A transformation platform for individual and group health insurance
Morristown, NJ, March 15, 2018 – Majesco (NYSE American: MJCO), a global provider of platform software solutions and consulting services for insurance business transformation today announced that Raffles Health Insurance (“RHI”), a leading healthcare insurance company based in Singapore, has selected Majesco’s Health Core platform to transform their business by creating a compelling, integrated experience for their customers and stakeholders.
RHI, incorporated in 2004, commenced operations as a general insurer and transitioned to a life insurer in March 2006 under the purview of the Monetary of Authority of Singapore. RHI is a wholly-owned subsidiary of Raffles Medical Group, a leading integrated healthcare service provider in Singapore. RHI offers both corporate group benefit plans and individual health plans.
Majesco’s Health Core platform will provide RHI with a single cloud platform to manage, administer and service their individual and group insurance. The platform will integrate with Central Provident Fund of Singapore and work in conjunction with the applications hosted by Ministry of Health to handle medical insurance with respect to Singapore residents. The platform will help RHI improve efficiencies and accelerate time to market with products and services.
Ms. Christine Cheu, General Manager, RHI said, “We are pioneering the next generation of health insurance. With Majesco’s Health Core platform, we aim to provide best in class healthcare experience to our stakeholders. Majesco’s experience in this domain in the Asia Pacific (“APAC”) region gives us the confidence that their expertise will help us achieve our goal of being a leader in the health insurance space.”
Ketan Mehta, CEO and Co-Founder of Majesco, said “the insurance dynamics are changing rapidly with significant emphasis on speed to value, digital enablement and improving the customer experience. We are excited to have RHI join our growing customer community and honored to partner with a forward-thinking and innovative health insurer. We thank them for their confidence in our team and solutions.”
Majesco Health Core platform provides insurers a single platform for individual and group health products for the APAC region. The platform includes policy, billing and claims with out-of-the-box functionality supporting the end to end lifecycle from product setup and rating to service. The platform is unique in that the platform is designed to support individual and group health products on a single platform, enabling portability to retain employees as individual customers. The platform is used for the APAC region only.
Insurance business transformation is a journey of change and revitalization, a renaissance of Insurance. Approximately 160 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 modeling, 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.
About Raffles Health Insurance
Raffles Health Insurance was incorporated in 2004, commenced operations on January 2, 2005 as a general insurer and converted into a life insurer in March 2006 under the purview of the Monetary of Authority of Singapore. RHI is a wholly-owned subsidiary of Raffles Medical Group, a leading integrated healthcare service provider in Singapore. Prior to its inauguration in October 2012, RHI was known as International Medical Insurers Pte. Ltd.. For more details, please visit https://www.rafflesmedicalgroup.com/Insurance.