Press Release
The new version includes 100 new features and 700 new capabilities to accelerate insurers’ transformation to the future of insurance
Morristown, NJ April 15, 2019 – Majesco (NASDAQ: MJCO), a global leader of cloud insurance software solutions for insurance business transformation, today unveiled the upcoming version 11 release of the Majesco P&C Core Suite, including Majesco Policy for P&C, Majesco Billing for P&C and Majesco Claims for P&C. The new version will be generally available in October 2019.
It is a time of disruption and change in the insurance industry – technological revolution, fast-changing customer needs and expectations, and shifts to an on-demand, sharing, Gig and platform economy. These powerful trends are driving the creation of new business models, new products, new services and new markets by those who embrace the disruptive potential and looked forward to the future of insurance by modernizing, optimizing and creating new products, services and business models within the business.
“Majesco continues to aggressively invest and deliver expanded capabilities and features in our P&C Core Suite platform. The new version 11 will help our customers and the industry optimize, modernize and innovate to build the future of their business – and the future of insurance – at speed and at scale,” commented Manish Shah, President and Chief Product Officer at Majesco. “Our focus is to provide a robust platform that provides the open architecture, configurability, ready-to-use content, pre-built capabilities and SaaS based not just for today’s market demands, but for what is next – positioning our customers as leaders in the Future of Insurance.”
This release highlights Majesco’s continued strategic investment in our core systems to enable our customer’s transformation and shift to future of insurance. Insurers are seeking a platform that connects people and business to insurance in ways that are innovative, hyper-relevant, compelling and personal to drive growth and innovation for their business.
The new version brings new and innovative capabilities for further improving speed to value, customer experience, ecosystem connectivity and cloud delivery across all suite products with simple, easy and quick upgrade. Insurers will be able to tap into 100 new features including the following our favorite 11 key features:
- Customer Panoramic View – A panoramic view of customer portfolio through their entire lifecycle with drill down capabilities as an effective underwriting and customer service tool.
- Submission and Risk Clearance - Streamlined submission and risk clearance pre-integrated with Majesco Policy for P&C.
- Usage-based Billing – Mileage-based billing for auto insurance.
- Enhanced Task Management - Centralized and enhanced task management for the P&C Suite focusing on managing business exceptions and approvals through automation and skill-based routing and escalations.
- Global Search – All-purpose, generic search capability to find any entity across all P&C suite products to initiate transactions right from the search results.
- Digital Tour Guide - In-app interactive tutorials and guided tours of existing as well as newly released features for engaging and improving user adoptions and their productivity.
- Personal Assistant – AI Bot driven conversational UX for navigation and quick completion of a task within a business process.
- Native Document Management - Preintegrated native document composition, generation and storage modules with intuitive document authoring tools.
- Open API & API Gateway – 700+ OAS3.0 compliant APIs covering all major P&C functions available over an enterprise gateway servicing all APIs with enterprise monitoring and servicing feature for Majesco CloudInsurer® customer.
- Ready-to-use Digital1st EcoExchange Capabilities – Built-In integration and configuration capability to quickly integrate with any Digital1st EcoExchange™ partner apps without coding.
- Enterprise Security & Data Protection – User identity management with popular cloud identity providers with multi-factor authentication for added security measures as well as data protection compliance.
“Modern Insurers are looking for core systems that deliver robust out of the box functionality to accelerate implementation, and an open integration architecture that allows them to deliver unique customer experiences and digital capabilities. Offering this in a secure, stable cloud environment enables insurers to focus resources on differentiators, not commodities like infrastructure. Forward-looking solution providers like Majesco are meeting these needs,” stated Martina Conlon, Executive Vice President at Novarica.
Majesco CloudInsurer® leverages Majesco’s experience with over 35 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 CloudInsurer® provides a core insurance software platform leveraging Majesco core solutions including Majesco Policy, Majesco Billing, and Majesco Claims.
Majesco Policy for P&C provides preconfigured 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 Enterprise Data Warehouse is pre-integrated with the Majesco P&C software portfolio.
About Majesco
Majesco (NASDAQ: MJCO) provides technology, expertise, and leadership that helps insurers modernize, innovate and connect to build the future of their business – and the future of insurance – at speed and scale. Our platforms connect people and businesses to insurance in ways that are innovative, hyper-relevant, compelling and personal. Over 190 insurance companies worldwide in P&C, L&A and Group Benefits are transforming their businesses by modernizing, optimizing or creating new business models with Majesco. Our market-leading solutions include CloudInsurer® P&C Core Suite (Policy, Billing, Claims); CloudInsurer® L&A and Group Core Suite (Policy, Billing, Claims); Digital1st Insurance™ with Digital1st eConnect™, Digital1st EcoExchange™ and Digital1st Platform™ – a cloud-native, microservices and open API platform; Distribution Management, Data and Analytics and an Enterprise Data Warehouse. 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 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.