MORRISTOWN, N.J.--(BUSINESS WIRE)--Majesco (NYSE MKT: MJCO), a global provider of core insurance software and consulting services for insurance business transformation, today announced the launch of two new solutions, Majesco Enterprise Data Model and Majesco Enterprise Data Warehouse. These solutions along with Majesco Data Services and Majesco Business Analytics, provide a framework and assets to create a path for insurers to accelerate their data mastery maturity to achieve business differentiation and optimization through data.
“The launch of these new data solutions is designed to help insurers accelerate their data journey and organizational agility,” commented Manish Shah, EVP of Products for Majesco. “These solutions, covering all areas of insurance, provide capabilities to insurers for rapidly integrating with existing systems or pull new systems into current IT ecosystems, a better control over compliance and governance needs and importantly provide new and deeper insights through analytics.”
The Majesco Enterprise Data Model is based on over 20 years of insurance development and implementation for all lines of business for P&C and the entire insurance value chain from the customer, distribution, policy, billing and claims. It is implementation and platform independent. The model provides the foundation for insurers to build a robust and flexible enterprise data warehouse on any platform, including Hadoop. Majesco Enterprise Data Warehouse provides the foundation to aggregate data into a single source which they can trust.
The Majesco Enterprise Data Warehouse is built on the Majesco Enterprise Data Model enabling access to granular data. It is pre-integrated with the Majesco P&C software portfolio including Majesco Policy for P&C, Majesco Billing, Majesco Claim, Majesco Distribution Management and Majesco Business Analytics, but can be used with other software solutions. It is built on a standard Microsoft SQL Server BI Platform, enabling business users and insurers to be 100% self-sufficient. It includes a self-service business intelligence front-end for ease of business use, social collaboration and includes 34 out-of-the-box operational reports for historical reporting needs. It easily consumes disparate data sources from core systems and third party providers to provide a rich set of data to help insurers achieve optimization and differentiation with data in their business.
“Insurers struggle with truly leveraging enterprise level with data due to inaccessible data formats or a lack of trust in the underlying data quality and semantics,” commented Martina Conlon, SVP at Novarica. “Insurance specific data solutions like Majesco Enterprise Data Warehouse and Majesco Enterprise Data Model enable carriers to aggregate their policy, billing and claims data into a powerful single source which they can trust. This allows them to rapidly create the crucial foundation for their data mastery journey.”
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.
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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