Implementation sets a new bar for rapid product
and market launch in the industry supporting growth strategies
Majesco (NYSE American: MJCO), a global provider of core
insurance software and consulting services for insurance business
transformation, today announced that Urban Advantage, an InsurTech
start-up based in California, implemented Majesco Policy for
P&C and Majesco Billing for P&C on the Majesco CloudInsurer
platform in 95 days for dwelling fire, enabling their rapid launch
into the personal lines market. Additional products are in
development for a similar rapid rollout.
“From the very beginning we were impressed with the depth of
business and technical capabilities of the Majesco platforms as
well as their understanding of the unique challenges for
greenfields like ourselves to support a business launch,” commented
Danna Gomez, COO of Urban Advantage. “The speed and quality of the
implementation has surpassed our expectations, helping to rapidly
launch our business and drive speed to value.”
Urban Advantage Insurance, an InsurTech MGA startup, plans to
write personal lines insurance in California through their
independent agent network. Their mission is to bring comprehensive
and competitive personal lines insurance products to the urban
communities of California. Following a rapid evaluation,
implementation took an expedient track by leveraging Majesco’s
powerful platform with extensive out-of-the-box capabilities to
propel speed to implementation.
“We congratulate Urban Advantage on their business launch and
are excited to be a part of this milestone,” said Prateek Kumar,
EVP of P&C Business for Majesco. “We are committed to enabling
insurance carriers like Urban Advantage to succeed in today’s
digital age by providing a platform that outperforms with
innovative digital capabilities, delivers speed to value and
achieves growth and innovation strategies. We are honored to be
their partner as they continue to drive their business
forward.”
Majesco is working with a growing number of innovative InsurTech
startups and incumbent insurer greenfields across P&C and
L&A segments to launch new business models, introduce new
products and enter new markets leveraging Majesco platforms to
deliver speed to value – speed to implementation, speed to market
and speed to revenue.
Majesco CloudInsurer leverages Majesco’s experience with over 38
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.
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.
About Urban Advantage
Urban Advantage is a leading personal lines insurer that markets
to metropolitan residents. Urban Advantage is dedicated to
improving insurance options for urban communities. Urban
Advantage’s staff’s collective experience in this specialty niche
spans more than 150 years, meaning it has the expertise and
industry trust to deliver better coverage for homeowners, renters,
dwelling, fire, auto and umbrella. Urban Advantage offers highly
competitive rates as compared to national insurance companies, and
it works exclusively through Independent insurance agents who live
or write the majority of their business in the urban communities.
To learn more, visit urbanadvantage.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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version on businesswire.com: https://www.businesswire.com/news/home/20180905005176/en/
MediaMajescoGlenn Westlake,
+1-920-410-0246Director, Market Research and Content
Developmentglenn.westlake@majesco.com
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