Majesco Welcomes a Wave of New Customers Across All Software Products for P&C and L&AH, Fueling Impressive Growth in H1 2023
Press Release
Accelerated insurance software product innovation, expanded customer base, developed new solution partnerships, extended industry analyst rankings emphasizing its strengthening market leadership.
Morristown, NJ – July 25th, 2023 – Majesco, a global leader of cloud insurance platform software for insurance business transformation announced strong financial results for the first half of 2023. The company’s impressive performance reflects the diversity of solutions and market segments supported with a commitment to innovation, customer satisfaction, and investments in its products and business.
“We are thrilled to welcome a significant number of new customers across all products, reaffirming the diversity, value, and strength of our portfolio,” says Adam Elster, CEO of Majesco. “The unwavering dedication of the Majesco team and our partners, along with the steadfast support of our customers, has positioned us as the most profitable company in the insurance software market. We are committed to leveraging our financial success to further invest in innovative software solutions that accelerate business growth for our customers.”
Key Highlights from H1 2023:
Financial Results:
- Tremendous H1 2023 revenue growth with a 20%+ increase in both subscription and overall product
- Committed ARR approaching $200M
- H1 EBITDA above 30%
- Total revenue heading toward $275M for FY23
This growth and success underscore an unwavering commitment to excellence and an ability to meet and stay ahead of market demands.
Product Innovation: In its Spring ’23 product release, Majesco announced new capabilities across all Majesco offerings, including the Intelligent Core Suite for P&C and L&AH, which
will revolutionize insurer’s approaches by infusing core operations with data and analytics, including natural language processing with Majesco GPT. These new offerings not only address emerging industry trends, but also provide customers with enhanced solutions, improved efficiency and increased competitive advantage.
Product Council: Majesco’s annual product council brought together more than 425 customers and partners from 70+ organizations providing a platform for fostering open communication, helping Majesco to strategically plan, invest, and deliver solutions both now and in the future.
Industry Recognition – Majesco expanded and strengthened market leadership across all solutions with industry analyst recognition from Celent, Datos (formerly Aite-Novarica), ISG, Everest Group. They were recently named an InsurTech100 Company for 2023 and ranked #63 on the Power 500 Software Company. Their Podcast Series, Future of Insurance, is ranked #20 for the insurance industry.
Expansion of Customer Base: The organization continues to expand its diverse customer base with 11 new clients across both the P&C and L&AH market segments and their product portfolio including Intelligent Core, Underwriting, Distribution, Digital, Loss Control, Absence Management, and Data & Analytics, demonstrating the operational and strategic value of the extensive product portfolio and leadership within the industry.
Customer Implementations: Majesco collaborated closely with its customers, working together to seamlessly implement solutions for 23 customer go-lives, while actively working on an additional 60 customer projects.
Alliance Partner Summit: The 2023 event hosted more than 110 senior leaders from 22 leading consulting and system integration partners including Capgemini, Deloitte, KPMG, EY, PwC and LTIMindtree.
Partnership Expansion: The company executed on its strategy to expand partnerships with key industry players including One Inc., EvolutionIQ, Empathy, FIS, and ACORD, to further strengthen their ecosystem and provide innovative capabilities pre-integrated with Majesco solutions.
Talent Acquisition and Development: Majesco welcomed 184 new employees and promoted 198 employees over the last 6 months. They remain committed to investing in new initiatives that focus on employee growth and development. The organization recently launched “Her Seat at the Table” to support diversity and equity with more than 150 employees participating.
Majesco continues to expand its employee base and is actively seeking experienced and talented individuals to join their growing team. All interested parties are encouraged to learn more about the organization and apply for an open position.
About Majesco
Majesco is the partner P&C and L&AH insurers choose to create and deliver outstanding experiences for customers. We combine our technology and insurance experience to anticipate what’s next, without losing sight of what’s important now. Over 350 insurers, reinsurers, brokers, MGAs, and greenfields/startups rely on Majesco’s SaaS platform solutions of core, digital, data & analytics, distribution, and a rich ecosystem of partners to create their next now.
As an industry leader, we don’t believe in managing risk by avoiding change. We embrace change, even cause it, to get and stay ahead of risk. With 900+ successful implementations we are uniquely qualified to bridge the gap between a traditional insurance industry approach and a pure digital mindset. We give customers the confidence to decide, the products to perform, and the follow-through to execute.
For more information, please visit www.majesco.com and follow us on LinkedIn.