Power of a Framework-Driven Business Transformation Process Report Released by Majesco

A framework-driven approach greatly improves likelihood of success and value

MORRISTOWN, N.J.--()--Majesco (NYSE MKT: MJCO), a global provider of core insurance software, consulting and services for insurance business transformation, today published a new thought leadership report, Transformation Framework: Arrive Successfully at Your Future State Using a Framework-Driven Business Transformation Approach, that highlights the significant business value of a framework-driven transformation process. The report provides insights on the complexities and risks inherent in large-scale transformation projects, and offers field-tested advice on how to mitigate those risks and ensure success.

The report highlights that while business leaders must continuously monitor their environments and make course corrections to remain competitive, the relentless changes in technology, people’s expectations and market boundaries are making it increasingly necessary to entertain larger scale, organization-wide change. While necessary to ensure future competitiveness, these transformation initiatives carry a high degree of risk which can contribute to the failure to achieve the transformation objectives.

Furthermore, the report notes a range of factors that contribute to potential failures, with a tendency to frame business transformation in technology terms only, and underestimating the importance of the company’s people and culture in embracing and implementing the transformation.

“Insurance has always had a heavy reliance on technology and procedures to consistently process hundreds of thousands of detailed transactions,” noted Bill Freitag, Executive Vice President, Consulting at Majesco. “With the rapid changes in the insurance market, it’s clear to many that their aging technology can no longer enable the agility and flexibility needed to be competitive. This makes it tempting to think of transformation as all about new technology. But company leaders need to instead think first of how the business needs to transform, then how their people will make this happen and, finally, how technology will support the business and its people.”

This new report provides a business transformation process that can help companies overcome these and other barriers to successfully plan and implement their transformations.

The new thought leadership paper, Transformation Framework: Arrive Successfully at Your Future State Using a Framework-Driven Business Transformation Approach, is available on the Majesco website to download, or you can request a copy via email, info@majesco.com.

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.

These forward-looking statements should not be relied upon as predictions of future events and Majesco cannot assure you that the events or circumstances discussed or reflected in these statements will be achieved or will occur. If such forward-looking statements prove to be inaccurate, the inaccuracy may be material. You should not regard these statements as a representation or warranty by Majesco or any other person that we will achieve our objectives and plans in any specified timeframe, or at all. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. Majesco disclaims any obligation to publicly update or release any revisions to these forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this press release or to reflect the occurrence of unanticipated events, except as required by law.

Contacts

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

Contacts

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