Majesco (NYSE AMERICAN: MJCO), a global provider of core insurance platform software and consulting services for insurance business transformation, today announced that PT PFI Mega Life Insurance (PFI Mega Life), the joint venture life insurance company of Prudential Financial Inc and CT Corpora, has selected Majesco Policy for Life & Annuities and Group along with a point of sale and activity management solution specifically used within the Asia Pacific region.
"We are delighted to welcome PFI Mega Life as part of our growing customer community," commented Adam Elster, CEO of Majesco. "As we embark on our journey in Indonesia we are honored to partner with PFI Mega Life in capturing growth opportunities that will meet the demands and needs of today's customers. We are excited to be part of this innovative partnership and look forward to a successful implementation supporting PFI Mega Life's business growth."
Established in 2011, PT PFI Mega Life Insurance combines the global expertise of Prudential Financial Inc. with the local market network of CT Corpora. This strategic partnership expands access of Indonesia's growing middle class to financial protection and insurance solutions through a multi-channel distribution strategy. PFI Mega Life offers an array of life insurance solutions including investment-linked insurance products and credit shield insurance which cater to a wide range of customers, from large corporations to individuals.
The selected platform will cover the end to end Insurance business process from acquisition to servicing the customers of PFI Mega Life. While the Majesco Policy for Life &Annuities and Group platform will enable PFI Mega Life to effectively manage the entire policy life cycle from new business to reinsurance, the platform & channel agnostic point of sale and activity management solution will provide capabilities to work on both offline and online modes across channels such as Bancassurance and Agency.
"After an in-depth evaluation, we decided to partner with Majesco. Based on their experience, expertise and investment in digital and core platforms created specifically for the insurance industry, we are confident that Majesco will play a significant role in enhancing our overall business environment to position us for growth and will help us serve our customers more effectively in this fast changing dynamic market" commented Yongtae Kim Director and Chief Operating Officer, PFI Mega Life.
Indonesia is one of Asia's fastest growing insurance markets with 50 life and 79 non-life insurance companies, 161 insurance brokers and 35 reinsurance brokers.* The selection expands Majesco's footprint within the Asia Pacific (APAC) region and represents the company's first customer in Indonesia. With PFI Mega Life, Majesco Policy for L&A and Group is used by 8 customers across the APAC region along with a growing number in North America and in the UK.
Shares of Majesco Ltd was last trading in BSE at Rs.485.85 as compared to the previous close of Rs. 499.35. The total number of shares traded during the day was 5932 in over 389 trades.
The stock hit an intraday high of Rs. 498 and intraday low of 478.3. The net turnover during the day was Rs. 2888232.