Majesco Congratulates Homesite Insurance on its Selection for the Novarica Impact Award for Digital Initiative
June 27 2017 - 7:45AM
Business Wire
Direct to consumer sales portal with policy and
billing core systems delivered up to 40% premium cost savings to
small business customers
Majesco (NYSE MKT: MJCO), a global provider of core insurance
software, consulting and services for insurance business
transformation, today announced that Homesite Insurance was
selected for a Novarica Impact Award for the Digital Initiative
category. Homesite Insurance launched a sales portal with Majesco
CloudInsurer using Majesco Policy for P&C and Majesco Billing
core systems. The initiative was completed in a little over a year,
supports product bundling, delivered up to 40% premium cost savings
to customers, and enabled expansion for other lines of business to
support their growth strategy. Selection for this recognition was
made by members of the Novarica Insurance Technology Research
Council, a knowledge-sharing group of hundreds of insurer CIOs.
“We are honored to be recognized for the Novarica Impact Award
for Digital Initiative,” said Dustin Hubbard, Chief Digital Officer
for Homesite. “Providing innovative, best-in-class digital customer
engagement is crucial in today’s small business marketplace. Our
continued expansion to a multi-line business on the Majesco
CloudInsurer platform has been key to our growth strategy, helping
us keep pace with customer demands, launch of innovative products
and services and operational excellence. We look forward to
continuing our partnership with Majesco to continue to deliver on
this strategy.”
Homesite, a national, full-service property insurer focused
traditionally on the homeowners’, condominium and renters
markets, is part of the American Family Mutual Insurance
Group, the 13th largest property-casualty insurance group,
8th largest homeowners insurance company and 9th largest
private passenger insurer in the U.S.
Key aspects of the initiative include:
- Through a new consumer site, customers
can bundle multiple product quotes into a single process without
duplicating efforts.
- The initiative implemented business
owners (BOP) in nine months, with 51 jurisdiction rollout in 12
months, and commercial general liability and inland marine (CGL/IM)
in eight months, with rollout in nine months on Majesco
CloudInsurer.
- Workers’ compensation line will be
launched in the second quarter of 2017.
- The initiative has allowed the company
to pass savings of up to 40% to its small business owner customers
and has enabled expansion for other lines of business.
“Homesite’s win demonstrates the potential of a digital core
platform in driving new opportunities and growth in a rapidly
changing market,” said Mathew Josefowicz, CEO of Novarica. “The
focus on customer engagement, innovative new products and speed to
value via a cloud platform show an effective deployment of
technology to create real business value, which was recognized by
the committee of CIOs who select our Impact Award winners.”
EVP for Majesco’s P&C business, Prateek Kumar added, “We
want to congratulate Homesite Insurance on this incredible
recognition by peers in the industry. The small business market is
transforming rapidly with new customer expectations, new businesses
that need innovative products and demand digital capabilities
across the journey that deliver speed to value. We are honored that
they selected Majesco CloudInsurer as the foundation for their
business growth and success.”
Majesco CloudInsurer leverages Majesco’s experience with over 30
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
with a digital, multi-channel platform.
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 modelling, 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.
Majesco subscribes to Novarica’s research and advisory services
for which Novarica receives compensation from Majesco
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
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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.
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MajescoAshwin RodriguesDirector — Global MarketingPhone:
+1-973-461-9087Email: ashwin.rodrigues@majesco.com
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