Morristown, NJ – May 3, 2016 Majesco (NYSE MKT: MJCO), a global provider of core insurance and employee benefit software, consulting and services for insurance business transformation, today published a insights report, Riding the Wave of Change in Group and Employee Benefits.
As sales of individual life products continue to face challenges, the group and voluntary employee benefits market offers new opportunities. Unprecedented changes in the market are leveling the playing field – creating openings for existing insurers to enter the market and opportunities for new startups, and challenging established players to adapt with new products, services, technology, and business models.
“Increasing costs, impacts of the PPACA, trends in retirement benefits and other factors have been causing employers to push more responsibility for choosing and paying for benefits to employees. This is making voluntary benefits is a hot new space, as they allow employers to offer more attractive benefits options to employees, all at low or no cost to them.” said Todd Eyler, Vice President/Client Partner at Majesco.
“At the same time, changes in demographics, expectations and technology are creating new challenges as well as opportunities that have never been seen before in this market,” added Denise Garth, Senior Vice President, Strategic Marketing. “To take advantage of this disruption and change, insurers must adapt, innovate and focus on speed from developing new, innovative products, new channels and new services to respond to the new needs and customer experience expectations, ahead of the competition. Incumbents saddled with legacy systems and processes will quickly find themselves at a disadvantage.”
Recognizing that change and disruption are swiftly reshaping the business landscape, insights from the report suggest that sustainable long-term success for insurers in the digital age requires leveraging technology, data, consumer expectations and creative business model design to make core insurance products simpler, integrated into other products or businesses, and easy to access through any or all channels.
The thought leadership paper, Riding the Wave of Change in Group and Employee Benefits, 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 146 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.