InsurTech Start-up Insurer Selects Majesco Policy for P&C and Majesco Billing on Majesco CloudInsurer Platform

Majesco (NYSE American: MJCO), a global provider of core insurance software and consulting services for insurance business transformation, today announced that an InsurTech start-up based in California, selected Majesco Policy for P&C and Majesco Billing on the Majesco CloudInsurer platform to support their launch and growth strategies in a SaaS model.

The start-up will write personal lines (Auto, Home, Dwelling Fire and Umbrella) insurance in California through their agent network. A rapid four month evaluation of vendor options resulted in the selection of Majesco as their strategic partner, based on Majesco's cloud platform maturity and referenceable customers, and well-rounded capabilities for policy, billing, agent access, and data integration with key partners and data service providers.

"We are honored to welcome this innovative new start-up to our customer community," commented Ed Ossie, COO for Majesco. "As the insurance industry shifts business platforms in Digital Insurance 2.0, we are excited to be working with new, innovative companies that are aggressively executing strategies to capture these new market opportunities focused on rapid launch. We are committed to making core system platform ecosystems friendly with API-first design, ability to cost-effectively scale in the cloud, and architected for seamless and frequent upgrades. We are excited to be this InsurTech start-up's partner of choice as they begin their journey."

Majesco CloudInsurer leverages Majesco's experience with over 35 cloud customers, providing a business platform with broad appeal for all insurers from greenfields, new start-ups and incubators to mid-market and tier one insurers. Majesco CloudInsurer provides a core insurance software platform leveraging Majesco core solutions including Majesco Policy, Majesco Billing, and Majesco Claims. Majesco Policy for P&C provides pre-configured ISO content, including all rates, rules, forms, taxes, fees, and surcharges for 52 jurisdictions (including DC and Puerto Rico), and provides a well-experienced monthly bureau content update service. Together, the preconfigured bureau content and Majesco Bureau and Content Update Services are designed to provide agility, rapid product innovation, and speed to market, enabling insurance companies to introduce new products and reach new markets quickly and cost effectively. Majesco Enterprise Data Warehouse is pre-integrated with the Majesco P&C software portfolio.

Shares of Majesco Ltd was last trading in BSE at Rs.489.15 as compared to the previous close of Rs. 469.8. The total number of shares traded during the day was 66118 in over 481 trades.

The stock hit an intraday high of Rs. 498 and intraday low of 476.6. The net turnover during the day was Rs. 32119243.

Source : Equity Bulls

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