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Majesco Crushes Attendance Records at Convergence 2019, Unveils New Brand and Strategy for the Future of Insurance, and Announces Major Product Enhancements and Strategic Partnerships

Majesco (NASDAQ:MJCO), a global leader of cloud insurance software solutions for insurance business transformation, today announced that its annual customer conference crushed attendance records, growing nearly 50%. Attendees included industry influencers from insurers, reinsurers, brokers, MGAs and InsurTechs and business leaders from insurance and beyond.

This jump in attendance underscores Majesco’s market leadership and the rapid growth in adoption of Majesco’s modern cloud, API and microservices-based platforms for existing and new customers across the P&C and L&A and Group segments.

CEO Adam Elster’s keynote focused on Majesco’s vision, strategy and overall brand position, emphasizing the company’s promise and focus on helping insurers build the next generation of their businesses and the industry at speed and scale. He highlighted Majesco’s commitment to connect insurers with the products, insights and best practices they need to execute their digital transformation strategies, noting both company’s rich history and the cutting-edge innovation and value they’re bringing to the insurance industry.

“It’s time for Insurance to become as easy, seamless and powerful as any business or personal service we expect. This is why we do what we do,” said Adam. “Majesco is creating the future—agile, nimble, and lightning fast—a future with cloud-based products and solutions that have the power to transform all P&C, Life & Annuities and Group Benefits to meet the demands of tomorrow, right now.”

The broad range of presentations from industry influencers, partners and customers at the conference is proof that savvy, innovative companies including large legacy brands, new greenfields and InsurTech startups are leveraging Majesco’s solutions to redefine the future of insurance.

In his keynote, Manish Shah, President and Chief Product Officer, highlighted the rapidly changing marketplace and the shift in technology to cloud, API, microservices, AI, and the rich ecosystems that are mandatory to compete today and in the future. He provided insight to the upcoming Version 11 releases of the Majesco P&C Core Suite and the Majesco L&A and Group Core Suite and introduced the Majesco LifePlus Solutions rebranded from the recent Exaxe acquisition. Manish also gave an overview of the wide array of innovative initiatives using the Majesco Digital1st Insurance platform to change the paradigm of portals, reinvent the concept of speed-to-value, and more.

In recognition of the many customers who are aggressively defining their path to the future, Denise Garth emceed an awards presentation where Majesco recognized those companies who have modernized, optimized and created new business models or products on their path to The Future of Insurance over the last year. These included:

  • Business Modernization Award – Replacement of legacy systems with new modern platform. There were seven recipients from North America and two international.
  • Business Optimization Award – Builds off their core platform foundation to optimize the business with data and digital solutions. There were four North America recipients and three international.
  • Future of Insurance Award – Reinventing or redefining the business of insurance with a new business model, new products and new services and driving innovation. There were six recipients, including one international company.

A number of these recipients demonstrated innovation and speed-to-value in their implementations. Five implemented new business models or new products on Majesco platforms on CloudInsurer™ in 12 weeks or less, setting a new bar for rapid go-lives in the industry. Five of the recipients were recognized for both modernization and optimization of their businesses, reflecting the multi-path approach by many insurers to stay competitive. The award winners represent the growing diversity of customers that are setting a path to the future using Majesco solutions.

“Convergence is our premiere customer event, bringing together leaders across the industry to inspire, collaborate and discuss how to shape the future of the industry and their own companies,” commented Denise Garth, SVP Strategic Marketing, Industry Relations and Innovation. “From our research and active leadership in InsurTech, we have consistently advocated that insurers have every reason to continue fostering their loyal customers but need to begin to cultivate new business models for the future because the window of opportunity to retain existing, let alone capture future customers is rapidly closing. Focusing on the customer and the future is a win-win for insurers and the focus of Convergence.”

About Majesco

Majesco (NASDAQ: MJCO) provides technology, expertise, and leadership that helps insurers modernize, innovate and connect to build the future of their business – and the future of insurance – at speed and scale. Our platforms connect people and businesses to insurance in ways that are innovative, hyper-relevant, compelling and personal. Over 190 insurance companies worldwide in P&C, L&A and Group Benefits are transforming their businesses by modernizing, optimizing or creating new business models with Majesco. Our market-leading solutions include CloudInsurer™ P&C Core Suite (Policy, Billing, Claims); CloudInsurer™ L&A and Group Core Suite (Policy, Billing, Claims); Digital1st Insurance™ with Digital1st eConnect™, Digital1st EcoExchange™ and Digital1st Platform™ – a cloud-native, microservices and open API platform; Distribution Management, Data and Analytics and an Enterprise Data Warehouse. For more details on Majesco, please visit www.majesco.com.

Cautionary Language Concerning Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of management, are not guarantees of performance and are subject to significant risks and uncertainty. These forward-looking statements should, therefore, be considered in light of various important factors, including those set forth in Majesco’s reports that it files from time to time with the Securities and Exchange Commission and which you should review, including those statements under “Item 1A – Risk Factors” in Majesco’s Annual Report on Form 10-K.

Important factors that could cause actual results to differ materially from those described in forward-looking statements contained in this press release include, but are not limited to: integration risks; changes in economic conditions, political conditions, trade protection measures, licensing requirements and tax matters; technology development risks; intellectual property rights risks; competition risks; additional scrutiny and increased expenses as a result of being a public company; the financial condition, financing requirements, prospects and cash flow of Majesco; loss of strategic relationships; changes in laws or regulations affecting the insurance industry in particular; restrictions on immigration; the ability and cost of retaining and recruiting key personnel; the ability to attract new clients and retain them and the risk of loss of large customers; continued compliance with evolving laws; customer data and cybersecurity risk; and Majesco’s ability to raise capital to fund future growth.

These forward-looking statements should not be relied upon as predictions of future events and Majesco cannot assure you that the events or circumstances discussed or reflected in these statements will be achieved or will occur. If such forward-looking statements prove to be inaccurate, the inaccuracy may be material. You should not regard these statements as a representation or warranty by Majesco or any other person that we will achieve our objectives and plans in any specified timeframe, or at all. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. Majesco disclaims any obligation to publicly update or release any revisions to these forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this press release or to reflect the occurrence of unanticipated events, except as required by law.

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