Majesco (NASDAQ: MJCO), a global provider of cloud insurance
platform software for insurance business transformation, today
announced that it has been once again positioned as a Visionary in
the August 2020 Magic Quadrant for Life Insurance Policy
Administration Systems, North America.
Per the report, which evaluates 11 vendors, “This Magic Quadrant
provides a lens into the North American market for life insurance
policy administration system (PASs) used by individual and group
life and annuity (L&A) insurers.”
“As the COVID-19 pandemic has clearly demonstrated, business
operating conditions can change dramatically overnight, and life
insurance PASs and the infrastructure on which they operate must be
scalable, secure and adaptable to change,” says Richard Natale,
Senior Director Analyst and Rajesh Narayan, Senior Director Analyst
in the report. “Life insurance CIOs should be evaluating their PASs
now to determine the degree to which they enable, or are a barrier
to, this type of resiliency in the face of disruption.”
The report notes that “in the next 12 to 18 months, life
insurance IT budgets will be under pressure. CFOs and CEOs will
look at discretionary budgets for convenient ways to cut expenses
in an effort to preserve capital and cash, such as discretionary
spending earmarked for digital innovation. However, the potential
does exist where PAS modernization accelerates to address
operational issues that have been uncovered due to the pandemic.
This could also accelerate the need for a PAS modernization or
replacement. Examples include:
- Consumer behavior and a material shift to digital channels
- Long-term changes in consumer demand for insurance
products
- Data and analytics needed to address changes in risk and
actuarial models
- A permanent shift to how and where people work
- New uses for automation, such as touchless claims handling
- Rapid response to a crisis with products such as parametric
insurance
- Potential governmental intervention and regulation”
“Now more than ever, life insurance companies need a robust,
cloud-based core insurance business platform that can satisfy the
needs of today’s digital customer,” says Adam Elster, CEO of
Majesco. “We’re honored to be named a Visionary by Gartner in the
Magic Quadrant for Life Insurance Policy Administration Systems,
North America. We remain committed to creating a future of
insurance that is agile, nimble and fast. We are proud of the
investments we’ve made this past year that we believe have
strengthened our positioning on the Completeness of Vision axis. To
us, this recognition reaffirms our commitment to creating an
L&A and Group core system that will help our customers
seamlessly transition to the future of insurance.”
Majesco L&A and Group Core Suite supports all individual,
group and voluntary benefits on a single platform, recognizing that
growing and retaining customers, regardless of where they
originate, is critical to insurer’s growth strategies. The suite
provides essential core system capabilities for policy, billing and
claims. It brings a host of exciting, innovative capabilities to
life, group and annuities insurance, such as an AI-powered group
sales process to deliver digital RFP, an AI bot-driven
conversational UX for navigation, and an always straight through
processing approach to speed up transaction processing individually
or across multiple points. The powerful design allows for rapid
adaptation for new, innovative products or benefit plans, giving
insurers the power, flexibility and speed needed to capture
opportunities and create profitable growth.
“Majesco L&A and Group Core Suite brings a strong,
innovative solution to life, annuities, group and voluntary
benefits insurance market that will digitally enable the business
from traditional products to new parametric products in this new
era of insurance,” stated Manish Shah, President and Chief Product
Officer for Majesco. “In our opinion, our Visionary positioning in
the Magic Quadrant for Life Insurance Policy Administration
Systems, North America is a result of strong execution of the
product vision and demonstrates our commitment to innovation and
understanding of the emerging shift in new customer needs and
expectations to help our customers gain market leadership with a
new generation of customers.”
Gartner “Magic Quadrant for Life Insurance Policy Administration
Systems, North America,” Richard Natale, Rajesh Narayan, 3 August
2020.
Gartner Disclaimer
Gartner does not endorse any vendor, product or service depicted
in its research publications, and does not advise technology users
to select only those vendors with the highest ratings or other
designation. Gartner research publications consist of the opinions
of Gartner’s research organization and should not be construed as
statements of fact. Gartner disclaims all warranties, expressed or
implied, with respect to this research, including any warranties of
merchantability or fitness for a particular purpose.
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®
Engagement, 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, as amended by its Quarterly
Reports on Form 10-Q.
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:
the adverse impact on economies around the world and our customers
of the current COVID-19 pandemic; our ability to achieve increased
market penetration for our product and service offerings and obtain
new customers; our ability to raise future capital as needed; the
growth prospects of the property & casualty and life &
annuity insurance industry; the strength and potential of our
technology platform and our ability to innovate and anticipate
future customer needs; our ability to compete successfully against
other providers and products; data privacy and cyber security
risks; technological disruptions; our ability to successfully
integrate our acquisitions and identify new acquisitions; the risk
of loss of customers or strategic relationships; the success of our
research and development investments; changes in economic
conditions, political conditions and trade protection measures;
regulatory and tax law changes; immigration risks; our ability to
obtain, use or successfully integrate third-party licensed
technology; key personnel risks; and litigation risks.
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20200827005641/en/
Laura Tillotson Director, Marketing Communications and Creative
Services + 201 230 0752 laura.tillotson@majesco.com
Majesco (NASDAQ:MJCO)
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