Majesco (NYSE American: MJCO), a global leader of cloud core insurance software, today announced that American Public Life Insurance Company (APL) selected Majesco L&A and Group Core Suite platform as the foundation of its digital business transformation strategy.
"As the industry and our customers rapidly embrace digitalization, we recognize the need to radically improve our technology footprint. In doing so, we'll be able to expand the reach of our organization to better serve and engage with all of our constituents while optimizing our performance," said Jim Pate, APL President/CEO. "After a long and arduous assessment, we determined that Majesco's vision, strategy, team and solutions align with our business today and in the future. We look forward to our implementation and the value it will bring to our customers and employees."
Founded in 1945, APL offers a wide variety of supplemental medical insurance products, providing customized solutions for organizations of any size, in almost any industry, across the US. Its current core business, which includes gap, accident, hospital indemnity, critical illness, cancer, short-term disability, dental and life insurance, will be implemented onto the new platform. APL is licensed to conduct business in 49 states and continues to serve the independent broker market.
"We're extremely honored to be partnering with APL to enable their digital business transformation," said Adam Elster, CEO for Majesco. "The group and voluntary benefits market is rapidly changing to align to new customer expectations and different products and services that meet a shifting employee and employer marketplace. Our core platform uniquely provides a single platform for both individual and group/voluntary, which can simplify an insurer's environment, while providing a platform for growth. We look forward to an exciting future with APL."
Majesco L&A and Group Suite supports individual, group and voluntary benefits on a single platform, recognizing that growing and retaining customers, regardless of where they originate, is critical to insurers' growth strategies. The suite provides essential core system capabilities for policy, billing and claims. The powerful design allows for rapid adaptation for new, innovative products or benefit plans, giving insurers the power, flexibility and speed needed to capture opportunities and create profitable growth.
Shares of Majesco Ltd was last trading in BSE at Rs.442 as compared to the previous close of Rs. 450. The total number of shares traded during the day was 766 in over 63 trades.
The stock hit an intraday high of Rs. 454.45 and intraday low of 441. The net turnover during the day was Rs. 342749.