New York State Insurance Fund Selects Majesco Billing on Majesco CloudInsurer
November 29 2017 - 8:45AM
Business Wire
Implementation is one of the first for a
workers compensation state fund
Majesco (NYSE MKT: MJCO), a global provider of core insurance
software and consulting services for insurance business
transformation, today announced that the New York State Insurance
Fund (NYSIF) selected Majesco Billing on Majesco CloudInsurer.
NYSIF was established in 1914 as part of the original enactment
of the New York Workers’ Compensation Law. The Fund’s mission is to
guarantee the availability of workers' compensation insurance at
the lowest possible cost to employers, while maintaining a solvent
fund, as well as to provide timely and appropriate indemnity and
medical payments to injured workers. NYSIF is a self-supporting
insurance carrier that competes with private insurers in both the
workers’ compensation and disability benefits markets in New York
State.
The transformation program will convert their legacy systems
onto Majesco Billing on Majesco CloudInsurer, providing a single
platform for the business. The advanced architecture platform will
enable integration with their large number of banks and payment
channels, while supporting regulatory requirements.
“We are honored to add New York State Insurance Fund to our
growing customer community,” commented Prateek Kumar, EVP of
P&C business at Majesco. “As the insurance market continues to
change and adapt to new customer demands, billing is increasingly
taking the lead to meet these rapidly emerging new expectations and
demands. We are committed to leading the market with a robust
billing solution that helps achieve growth and customer engagement
strategies. We are proud to work with NYSIF in this strategic
transformation program to enable their agility, innovation and
speed.”
Billing is no longer a back office function and is front and
center to the customer experience. Majesco Billing has consistently
been recognized as a leading enterprise platform in the market
enhancing the customer experience across all lines of insurance
business through an array of billing types – Direct, Customer
Account, Agency Statement, Agency Account Current, Wholesale,
List/Payroll Deduction and Deductible Billing, among others.
Self-service capabilities are offered to both insured and agents
alike. Majesco Billing is a part of the Majesco P&C Suite and
can be deployed standalone or as a part of the suite on premise,
hosted or in the cloud. Majesco has over 30 cloud customers.
About Majesco
Insurance business transformation is a journey of change and
revitalization, a renaissance of Insurance. Approximately 150
insurance companies worldwide in P&C, L&A and Group/
Employee Benefits are transforming their businesses with Majesco’s
solutions. Our market leading software, consulting and services
uniquely underpin the entire insurance value chain and are designed
to empower insurers with the agility, innovation and speed needed
to meet their transformation opportunities. Majesco’s solutions
include policy management, new business / underwriting, rating,
billing, claims management, distribution management, BI/ analytics,
predictive modeling, digital platform with mobile and portal,
testing services, cloud services, bureau and content services,
transformation services, consulting services 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.
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will be achieved or will occur. If such forward-looking statements
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to place undue reliance on these forward-looking statements, which
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MajescoAshwin Rodrigues, +1-973-461-9087Director — Global
Marketingashwin.rodrigues@majesco.com
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