Press Release
Morristown, NJ – February 23, 2016 – Majesco (NYSE MKT: MJCO), a global provider of core insurance software, consulting and services for insurance business transformation, today announced the selection of Majesco Policy for L&A and Group and Majesco Billing by Unum (NYSE: UNM), a leading provider of financial protection benefits in the US. Unum will implement the Majesco solutions as part of its plans to transform the business to meet future demands and opportunities in the employee benefits market.
“As the employee benefits market continues to rapidly change and grow, our business technology platform is an important component of our continued success,” said Kate Miller, Global Chief Information Officer at Unum. “Majesco offers a robust, modern technology solution that will enable us to provide innovative and valuable financial protection benefits coupled with service excellence. We look forward to our partnership with the Majesco team.”
Unum’s primary businesses of Unum US, Colonial Life and Unum UK serve 178,000 businesses in the U.S. and U.K. – and provides benefits for a third of the Fortune 500. Unum’s portfolio includes disability, life, accident and critical illness coverage, which help protect millions of working people and their families in the event of an illness, injury or death. Unum ranks 279 on the Fortune 500.
This selection expands Unum’s relationship with Majesco; in 2014 Unum UK selected Majesco’s market-leading administration for group protection as part of its continuing investment in providing first-class service, now and in the future. Unum UK and Majesco are working closely together on the implementation of this new platform which prepares Unum UK for the digital future of employee benefits as well as embedding the enhanced capabilities necessary for meeting future customer service expectations.
“We are delighted to extend our customer relationship with Unum and welcome the US business to our global customer community,” commented Ketan Mehta, CEO and Co-Founder of Majesco. “As the employee benefits market continues to change and adapt to new employer and consumer demands, insurers are seeking solutions designed to capture these new and emerging market opportunities. We are proud to partner with Unum to execute their ambitious transformation vision in both the US and UK.”
Chad Hersh, EVP for L&A at Majesco, added, “Unum is viewed as a leader in the industry, and once again they are leading the way by committing to a transformation of their business enabled by technology. We are honored to have been chosen to support this effort.”
Majesco Policy for L&A and Group—together with Majesco Billing—supports individual and group benefit products including true group, voluntary benefits, and worksite on a single instance of a single platform. Majesco Policy for L&A and Group and Majesco Billing support all tiers of individual and group insurers for life, annuity, disability, and other non-medical health products.
About Majesco
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 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 www.majesco.com.
Majesco Contact:
Majesco
Ashwin Rodrigues
Director — Global Marketing
Phone: +1-973-461-9087
Email: ashwin.rodrigues@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.