MORRISTOWN, N.J.--(BUSINESS WIRE)--Majesco (NYSE MKT: MJCO), a global provider of core insurance software, consulting and services for insurance business transformation, today announced the recognition of customer implementations over the last year as well as three customers depicting how they are creating the future of insurance together. The customer conference, Convergence 2015, was held October 4 – 6, 2015 with the theme “Creating the Future of Insurance Together”.
Convergence 2015 is Majesco’s first customer-focused conference following its acquisition of the consulting business of Agile Technologies and its merger with Cover-All Technologies. Participation was primarily for Majesco’s North American customers. A record number of customer companies attended, with many participating as speakers or on a panel at the conference.
This first annual awards ceremony recognized customers who have successfully leveraged Majesco’s solutions to transform their business over the last year by awarding them with the Majesco Business Transformation Award. Customers receiving this award at the conference included Allied World, Heritage Insurance, Homesite Insurance, Maryland Auto Insurance, Mountain West Farm Bureau, and SECURA amongst others.
From the list of customer winners, three top awards were given to customers who are leading the industry in transforming the business of insurance. Those winners and awards included:
- The Majesco Excellence Award, which was awarded to a tier 1 insurance carrier for setting a new standard for excellence in the industry based on its successful implementation. This insurance carrier transformed its US Commercial lines business through implementation of Majesco Policy.
- The Majesco Pioneer Award, which was awarded to Heritage Insurance for conducting business in a unique fashion through its vertically integrated claims servicing model while setting a new path for others in the industry to follow. Heritage Insurance is a 3-year old carrier based in Clearwater, Florida offering home, condominium, rental property, and commercial residential insurance coverage. Heritage began operations in 2012 and selectively assuming policies from Citizens and has rapidly grown its business to roughly $510 million in annualized premium (as of the second quarter of 2015). In 2014, the company assembled its commercial residential underwriting team to facilitate the expansion beyond personal homeowners to commercial residential lines. Heritage deployed Majesco P&C Suite on a private cloud, which is currently supporting Commercial Residential Property and Personal Homeowners. The rapid implementation from project kick-off to production in just nine months of Majesco Policy on Majesco Cloud epitomizes the pioneer award of blazing a new trail.
- The Majesco Renaissance Award, recognizing a company who is reinventing and redefining the business of insurance through a new business model, driving innovation and inspiring a renaissance in the industry in the face of dramatic change, was awarded to Homesite Insurance. In under a year, Homesite (through AssureStart) launched a direct to small business owner website. Small businesses get automatic coverage recommendations, binding rate quotes, immediate policy issuance and real-time access to policy and certificate of insurance documents – all in less than 10 minutes. This was accomplished utilizing the Majesco Policy, Majesco Content and Bureau Services and Majesco Cloud platforms with Homesite's own proprietary technology to deliver a compelling industry solution.
Ketan Mehta, CEO and Co-Founder of Majesco commented, “We were so pleased to have such a great level of participation from our clients, reflecting our client centric business culture. The power of creating a new future together through the wide array of sessions, speakers and networking opportunities between our clients, partners and Majesco experts is what our partnership focus is all about.”
The conference had a line-up of thought provoking speakers and thought leaders from within and outside the industry. Majesco keynote speakers included Jeff Pfeffer, author and Professor of Organizational Behavior at the Graduate School of Business for Stanford University, and Guy Fraker, CEO for get2kno Inc. and Chief Learning Officer for AutonomouStuff, LLC, one of the largest providers of autonomous technology for automotive manufacturers. In addition, there were two industry leader panels discussing the top industry challenges and opportunities. Participants included: Karlyn Carnahan, Director at Celent; Karen Furtado, Partner at SMA; Martina Conlon, Senior Vice President at Novarica; Paul Carroll, CEO at Insurance Thought Leadership; Andrew Rose, CEO at Compare.com and Piyush Singh, Innovator and Entrepreneur.
“The Convergence 2015 agenda highlights our customers and how together we are creating the future of insurance together,” said Denise Garth, SVP Strategic Marketing for Majesco. “With converging industry trends and technologies, new competitors, new customer and distribution expectations and the disruptive threat of outside industry companies, the conference was a balance of addressing today’s needs while developing and transitioning to tomorrow’s.”
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 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 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.
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.
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