Majesco: Advanced Core Insurance Systems Provider

Ketan Mehta, CEO and Co-Founder, MajescoKetan Mehta, CEO and Co-Founder
The insurance industry, like many other sectors, is facing sweeping changes driven by the confluence of business and technology forces fueled by innovation. Today, many insurers realize that they need to become more customer-focused, easier to do business with, more nimble, and increasingly knowledge-rich. To assist insurers improve business processes, and customer retention, Morristown-based Majesco provides core insurance technology software and IT services. In the core insurance areas, Majesco’s services include policy administration, product modeling, new business processing, billing, claims, producer lifecycle management, and distribution. “For over two decades, we have combined our products, people, and processes to drive business impact and competitive advantage,” says Ketan Mehta, CEO and Co-Founder of Majesco. “After we gain a deep understanding of our clients’ business goals and challenges, we envision, design, and deliver tailored business IT solutions that stand apart.”

Majesco concentrates on developing advanced core system for insurance and support and business consulting expertise. With wide capabilities and strategic alliances, Majesco offers an integrated portfolio of IT software and services, including IT consulting, application development, systems integration, application management outsourcing, testing, data warehousing and business intelligence, CRM services, and legacy modernization. “We are the trusted partner of more than 140 insurance carriers globally spanning the entire core systems landscape,” adds Mehta.

The company builds, implements, and services market leading proven solutions with advanced technology, ensuring carriers a business success. Majesco’s Property and Casualty (P&C) General Insurance Suite helps P&C insurance carriers increase responsiveness, while reducing operating costs through an affordable and flexible set of core insurance applications that combine into a powerful suite with the most advanced technology. “Majesco’s enterprise solutions for insurance carriers combine the power of modern functionality with flexibility to administer business,” asserts Mehta.

Majesco’s enterprise solutions for insurance carriers combine the power of modern functionality with flexibility to administer business

According to Mehta, technology with vision and maturity has enabled a new era of connectivity where processes are handled electronically and employees are linked in ways that allow them to transact quickly, accurately, consistently, and securely. “The new-age technology like social, mobile, analytics/big-data, and cloud now seamlessly co-exist with the modern core-systems, platforms, and processes,” he adds. The company offers solutions for application development to design and build custom applications and minimize maintenance costs, while improving business results. They also provide application maintenance for maximizing return on clients’ IT investments with application maintenance services alongside application management and application modernization.

An example illustrating the company’s expertise includes a Vietnam based business group expanding into the emerging Asia. As a startup insurer, the client’s biggest requirement was to attract and retain right sales force while reducing the cost to serve them. Majesco implemented its distribution management, a comprehensive system that handled channel setup, definition, and commission/bonus calculation for different types of channels. The solution helped client gain quick introduction of newer channels and reduction in manual intervention, alongside consolidated, and replaced multiple compensation systems to a single channel-centric, componentized system.

The experience and expertise in executing complex transformation and mission critical programs for insurance companies worldwide is Majesco’s key strength. The company is committed to building strong and long-term relationships with their carrier partners; close to 90 percent of their business coming from existing customers. “With a strong global presence across U.S., Europe, Middle East, and Asia Pacific, we are a technology partner of choice for insurance carriers worldwide,” concludes Mehta.