Majesco platform will support their growth and
innovation strategies
Majesco (NYSE American:MJCO), a global provider of core
insurance software and consulting services for insurance business
transformation, today announced that American Capital Assurance
Corporation went live with the Majesco P&C Core Suite,
inclusive of policy, billing, and claims.
American Capital Assurance Company (“AmCap Insurance”), owned by
AmCap Holdings, LLC offers commercial residential property
insurance on an admitted basis, headquartered in St. Petersburg,
Florida. They provide coverage for condominium, homeowner
associations, and townhome owner associations. Implementation of
the Majesco P&C Core Suite will enable AmCap Insurance to
manage their business self-sufficiently, rather than outsourced to
an external provider.
“Our commitment to our customers for a personalized,
best-in-class experience at the right price during a time of market
disruption and opportunity will be greatly enhanced with the
implementation of the Majesco platform,” commented Steve Wagner,
President of AmCap Insurance. “From the beginning, Majesco’s
commitment to a rapid and quality delivery was pivotal to this
successful implementation.”
AmCap Insurance, owned by AmCap Holdings, LLC, is poised to be
an industry leader in its select marketplaces and is rated A-
(Excellent) by A.M. Best Co., one of the industry’s leading rating
organizations.
The first phase of the implementation, including policy,
billing, and claims, supports commercial property for Florida and
Texas. This initial phase took eight months from program inception
to go live and included a number of updates to support regulatory
filing requirements.
“We are thrilled with AmCap Insurance’s successful
implementation of the entire suite, demonstrating the power of our
P&C Platform to deliver speed to value,” commented Prateek
Kumar, EVP for P&C Insurance for Majesco. “Our platform
solutions are delivering real value to our customers to compete and
deliver results in a constantly shifting marketplace. We
congratulate the team on the successful implementation and look
forward to our future work together.”
Majesco P&C Core Suite includes Majesco Policy, Majesco
Billing and Majesco Claims solutions. Majesco Policy 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
is 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.
About American Capital Assurance Corporation
AmCap Insurance offers superior, financially solid commercial
products and outstanding service that make policyholders whole as
quickly as possible after a loss. AmCap Insurance is an admitted
carrier doing business in Florida, Louisiana, South Carolina, and
Texas. AmCap Insurance partners with independent insurance agents
who seek dependable coverage and attention to detail, regardless of
the scope of a risk.
AmCap Insurance, owned by AmCap Holdings, LLC, is poised to be
an industry leader in its select marketplaces and is rated A-
(Excellent) by A.M. Best Co., one of the industry’s leading rating
organizations.
About Majesco
Insurance business transformation is a journey of change and
revitalization, a renaissance of Insurance. Approximately 160
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, as amended by Majesco’s
Quarterly Report on Form 10-Q.
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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MajescoGlenn Westlake, 920-410-0246Director, Market
Research and Content Developmentglenn.westlake@majesco.com
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