Press Release
The seven month implementation is the first phase of a multi-phased enterprise strategic initiative to replace multiple legacy billing solutions that will help deliver superior customer service and growth
Morristown, NJ November 6, 2019 – Majesco (NASDAQ: MJCO), a global leader of cloud insurance software solutions for insurance business transformation, today announced that Arch Insurance Group, Inc. (Arch Insurance) implemented Majesco Billing for P&C on Majesco CloudInsurer® in seven months.
Arch Insurance is part of Arch Capital Group Ltd., a Bermuda-based company that provides insurance, reinsurance and mortgage insurance on a worldwide basis through its wholly owned subsidiaries. Arch Insurance aims to provide its customers with superb coverage and service through business-friendly solutions.
“Insurance customers are demanding new levels of billing service, and Arch’s commitment to a superior client experience requires supporting a variety of payment options, customizable bill plans and access to real-time billing information. Our strategic partnership with Majesco and this initial implementation enable Arch to meet those needs.” stated Tom Ahern, EVP & Chief Financial Officer for Arch Insurance.
Arch’s implementation is the first phase of a multi-phased enterprise initiative that will replace multiple legacy billing solutions.
“We are thrilled to be partnering with Arch Insurance to deliver on their strong commitment to service,” stated Prateek Kumar, EVP for Majesco. “In today’s continued rapid shift to a new digital era of insurance, billing solutions are at the forefront of meeting customer expectations. Our deep understanding and experience in delivering billing capabilities for today and the future, provide our customers a platform to rapidly launch and achieve growth and service excellence strategies. We look forward to the future phases and our partnership with Arch Insurance.”
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® 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.
About Arch Insurance Group Inc.
Arch Insurance Group Inc., a wholly owned subsidiary of Arch Capital Group Ltd., provides property, casualty and specialty insurance solutions for corporations, professional firms and financial institutions in the United States. Business is written by Arch Insurance Company, Arch Specialty Insurance Company, Arch Excess & Surplus Insurance Company and Arch Indemnity Insurance Company.
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.
