Partnership will integrate AI and automated machine learning capabilities with Majesco solutions to help insurers optimize the business and drive growth and innovation
Morristown, NJ April 16, 2019 – Majesco (NASDAQ: MJCO), a global leader of cloud insurance software solutions for insurance business transformation, announced today a partnership with DataRobot, the leader of automated machine learning, to accelerate adoption and success of AI in the insurance industry. Through the new partnership, Majesco customers can leverage the DataRobot automated machine learning platform capabilities integrated with Majesco solutions to improve underwriting, claims and servicing excellence, and profitability.
AI and machine learning, along with cloud, APIs and microservices, are the key technologies for platforms, like Majesco’s Core Suites and Digital1st Insurance solutions. The partnership will make machine learning analytics capabilities accessible to any tier of insurer using Majesco solutions, alleviating the burden of limited expertise and resources.
As the insurance industry rapidly moves to the future of insurance, robust AI and machine learning capabilities are increasingly mandatory. Benefits of the partnership include:
- Data Science Access to All: empower the data-rich, but data science-limited insurance businesses to rapidly build, test, and deploy machine learning models with DataRobot’s automated machine learning platform with Majesco Solutions.
- Optimize the Business: Deliver business value via actionable results by applying machine learning to data to optimize decision making within key business processes.
- Drive Growth and Innovation: Leverage new data sources for innovative new products and services to drive growth and innovation.
“As the insurance industry continues to rapidly transform, advanced analytics capabilities through AI and machine learning are business-critical for growth and innovation,” commented Manish Shah, President and Chief Product Officer at Majesco. “Despite this, AI and machine learning are inaccessible to many insurers due to the lack of access to technical talent. This partnership will level the playing field by integrating Majesco solutions with the DataRobot platform to automate the process of building and operationalizing insurance models within any part of the insurance value chain.”
“AI has the potential to revolutionize the insurance industry, and automated machine learning is ripe to solve the challenges that many insurers face, including scarce resources and a slowly evolving technical infrastructure,” said Seann Gardiner, SVP of Business Development at DataRobot. “Leveraging the knowledge, experience, and best practices from the world’s leading data scientists, this partnership will put the power of machine learning into the hands of more insurers looking to transform their businesses into AI-driven enterprises.”
“In 2019 we’re already seeing a significant shift from proof of concepts in AI to something more industrialized and repeatable in the insurance industry,” commented Craig Beattie, Senior Analyst at Celent. “However, in order for AI to be pervasive in an organization it needs to be accessible, and integrated into the processes and core systems that organization uses. This partnership between Majesco and DataRobot could unleash the potential of this wave of AI for their customers.”
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.
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