Morristown, NJ Sep 30, 2015: Majesco
(NYSE MKT: MJCO), a global provider of core insurance software, consulting and services for insurance business transformation, today announced that RVOS Insurance (RVOS) successfully completed their business transformation initiative on the back of Majesco P&C Suite, going live with all eight lines of business including farm and ranch, homeowners (standard and high risk), Texas dwelling policy, comprehensive personal liability, farm liability, commercial general liability, and commercial property policy. This final milestone completes their core systems modernization strategic initiative which included all components of the Majesco P&C Suite including policy, rating, underwriting, billing and claims.
“Our strategic objective was to modernize our business with a comprehensive suite of core systems that would be a platform for growth. We achieved this through a strong partnership with Majesco, utilizing their deep expertise of the diverse P&C insurance business. The Majesco P&C suite delivered extensive out-of-the-box capabilities to jump-start the project while also being flexible through the configuration capabilities that enabled us to meet our unique and competitive product and processing needs. The completion of this strategic initiative marks a significant accomplishment for RVOS and opens the door for us to compete in today’s changing marketplace” said Wiley Shockley, President at RVOS Insurance.
“We congratulate RVOS on their successful business transformation initiative and are proud to be their strategic partner. We will continue to support RVOS with our broad range of solutions, helping them continue their transformation journey through a mutually beneficial partnership” said Ed Ossie, COO at Majesco
Majesco P&C Suite is designed to help insurance carriers increase responsiveness while reducing operating costs through an affordable and flexible set of core insurance applications that combine into a powerful suite with advanced technology. Majesco P&C Suite includes policy, rating, underwriting, billing and claims.
About RVOS Insurance
RVOS Farm Mutual Insurance Company (RVOS) was formed in 1901 by a group of farmers and ranchers. RVOS is located in Temple, Texas. RVOS is a financially stable company with over $13 billion of insurance in force and maintains adequate capitalization, a conservative investment philosophy and a long-term presence in Texas. Our focus is to provide quality property insurance products to our policyholders through sound management and customer service at an exceptional level that surpasses the competition in an ever changing technological and overall industry environment.
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 group insurance 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.