Aite Group recognizes Majesco's overall vendor stability, client strength and product features with top marks for its ability to solidly perform the "day to day" and capacity to help insurers grow and evolve in an ever-changing landscape
Majesco (NASDAQ: MJCO), a global leader of cloud insurance software solutions for insurance business transformation, today announced that Aite Group named Majesco the top "Best-in-Class" Vendor in the P&C Policy Administration Aite Matrix Report. Using the Aite Matrix, a proprietary Aite Group vendor assessment framework, the Impact Report evaluates the overall competitive position of each solution vendor, focusing on vendor stability, client strength, product features, and client services.
"Majesco has a robust platform that can meet the current needs of most carriers but that can also evolve with the changing P&C insurance world. The modern architecture of Majesco Policy for P&C with the cloud-enabled, open-API platform, depth of out-of-the-box content, and growing partner ecosystem drives the speed to value for their customers," says Aite Senior Analyst Jay Sarzen. "Majesco continues to enhance the API catalogue, partnership integrations that are built-in, and the modeler functionality; and recently, Majesco has added focus on AI to understand how the system can learn from the mapping and APIs that are used to automatically accept and accelerate new formats."
Out of the 14 vendors evaluated, Majesco had the highest overall score of all vendors in the survey, achieving best in class scores in three of four categories evaluated - vendor stability, client strength, and product features. In the latter two categories, Majesco achieved the highest scores among participating vendors. In the report, Aite Matrix Evaluation: P&C PAS Vendors', Aite Group explores how well PAS vendors can deliver on policyholder expectations and process efficiency by integrating external data and leveraging APIs to enhance core operational functions, such as underwriting and claim processing, and improve customers' digital experiences.
"Majesco continues to redefine the next generation of solutions that are helping insurers transform complexity, create innovation, and meet the demands of speed in a new era of insurance," commented Majesco CEO Adam Elster. "We are proud to be named the top "bestin-class" vendor by Aite Group in the P&C insurance technology space. This further recognition, combined with our strong, diverse customer base, reflects the aggressive momentum of our SaaS and cloud platform solutions, helping our customers modernize, optimize and create new business models that prepare them for the future of insurance."
Some of the capabilities highlighted by Aite Group were:
- The exceptionally strong product features drove the high score highlighting the solutions ability to solidly perform the "day to day", but having the capacity to help insurers grow and evolve in an ever-changing landscape.
- The intuitiveness of the solution helps drive operational efficiency.
- The solution hits the "sweet spot" of strong technology that is accessible and usable for business staff.
- Majesco's continued investment and growth provides assurance of stability and forwardthinking, making it a sound, strategic choice.
"We are honoured to be recognized by Aite Group as the top "best in class" P&C Policy Administration system. Majesco Policy for P&C is a proven cloud-enabled enterprise platform supporting various P&C lines of business, including innovative new products such as on-demand, cyber, rideshare and more," commented Manish Shah, President and Chief Product Officer at Majesco. "Built-on open, secure and scalable architecture and designed for continuous updates and speed to value, Majesco Policy for P&C stands apart as a powerful yet easy-to-use platform for enabling insurers, MGAs, brokers and reinsurers to seize new markets, new business opportunities and new customers in today's dynamic and highly-competitive market. We are committed to expand this platform with more rich and innovative capabilities that'll help our customers shape the future of their business and the future of insurance."
Shares of Majesco Ltd was last trading in BSE at Rs.409.4 as compared to the previous close of Rs. 408.05. The total number of shares traded during the day was 316 in over 30 trades.
The stock hit an intraday high of Rs. 413.9 and intraday low of 407.15. The net turnover during the day was Rs. 129448.