Morristown, NJ December 16, 2015: Majesco (NYSE MKT: MJCO), a global provider of core insurance software, consulting and services for insurance business transformation, today announced that Maryland Auto Insurance (MAI) successfully implemented Majesco P&C Suite and Majesco Bureau and Content Services for their commercial auto line of business. The implementation was extensive including quoting, rating using ISO ERC, underwriting, policy management, billing, document generation/management, and program-based underwriting. Majesco’s Bureau and Content Services using ISO ERC, automates and integrates ISO content as well as updates that are designed to significantly improve speed to market, quality and compliance.
The implementation aims to enable MAI to transform its business by providing enhanced customer service through real-time policy issuance as compared to days in the old environment. In addition, MAI agents are empowered with real-time access to issue policies and print policy documents, further strengthening the customer experience.
“Our implementation of Majesco P&C Suite marks a significant accomplishment for Maryland Auto Insurance and provides a new foundation that reinforces and demonstrates our commitment to insure and service our customers who have increasingly higher expectations,” said Paul Deter, Senior Director of Fiscal & IT at Maryland Auto Insurance. “Modernizing our core insurance business systems was the foundation of our business transformation strategy, which will support further initiatives to support our customers while optimizing our business. The strong partnership with Majesco, their in-depth solutions, and their commitment to customers was key to our successful implementation and transformation journey.”
“We congratulate Maryland Auto Insurance on their successful implementation and business transformation,” said Prateek Kumar, EVP & P&C Business Leader for Majesco. “MAI’s ability to provide enhanced service to customers and producers represents a key milestone on their transformation journey. Majesco is committed to building strong, long-term partnerships with our customers’ like MAI. We look forward to continuing the journey and delivering continued business value to MAI in the months and years ahead.”
Majesco P&C Suite includes Policy, Billing, Claims, Rating, Reinsurance and Underwriting Workbench. Majesco Policy is recognized as a market-leading solution and is pre-defined, integrated, and maintained for ISO bureau content via Majesco Bureau and Content Services for all lines of business and states. It is designed to enable speed to market opportunities for insurance companies to introduce new products and reach new markets quickly and cost effectively to capture market share. Majesco Billing is recognized by industry analysts as the leading billing solution
About Maryland Auto Insurance
MAI was created by the Maryland State Legislature in 1972 for the purpose of providing automobile liability insurance for those residents of the State of Maryland who are unable to obtain it elsewhere in the private insurance market. MAI is an independent agency of the State of Maryland. MAI receives its operating funds from insurance premiums paid by policyholders and receives no State funding.
To learn more about MAI, please visit MyMarylandAuto.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 www.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.