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SECURA Upgrades Majesco Policy for P&C and Expands Additional Lines of Business and States

SECURA Upgrades Majesco Policy for P&C and Expands Additional Lines of Business and States

Press Release

Upgrade and expansion builds on a 25 year strategic partnership that positions them for the future of insurance

Morristown, NJ October 31, 2019 – Majesco (NASDAQ: MJCO), a global leader of cloud insurance software solutions for insurance business transformation, today announced that SECURA Insurance successfully upgraded to Version 10 of Majesco Policy for P&C, transferred all policies, and implemented additional lines of business. The expansion of additional lines of business includes commercial package, directors and officers (D&O), professional liability, employment practices liability (EPLI), business owner’s policy, target contractor, and commercial umbrella for 12 states. This follows the original implementation of commercial auto and workers’ compensation.

SECURA has been a customer and partner with Majesco for more than 25 years. They are a leading mutual property and casualty insurer based in Neenah, Wisconsin with a 119-year track record of success. As a service-focused, relationship-driven insurer, they focus on serving the continually changing needs and expectations of their independent agent partners and customers.

Commenting on this achievement, Steve Miller, Vice President – Commercial Lines, said “SECURA is transforming its business to take advantage of the market growth in commercial lines. The upgrade and expansion of Majesco Policy for P&C provides us with a modern core platform as our foundation for growth. Majesco’s deep experience and capabilities for commercial lines business, along with their pre-configured products with ISO content, have contributed significantly to this success. We look forward to a continued strategic partnership with Majesco as we move forward to a new era of insurance.”

Regarding the capabilities and partnership, Todd Thiel, Vice President – Information Technology, stated “We’ve partnered closely with Majesco on their new microservices and APIs in Version 10, and have integrated them successfully with our agent facing portal. Majesco has also been a strong partner in enabling our own internal development team to configure new products and enhancements using Majesco Policy for P&C toolsets. This empowered team will play a key role in our continued commercial lines growth at SECURA.”

“We are thrilled on SECURA’s upgrade and expansion and congratulate them on this achievement,” commented Ed Ossie, COO for Majesco. “As a frequent industry award winner and a Ward’s top performer, SECURA exemplifies a forward-thinking insurer who is leveraging technology to reshape and strengthen their business for the future. We are humbled by their 25 years of trust and confidence in Majesco and look forward to supporting them as we partner together in reshaping the future of insurance.”

 

About SECURA Insurance

SECURA Insurance is headquartered in Neenah, Wis. Approximately 550 independent insurance agencies in 12 states represent the company, which provides a broad range of competitive commercial, personal, farm, nonprofit, and special events products. It is known for providing exceptional service to its agents and policyholders since 1900, and is rated A (Excellent) by A.M. Best for its excellent ability to meet policyholder obligations. The carrier is a Ward’s Top 50 company for outstanding results in financial performance and consistency over a five-year period, and it is a certified Great Place to Work. Visit www.secura.net to learn more.

 

About Majesco

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 200 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™ LifePlus Solutions (AdminPlus, AdvicePlus, IllustratePlus, DistributionPlus); 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 www.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.

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.