Majesco (NYSE American: MJCO), a global provider of core insurance software and consulting services for insurance business transformation, today announced that Urban Advantage, an InsurTech start-up based in California, implemented Majesco Policy for P&C and Majesco Billing for P&C on the Majesco Cloudlnsurer platform in 95 days for dwelling fire, enabling their rapid launch into the personal lines market. Additional products are in development for a similar rapid rollout.
"From the very beginning we were impressed with the depth of business and technical capabilities of the Majesco platforms as well as their understanding of the unique challenges for greenfields like ourselves to support a business launch," commented Danna Gomez, COO of Urban Advantage. "The speed and quality of the implementation has surpassed our expectations, helping to rapidly launch our business and drive speed to value."
Urban Advantage Insurance, an InsurTech MGA startup, plans to write personal lines insurance in California through their independent agent network. Their mission is to bring comprehensive and competitive personal lines insurance products to the urban communities of California. Following a rapid evaluation, implementation took an expedient track by leveraging Majesco's powerful platform with extensive out-of-the-box capabilities to propel speed to implementation.
"We congratulate Urban Advantage on their business launch and are excited to be a part of this milestone," said Prateek Kumar, EVP of P&C Business for Majesco. "We are committed to enabling insurance carriers like Urban Advantage to succeed in today's digital age by providing a platform that outperforms with innovative digital capabilities, delivers speed to value and achieves growth and innovation strategies. We are honored to be their partner as they continue to drive their business forward."
Majesco is working with a growing number of innovative InsurTech startups and incumbent insurer greenfields across P&C and L&A segments to launch new business models, introduce new products and enter new markets leveraging Majesco platforms to deliver speed to value - speed to implementation, speed to market and speed to revenue.
Majesco Cloudlnsurer leverages Majesco's experience with over 38 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 Cloudlnsurer provides a core insurance software platform leveraging Majesco core solutions including Majesco Policy, Majesco Billing, and Majesco Claims. Majesco Policy for P&C provides pre-configured ISO content, including all rates, rules, forms, taxes, fees, and surcharges for 52 jurisdictions (including DC and Puerto Rico), and provides a well-experienced monthly bureau content update service. Together, the preconfigured bureau content and Majesco Bureau and Content Update Services are designed to provide agility, rapid product innovation, and speed to market, enabling insurance companies to introduce new products and reach new markets quickly and cost effectively. Majesco Enterprise Data Warehouse is pre-integrated with the Majesco P&C software portfolio.
Shares of Majesco Ltd was last trading in BSE at Rs.516.4 as compared to the previous close of Rs. 519.8. The total number of shares traded during the day was 3095 in over 259 trades.
The stock hit an intraday high of Rs. 524 and intraday low of 514. The net turnover during the day was Rs. 1600006.