Majesco (NASDAQ: MJCO), a global leader of cloud insurance software platform, today announced that long-time customer, Multinational Insurance Company completed its upgrade of Majesco Policy for P&C from an older version onpremise to the newest version on Majesco CloudInsurer® for their commercial lines operation. Multinational Insurance has been a customer of Majesco's since 2012 and is one of twenty Majesco customers in Puerto Rico.
Established in 1983, the Multinational Group has spent over thirty years expanding its operations and acquiring insurance companies of high prestige throughout Latin American and the Caribbean, including Puerto Rico. In 2017, the organization began their journey to move their core applications to the cloud to ensure business continuity and guarantee availability of their systems and operations. By working with a partner like Majesco, who has a well-defined disaster recovery process, they are now able to run business critical applications in secondary sites in the event the primary ones go down.
"Majesco's CloudInsurer® has improved our overall performance and given us the ability to scale on-demand as we no longer need to depend on servers with limited capacity," says Mary Vargas, Vice President of Information Technology & Systems at Multinational. "We've also been able to limit the amount of manual resources needed to manage the administration of our infrastructure, servers and networking which has allowed us to focus more on the critical day-to-day business functions that require our attention. This was a cross-collaborative effort combining adept cloud skills from Majesco and exceptional support from all Multinational team members for achieving this upgrade."
By moving to Majesco's CloudInsurer®, Multinational has benefited from significant cost savings on licensing software that are typically used for web, application and database services. In addition, customers can now rely on a single source for managing service levels including application availability, platform updates, release management and incident response rather than coordinating with various parties.
"We're thrilled to have helped Multinational upgrade Majesco Policy for P&C and at the same time move to CloudInsurer® to strengthen their operations that can support their growth strategy in the market," says Prateek Kumar, EVP for Majesco. "Our CloudInsurer® platform with Majesco Policy for P&C are a competitive differentiator for customers because of the ready-to-use content and capabilities that accelerate speed to market, providing the foundation of on demand insurance in the cloud."
Shares of Majesco Ltd was last trading in BSE at Rs.345.6 as compared to the previous close of Rs. 329.15. The total number of shares traded during the day was 9050 in over 223 trades.
The stock hit an intraday high of Rs. 345.6 and intraday low of 320. The net turnover during the day was Rs. 3111786.