Riding the Wave of Change in Group and Employee Benefits - New Insights Published by Majesco
May 04 2016 - 8:45AM
Business Wire
The Group and Employee Benefits market is
changing so rapidly, creating a “re-set” button” that is redefining
the competitive landscape for new and old players alike
Majesco (NYSE MKT:MJCO), a global provider of core insurance
software, consulting and services for insurance business
transformation, today published a insights report, Riding the Wave
of Change in Group and Employee Benefits.
As sales of individual life products continue to face
challenges, the group and voluntary employee benefits market offers
new opportunities. Unprecedented changes in the market are leveling
the playing field – creating openings for existing insurers to
enter the market and opportunities for new startups, and
challenging established players to adapt with new products,
services, technology, and business models.
“Increasing costs, impacts of the PPACA, trends in retirement
benefits and other factors have been causing employers to push more
responsibility for choosing and paying for benefits to employees.
This is making voluntary benefits is a hot new space, as they allow
employers to offer more attractive benefits options to employees,
all at low or no cost to them.” said Todd Eyler, Vice
President/Client Partner at Majesco.
“At the same time, changes in demographics, expectations and
technology are creating new challenges as well as opportunities
that have never been seen before in this market,” added Denise
Garth, Senior Vice President, Strategic Marketing. “To take
advantage of this disruption and change, insurers must adapt,
innovate and focus on speed from developing new, innovative
products, new channels and new services to respond to the new needs
and customer experience expectations, ahead of the competition.
Incumbents saddled with legacy systems and processes will quickly
find themselves at a disadvantage.”
Recognizing that change and disruption are swiftly reshaping the
business landscape, insights from the report suggest that
sustainable long-term success for insurers in the digital age
requires leveraging technology, data, consumer expectations and
creative business model design to make core insurance products
simpler, integrated into other products or businesses, and easy to
access through any or all channels.
The thought leadership paper, Riding the Wave of Change in Group
and Employee Benefits, is available on the Majesco website to
download, or you can request a copy via email,
info@majesco.com.
About Majesco
Majesco enables insurance business transformation for
approximately 146 insurance customers by providing solutions which
include software, consulting and services.
Our customers are insurers, MGA’s and other risk providers from
the Property and Casualty, Life, Annuity and Group insurance
segments worldwide. Majesco delivers proven software solutions,
consulting and services in the core insurance areas such as policy,
billing, claims, distribution management, BI/ analytics, digital,
application management, cloud and more. 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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MajescoAshwin Rodrigues, +1-973-461-9087Director — Global
Marketingashwin.rodrigues@majesco.com
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