Majesco (NASDAQ: MJCO), a global leader of cloud insurance software solutions for insurance business transformation, today announced that Stillwater Insurance, a U.S. insurer operating in all 50 states, selected Majesco Claims for P&C on Majesco CloudInsurer™ with Majesco Enterprise Data Warehouse for data analytics capabilities.
Stillwater Insurance Group was founded in 2000 as the Fidelity National Property & Casualty Insurance Group, a branch of the Fortune 500 Company Fidelity National Financial, the country's largest provider of commercial and residential title and mortgage services.
In a rigorous, six-month process to assess whether to upgrade their existing claims system or replace it with a new claims system, Stillwater evaluated several vendors, including Majesco. Their evaluation included a site visit with a Majesco customer and multiple conversations with industry peers at Convergence, Majesco's annual customer conference. Ultimately, Stillwater chose Majesco based on its strong customer references, deep cloud heritage, and sophisticated SaaS platform that enables insurance companies to take advantage of a true "pay as you grow" model.
"With our A- Rating from A.M. Best and A+ rating and accreditation from the Better Business Bureau, Stillwater acts as the safe port in any storm, providing peace of mind and protection of life's assets," commented Ramesh Mugalam, Chief Strategy Officer at Stillwater. "Our partnership with Majesco will no doubt help us maintain our positive track record in the marketplace of being responsive, truthful and honoring promises with the highest standards of service, customer experience and claims satisfaction within the insurance industry."
"We are incredibly honored that Stillwater chose Majesco to ensure they're managing their customers' most important moments of truth at a time when the nature of risk and customer needs and expectations are changing," said Prateek Kumar, EVP at Majesco. "Our cutting-edge platform builds speed, ease and responsiveness into the claims process, empowering insurers like Stillwater to spend less time managing processes and more time delivering value and growing their business."
Shares of Majesco Ltd was last trading in BSE at Rs.425 as compared to the previous close of Rs. 422.45. The total number of shares traded during the day was 2988 in over 292 trades.
The stock hit an intraday high of Rs. 430.5 and intraday low of 424. The net turnover during the day was Rs. 1271425.