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 release of Majesco Policy for L&A and Group. Majesco Policy for L&A and Group supports individual and group benefit products—including true group, voluntary benefits, and worksite—on a single instance of a single platform. Majesco Policy for L&A and Group supports all tiers of individual and group insurers for life, annuity, disability, and other non-medical health products.
“Market dynamics and changes are rapidly changing the individual life and annuity and group and employee benefits markets, creating a highly competitive and portable market between individual and group, and insurers are actively seeking new core systems solutions that are specifically engineered to support both individual and group business,” said Matthew Josefowicz, president of research and advisory firm Novarica, which recently published a report on Business & Technology Trends in Group Insurance. “Insurers need to modernize their core systems in order to improve their speed to market for new products and support better digital experience for customers, distributors, benefits managers, and employees.”
This new release was developed using a fully agile development approach with continuous integration and a heavy focus on product. Key enhancements with the release include:
- Enhanced Group administration functionalities and billing capabilities via integration with Majesco Billing
- Enables transition and portability between group and individual policies
- Enhanced dashboards and workflow capabilities across the administration process
- Improved workbench for product and business rules configuration and maintenance
Chad Hersh, EVP for L&A and Group for Majesco commented, “Meeting changing insurance product needs requires flexibility, adaptability and speed to market for both individual and group L&A products. At the same time, rapid change and growth in the group space demands innovative solutions to help insurance leaders effectively take advantage of the market. In today’s new consumer-driven market, traditional walls between lines of business constrain insurers. Majesco Policy for L&A and Group unleashes the potential to seamlessly offer group and individual products, and is designed to enable insurers to capture new and emerging customer and market opportunities.”
With changing demographics, an increase in group insurance sales, and increased demand to retain insurance coverage when leaving employers, insurers need solutions that will seamlessly allow them to transition customers from group to individual coverages. Majesco Policy for L&A and Group offers a modern, robust solution that is designed to uniquely support both individual and group insurance carriers. Majesco Policy for L&A and Group can be implemented on-premise or on the Majesco Cloud. It is pre-integrated with Majesco Billing, an industry leading billing solution that is designed to uniquely support all lines of business across P&C and L&A and Group, and is pre-integrated with Majesco’s DigitalConnect platform that supports portal and mobile capabilities.
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.
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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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