Glemham Underwriting Implements Majesco CloudInsurer for Their Innovative New Online Bureau

The new bureau will support the UK general insurance market

MORRISTOWN, N.J.--()--Majesco (NYSE MKT: MJCO), a global provider of core insurance software, consulting and services for insurance business transformation, today announced that Glemham, a UK-based Managing General Agent (MGA), implemented Majesco CloudInsurer as the foundation of their new cloud based bureau processing business.

On full roll out, the new bureau business is expected to enable significant reduction in the cost of transacting general insurance in the UK market by reducing operational processing expense ratios by up to 12 percentage points. The platform will deliver Net Rated products to all distribution channels, supporting full cycle processing across the Internet. The initial implementation provides commercial lines insurance to both the broker channel and direct to the small medium enterprise (SME) markets.

John Cross, Managing Director of Glemham Underwriting Limited, commented, “We are excited to have our newest Internet related businesses up and running, leveraging the Majesco CloudInsurer platform. Our decision to work with Majesco has been reinforced during every step of the implementation process. We believe Majesco is, as anticipated, proving to be a great strategic partner as we grow our business.”

“Glemham’s Vision will bring an exciting option to the UK general insurance market and we are delighted to be able to contribute to, and be part of, this innovative business model,” commented Mike Smart, Director of Business Development Majesco. “This implementation reflects the opportunity for the UK general insurance market to rethink the business with cloud-based insurance platform that can not only eliminate legacy system challenges, but provide a platform designed to enable agility, innovation and speed to compete in a new digital era. We are excited to be their strategic partner and look forward to furthering their vision.”

Majesco CloudInsurer leverages Majesco’s experience with over 30 cloud customers, providing a business platform with broad appeal for all insurers from greenfields, new start-ups and incubators to mid-market and tier one insurers. Majesco CloudInsurer provides a core insurance software platform leveraging Majesco core solutions with a digital, multi-channel platform leveraging Majesco

About Glemham

Glemham Underwriting Limited was launched in early 2006 and is a prominent MGA in both the broker and online market places, underwriting risks from the sole practitioner to large multinational firms from its offices in London, Framlingham in Suffolk and Fife, Scotland.

About Majesco

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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Contacts

Majesco
Ashwin Rodrigues, +1-973-461-9087
Director — Global Marketing
ashwin.rodrigues@majesco.com

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Contacts

Majesco
Ashwin Rodrigues, +1-973-461-9087
Director — Global Marketing
ashwin.rodrigues@majesco.com