Press Release
Morristown, NJ –
April 20, 2016 – Majesco (NYSE MKT: MJCO), a global provider of core insurance software, consulting and services for insurance business transformation, today announced the extended agreement to use the Majesco P&C Suite Cloud platform by Homesite Insurance, a wholly owned subsidiary of American Family Mutual Insurance Company. Homesite Insurance will use Majesco’s multi-line cloud platform with ready to use content, including ISO ERC integrated content, for the commercial line of business.
"Majesco is a strategic partner and technology solution provider for Homesite's Small Commercial Property insurance unit (p/k/a AssureStart). We have successfully worked together with tangible benefits and value-add achieved through our collaboration,” commented Peter Settel, EVP and CIO for Homesite. “Majesco's multi-line cloud platform aligns well within our overall Platform vision and architecture. As we continue into Homesite's next stage of growth across Personal and Commercial Lines, we view Majesco as a key partner and we expect to build upon our existing relationship."
Homesite, a national, full-service property insurer, is part of the American Family Mutual Insurance Company, the 13
th largest property-casualty insurance group, 8
th largest homeowners insurance company and 9
th largest private passenger insurer in the U.S.
“We are thrilled to partner with Homesite, an innovative and forward-thinking insurance company,” commented Prateek Kumar, EVP of P&C for Majesco. “With the pace of change and disruption increasing in the insurance industry, Majesco is committed to provide an innovative cloud multi-line platform that offers insurers like Homesite the agility for new business models, the ability to innovate and introduce new products, services and channels, and the speed to capture and grow market opportunities. We look forward to deepening our long-term strategic partnership with Homesite through their expansion of business across personal and commercial lines.”
Majesco Insurance Business Platform uses the Majesco P&C Suite in a cloud environment, private or public. It enables insurers from greenfields, start-ups, and incubators to established insurers focused on innovation and growth to rapidly accelerate their business strategies. Majesco’s platform empowers insurers to act quickly on new business opportunities, introduce new products, enter new markets and capture market potential by providing an agile, innovative, scalable solution with game-changing speed to market results.
Majesco P&C Suite includes Policy, Billing, Claims, Rating and Underwriting Workbench. Majesco Policy is recognized as a market-leading solution and has pre-defined, integrated, and maintained ISO bureau content via Majesco Bureau and Content Services for all lines of business and states, enabling speed to market opportunities for insurance companies to introduce new products and reach new markets quickly and cost effectively to capture market share. Majesco has over 30 cloud customers.
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
group insurance 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
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.
