Majesco (NYSE American: MJCO), a global provider of core insurance platform software and consulting services for insurance business transformation, today announced their congratulations to MMG Insurance on their recognition as one of the top three winners worldwide in the business and operational excellence category for the 2018 Business Rules Excellence Award (BREA). The award honors MMGs innovation, impact, and implementation of work surrounding replacement of core technology systems.
MMG Insurance began their business transformation journey to replace their legacy systems and modernize their customer-facing portal to support their future growth plans. They selected Majesco P&C Core Suite inclusive of policy, billing and claims as a foundational component for their transformation. The first phase of the journey was completed with the implementation of Majesco Billing for P&C in February 2018, replacing their legacy system.
We congratulate the MMG team on this tremendous recognition of their vision and execution, commented Ed Ossie, COO of Majesco. We are humbled to be their strategic partner on their business transformation journey and supporting them in this fantastic achievement.
The joint teams leaned on a mutual dedication to managing rules and terminology in a consistent, business friendly, and shareable way to create a single source of truth that was aligned into a single enterprise model. As a result of these collective efforts, upon release of the new Billing system, MMG employees were fully trained on relevant changes, over 400,000 records had been converted with 99.99% accuracy, and both workflow and the user experience were enhanced. Instrumental to this success was effective business rule and terminology management “ both of which mirror the focus of the Business Rules Excellence Awards.
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Majesco P&C Core Suite supports all lines of business for personal, commercial and specialty and 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.
About the Business Rules Excellence Awards
The topical focus of the Business Rules Excellence Awards (BREA) includes business rules, business vocabulary and decisions. These prestigious annual global awards recognize user organizations that have demonstrably excelled in implementing innovative solutions to meet strategic business objectives. The Awards program was founded by Business Rules Solutions. The awards program is managed by Future Strategies Inc.
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 Majescos 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. Majescos 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 Majescos 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 Majescos 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 Majescos 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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