Majesco (NASDAQ: MJCO), a global leader of cloud insurance software solutions for insurance business transformation, today announced that Ullico Casualty Group, LLC (UCG), a wholly-owned subsidiary of Ullico, Inc., selected Majesco P&C Core Suite and Majesco Enterprise Data Warehouse on Majesco CloudInsurer™ to underpin their digital transformation and growth strategy.
Ullico, Inc., founded in 1927 with initial funding from the American Federation of Labor, is the nation's only union-owned provider of multi-line insurance, financial services and administrative products. UCG provides various commercial, business owners, cyber, bonds, fiduciary liability, union liability, and other insurance products to union pension and benefit plans, labor officials, and labor organizations for all 50 states. They have been at the forefront in providing innovative coverages for Labor such as Individual Labor Leader, Investigatory Expense, and Educator's Liability endorsements. UCG writes policies as a Managing General Agent with multiple A.M. Best A rated insurers as of September 30, 2019.
"Over our history, Ullico has been at the forefront in providing insurance products that meet Labor's needs. With the emergence of the digital era and rapid changes in the marketplace, we needed new technology to underpin our digital transformation so that we would be able to respond and capture growth opportunities," stated Tina Fletcher, President of UCG. "Through a very in-depth and detailed selection process, Majesco stood out with their core suite that delivers advanced capabilities, embedded industry best practices, exceptional user experience and a mature cloud offering that would provide the platform for us to deliver a world-class customer experience and products. We look forward to our partnership with Majesco and what we will be able to deliver together to our customers."
UCG is entering a growth period requiring modernization with a new technology platform to support growth in existing and new lines of business to meet the evolving needs of their customers while gaining operational optimization and speed to value. Key to the selection were pre-configured industry best practices and market leading capabilities, customer panoramic view of quote to underwriting, policy and claims to deliver a worldclass experience, enable UCG self-sufficiency from configuration, upgrades, testing and deployment, and achieve a predictable and low total cost of ownership leveraging mature cloud capabilities and operation.
"We are excited and honored by UCG's selection of Majesco solutions to underpin their transformation that builds on their decades of trust and innovation," commented Prateek Kumar, EVP of Majesco.
"Our solutions have rapidly evolved to help insurers modernize and optimize their business, but also innovate with new products, services and more that meet a rapidly changing market demographic and new risk needs on our mature, robust CloudInsurer™ platform. We look forward to our partnership and delivering speed of value to UCG and their customers."
Shares of Majesco Ltd was last trading in BSE at Rs.406.9 as compared to the previous close of Rs. 405.95. The total number of shares traded during the day was 894 in over 142 trades.
The stock hit an intraday high of Rs. 407.55 and intraday low of 402. The net turnover during the day was Rs. 362508.