Majesco (NASDAQ: MJCO), a global leader of cloud insurance software solutions for insurance business transformation, today announced that Celent recognized Majesco with the XCelent Award for Depth of Service in the North American Policy Administration Systems 2020 Personal, Commercial and Specialty ABCD Vendor View Report for the leading score.
"Celent would like to congratulate Majesco on winning the XCelent award for Depth of Service" said Karlyn Carnahan, Head of Celent's property casualty practice in North America. "In judging the Depth of Service award, Celent looks at multiple factors, including the implementation capabilities and ongoing post implementation support. This evaluation methodology also considers the perspective of customers, who provided feedback through an extensive survey. The XCelent award for Depth of Service recognizes Majesco's performance in these critical areas."
The report profiles 31 policy administration solutions, providing an overview of their functionality, customer base, lines of business supported, technology, implementation, pricing, and support. Of those 31 solutions, only 14 fully met the inclusion criteria for Celent's ABCD full report and rankings.
"We are humbled and proud to be recognized by Celent as the top provider and winner of the XCelent Award for Depth of Service," said Majesco CEO Adam Elster. "More importantly, having our customers recognize us with top rankings in the Depth of Service Awards key categories of functionality, technology, implementation and support means so much because they work with us and the system each day. This report recognizes the tremendous progress we have made to aggressively redefine the next generation of SaaS and Cloud platform solutions that are enabling insurers to digitally transform complexity, modernize and optimize their current business models while creating new business models to meet the demands of the future of insurance."
Some of key areas highlighted by Celent include:
- The home screen for underwriters and policy service representatives provides a task-oriented activity center, recent records, and tabs for insureds, transactions, and lists.
- Built on a modern architecture, the system is highly configurable. The configuration tool is very granular, providing a carrier with lots of flexibility.
- One of its strengths is the provision of preconfigured content for all rates, rules, forms, taxes, fees, surcharges, etc. Majesco Policy for P&C for 52 jurisdictions. Majesco also provides automated updates of this data for its base products every month as part of Majesco Bureau and Content Services.
- Their client base spans all tiers from the largest carriers in the world to small MGAs and startups. Their pricing model is flexible enough to accommodate the different needs of these different insurers.
- Majesco was one of the first vendors to create a curated digital ecosystem of partners and Insurtechs. Digital1st Insurance® is the microservices based digital platform used for integration and orchestration (and available as a separate application). The Digital1st EcoExchange® includes apps from insurance ecosystem partners under a single platform.
- Celent sees this as a strong solution, especially for commercial and specialty lines carriers with configuration tools to build additional functionality as needed. Carriers with a focus on commercial will appreciate the deep knowledge of ISO that shows in this product.
"We are thrilled and honored to be recognized by Celent with the XCelent Award for Depth of Service. The re-architecture of Majesco Policy for P&C launched in Version 10 in late 2017 and aggressively expanded on with Version 11 in late 2019, pioneered a new era of the core insurance Cloud and SaaS solution model with a proven, robust, API and microservices enabled platform supporting all existing P&C lines of business, as well as innovative new products such as on-demand, cyber, rideshare and more that deliver speed to value," said Manish Shah, President and Chief Product Officer at Majesco. "With SaaS and Cloud core platforms now de facto software-delivery model for insurance, our open, secure and scalable architecture designed for continuous updates stands apart as a powerful yet easy-to-use platform for enabling insurers, MGAs, brokers and reinsurers to seize new markets, new business opportunities and new customers in today's dynamic and highly-competitive market. We are committed to advancing the platform with increasingly, rich, data-driven, and innovative capabilities that will keep our customers at the forefront of the industry as leaders reshaping their businesses and the future of insurance."
Shares of Majesco Ltd was last trading in BSE at Rs.367 as compared to the previous close of Rs. 369.85. The total number of shares traded during the day was 2987 in over 219 trades.
The stock hit an intraday high of Rs. 374 and intraday low of 359.75. The net turnover during the day was Rs. 1095712.