Press Release
Implementation is first phase of their business transformation
Morristown, NJ May 6, 2021 – Majesco, a global leader of cloud insurance software solutions for insurance business transformation, today announced that Ullico Casualty Group, LLC (UCG), a subsidiary of Ullico Inc., went live with Majesco P&C Core Suite on Majesco CloudInsurer® for eight professional lines products for all 50 states.
Ullico Inc., founded in 1927 with initial funding from the American Federation of Labor, is the nation’s only union-owned provider of multi-line insurance and investment products. UCG provides various commercial, business owners, cyber, bonds, fiduciary liability, union liability, and other insurance products to union pension and benefit plans and labor organizations for all 50 states. They have been at the forefront in providing innovative coverages for labor such as Individual Labor Leader, Investigatory Expense, and Educator’s Liability endorsements. UCG is a Managing General Agent and wholesale broker who works with multiple A.M. Best A rated insurers-.
“Our partnership with Majesco has exceeded our expectations with this first phase of implementation, positioning us to rapidly follow with commercial lines products,” stated Tina Fletcher, President of UCG. “The implementation will provide the foundation of our digital transformation to better meet rapidly changing market dynamics and union labor’s needs. In addition, this next-generation platform will enable us to respond and capture growth opportunities while optimizing our operational capabilities that will help enhance our competitive advantage in a rapidly changing marketplace. We are thrilled with our partnership and look forward to an exciting future together.”
The implementation was the first phase of UCG’s transformation. Professional products implemented include cyber, bonds, fiduciary liability, union liability, non-profit directors and officers, governmental fiduciary liability, and excess fiduciary liability.
”We are thrilled with Ullico’s milestone and the new foundation of their business which will accelerate their growth strategy,” stated Prateek Kumar, EVP for Majesco. “The last year has highlighted the strategic need for next generation cloud solutions to provide insurers the agility, flexibility and speed to adapt to market and customer demands. Ullico’s implementation has positioned them to take advantage of the rich, robust capabilities of Majesco P&C Core Suite today, but also in the future with our forward thinking focus on our roadmap. We look forward to the next phases of implementation and a long, successful partnership.”
About Majesco
Majesco 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); L&A Insurance Data & Analytics Platform, Majesco ClaimVantage solutions (Claims Management, Absence Management, IDAM and Accommodation Management), Digital1st® Insurance with Digital1st® Engagement and Digital1st® Platform – a cloud-native, microservices and open API platform; EcoExchange MarketPlace; Distribution Management; and P&C Insurance Data & Analytics Platform, including an Enterprise Data Warehouse. For more details on Majesco, please visit www.majesco.com.
About Ullico
The Ullico Inc. family of companies provides insurance and investment solutions for labor organizations, union employers, institutional investors and union members. Founded 90 years ago, the company takes a proactive approach to anticipating labor's needs, developing innovative financial and risk solutions and delivering value to our clients. Our products are tailored to promote financial security and stability for American workers.
The Ullico Inc. family of companies includes The Union Labor Life Insurance Company; Ullico Casualty Group, LLC; Ullico Investment Company, LLC; Ullico Investment Advisors, Inc.; and Ullico Benefit Solutions, LLC. For additional information, visit www.ullico.com.