Majesco (NASDAQ: MJCO), a global leader of cloud insurance software solutions for insurance business transformation, today announced that its annual customer conference crushed attendance records, growing nearly 50%. Attendees included industry influencers from insurers, reinsurers, brokers, MGAs and InsurTechs and business leaders from insurance and beyond.
This jump in attendance underscores Majesco's market leadership and the rapid growth in adoption of Majesco's modern cloud, API and microservices-based platforms for existing and new customers across the P&C and L&A and Group segments.
CEO Adam Elster's keynote focused on Majesco's vision, strategy and overall brand position, emphasizing the company's promise and focus on helping insurers build the next generation of their businesses and the industry at speed and scale. He highlighted Majesco's commitment to connect insurers with the products, insights and best practices they need to execute their digital transformation strategies, noting both company's rich history and the cutting-edge innovation and value they're bringing to the insurance industry.
"It's time for Insurance to become as easy, seamless and powerful as any business or personal service we expect. This is why we do what we do," said Adam. "Majesco is creating the future-agile, nimble, and lightning fast - a future with cloud-based products and solutions that have the power to transform all P&C, Life & Annuities and Group Benefits to meet the demands of tomorrow, right now."
The broad range of presentations from industry influencers, partners and customers at the conference is proof that savvy, innovative companies including large legacy brands, new greenfields and InsurTech startups are leveraging Majesco's solutions to redefine the future of insurance.
In his keynote, Manish Shah, President and Chief Product Officer, highlighted the rapidly changing marketplace and the shift in technology to cloud, API, microservices, AI, and the rich ecosystems that are mandatory to compete today and in the future. He provided insight to the upcoming Version 11 releases of the Majesco P&C Core Suite and the Majesco L&A and Group Core Suite and introduced the Majesco LifePlus Solutions rebranded from the recent Exaxe acquisition. Manish also gave an overview of the wide array of innovative initiatives using the Majesco Digital 1" Insurance platform to change the paradigm of portals, reinvent the concept of speed-to-value, and more.
In recognition of the many customers who are aggressively defining their path to the future, Denise Garth emceed an awards presentation where Majesco recognized those companies who have modernized, optimized and created new business models or products on their path to The Future of Insurance over the last year. These included:
- Business Modernization Award - Replacement of legacy systems with new modern platform. There were seven recipients from North America and two international.
- Business Optimization Award - Builds off their core platform foundation to optimize the business with data and digital solutions. There were four North America recipients and three international.
- Future of Insurance Award - Reinventing or redefining the business of insurance with a new business model, new products and new services and driving innovation. There were six recipients, including one international company.
A number of these recipients demonstrated innovation and speed-to-value in their implementations. Five implemented new business models or new products on Majesco platforms on CloudlnsurerTM in 12 weeks or less, setting a new bar for rapid go-lives in the industry. Five of the recipients were recognized for both modernization and optimization of their businesses, reflecting the multi-path approach by many insurers to stay competitive. The award winners represent the growing diversity of customers that are setting a path to the future using Majesco solutions.
"Convergence is our premiere customer event, bringing together leaders across the industry to inspire, collaborate and discuss how to shape the future of the industry and their own companies," commented Denise Garth, SVP Strategic Marketing, Industry Relations and Innovation. "From our research and active leadership in InsurTech, we have consistently advocated that insurers have every reason to continue fostering their loyal customers but need to begin to cultivate new business models for the future because the window of opportunity to retain existing, let alone capture future customers is rapidly closing. Focusing on the customer and the future is a win-win for insurers and the focus of Convergence."
Shares of Majesco Ltd was last trading in BSE at Rs.489.45 as compared to the previous close of Rs. 495.95. The total number of shares traded during the day was 5455 in over 419 trades.
The stock hit an intraday high of Rs. 501 and intraday low of 488.05. The net turnover during the day was Rs. 2703410.