad-based strategy insights and skills to rapidly adapt and respond to the fast-paced changes impacting their growth, relevance and competitive position,” commented Bill Freitag, EVP Majesco Consulting. “We are working with our customers to help them enable their strategies from digital, data, IT and testing to ensure a clear path from their challenges today to their opportunities for tomorrow.”
The research report, 2016 Strategic Priorities: Impactful Pace of Change is available on the Majesco website to download, or you can request a copy via email, email@example.com.
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 majesco.com.
Director — Global Marketing
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.