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 a partnership with Life.io, a digital consumer engagement platform, transforming how insurers relate to their customers through monitoring and analyzing their behavior, preferences and more through real-time data integration.
Life.io helps insurers evolve to meet the needs of a new demographic of consumers, transforming how insurers relate to them by gaining insight that enables insurers to offer the right product at the right time based on their life-stage. The Life.io platform integrates with new technologies such as wearables and health applications to provide new sources of data to understand, assess, underwrite and service customers, encouraging healthy lifestyles while improving insurers’ operational and risk management results.
As a part of this partnership, the two companies are integrating Life.io’s Consumer Engagement platform into Majesco DigitalConnect and Majesco’s core systems software to enhance the user-experience, improve risk management and support smarter selling and marketing of life insurance to consumers and customers throughout their life-stages. The Majesco DigitalConnect platform enables insurers to integrate new and innovative content, data, and collaboration capabilities together to provide a cohesive digital experience for an insurer’s customers.
As noted in Majesco’s recent Future Trends: A Seismic Shift Underway whitepaper, the combination of changing demographics, needs, expectations and risk profiles have created a disconnect between what insurance customers need and want and what the industry is currently able to provide to them for products, services, experiences, and more. The combined capabilities of Majesco and Life.io will provide a powerful digital engagement platform that will reconnect insurers to customers and in particular the needs of Millennials to Gen Z who represent the greatest shifts in needs and risk profiles and changing customer expectations.
“Life insurers are starting to recognize that in many cases their only customer engagement is around financial transactions such as a bill or a loan. New engagement models are required to meet the needs of both their existing and future customers, recognizing the need for a unique, compelling customer experience that actually provides the customer with value, not just a bill or marketing material,” commented Chad Hersh, EVP of the L&A and Group Business for Majesco. “The combination of Majesco DigitalConnect pre-integrated with Majesco Policy for L&A and Group together with Life.io creates a compelling platform for insurers to meet a fast changing market. We are excited about the partnership and what it will offer the industry and our customers.”
"Life.io is changing the way insurance carriers engage with policyholders. Helping our clients build relationships through targeted and meaningful interactions, delivering the right products and messages, to the right individuals at the right time, and creating brand affinity in an industry where only 1 in 5 policyholders can name their carrier,” said Mike Logsdon, COO and Co-Founder of Life.io. Logsdon added, "the integration with Majesco's DigitalConnect takes our policyholder engagement to a new level. I am excited about the global partnership and the opportunity we have moving forward."
The Majesco DigitalConnect platform is a set of portal and mobile solutions designed to enable personalization for the unique customer journeys and personas defined by each insurer to fulfill their unique and multi-channel distribution and customer experience needs. Majesco DigitalConnect is pre-integrated with Majesco’s core solutions and a broad partner ecosystem, offering insurers a single platform to support their digital strategy. With an open architecture that provides capabilities to integrate with other core solutions and an extensive partner ecosystem that integrates content, channels and technology, Majesco DigitalConnect is one of the industry’s most innovative digital platforms.
Founded in 2012, Life.io has become the leader in the digital consumer engagement space. Life.io has revolutionized how insurers engage with their employees, clients and customers by creating a fun and rewarding environment where they actively interact with their carriers to achieve physical, mental, and financial goals. The act of constant engagement allows Life.io to capture insights and life change events, create brand champions, decrease policy risk, and streamline the underwriting process. Learn more at www.life.io.
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 modeling, 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 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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