Press Release
Direct to consumer sales portal with policy and billing core systems delivered up to 40% premium cost savings to small business customers
Morristown, NJ – June 27, 2017–Majesco (NYSE MKT: MJCO), a global provider of core insurance software, consulting and services for insurance business transformation, today announced that Homesite Insurance was selected for a Novarica Impact Award for the Digital Initiative category. Homesite Insurance launched a sales portal with Majesco CloudInsurer® using Majesco Policy for P&C and Majesco Billing core systems. The initiative was completed in a little over a year, supports product bundling, delivered up to 40% premium cost savings to customers, and enabled expansion for other lines of business to support their growth strategy. Selection for this recognition was made by members of the Novarica Insurance Technology Research Council, a knowledge-sharing group of hundreds of insurer CIOs.
“We are honored to be recognized for the Novarica Impact Award for Digital Initiative,” said Dustin Hubbard, Chief Digital Officer for Homesite. “Providing innovative, best-in-class digital customer engagement is crucial in today’s small business marketplace. Our continued expansion to a multi-line business on the Majesco CloudInsurer® platform has been key to our growth strategy, helping us keep pace with customer demands, launch of innovative products and services and operational excellence. We look forward to continuing our partnership with Majesco to continue to deliver on this strategy.”
Homesite, a national, full-service property insurer focused traditionally on the homeowners’, condominium and renters markets, is part of the American Family Mutual Insurance Group, 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.
Key aspects of the initiative include:
- Through a new consumer site, customers can bundle multiple product quotes into a single process without duplicating efforts.
- The initiative implemented business owners (BOP) in nine months, with 51 jurisdiction rollout in 12 months, and commercial general liability and inland marine (CGL/IM) in eight months, with rollout in nine months on Majesco CloudInsurer®.
- Workers’ compensation line will be launched in the second quarter of 2017.
- The initiative has allowed the company to pass savings of up to 40% to its small business owner customers and has enabled expansion for other lines of business.
“Homesite’s win demonstrates the potential of a digital core platform in driving new opportunities and growth in a rapidly changing market,” said Mathew Josefowicz, CEO of Novarica. “The focus on customer engagement, innovative new products and speed to value via a cloud platform show an effective deployment of technology to create real business value, which was recognized by the committee of CIOs who select our Impact Award winners.”
EVP for Majesco’s P&C business, Prateek Kumar added, “We want to congratulate Homesite Insurance on this incredible recognition by peers in the industry. The small business market is transforming rapidly with new customer expectations, new businesses that need innovative products and demand digital capabilities across the journey that deliver speed to value. We are honored that they selected Majesco CloudInsurer® as the foundation for their business growth and success.”
Majesco CloudInsurer® leverages Majesco’s experience with over 30 cloud customers, providing a business platform with broad appeal for all insurers from greenfields, new start-ups and incubators to mid-market and tier one insurers. Majesco CloudInsurer® provides a core insurance software platform leveraging Majesco core solutions with a digital, multi-channel platform.
About Majesco
Insurance business transformation is a journey of change and revitalization, a renaissance of insurance. Approximately 150 insurance companies worldwide in P&C, L&A and Group/ Employee Benefits are transforming their businesses with Majesco’s solutions. Our market leading software, consulting and services uniquely underpin the entire insurance value chain and are designed to empower insurers with the agility, innovation and speed needed to meet their transformation opportunities. Majesco’s solutions include policy management, new business / underwriting, rating, billing, claims management, distribution management, BI/ analytics, predictive modelling, digital platform with mobile and portal, testing services, cloud services, bureau and content services, transformation services, consulting services and more.
For more details on Majesco, please visit majesco.com.
Majesco subscribes to Novarica’s research and advisory services for which Novarica receives compensation from Majesco
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.
