Investor Relations

Apollo Munich Health Insurance (AMHI) Enhances Distribution with Majesco’s Digital Solutions

Company Release - 1/17/2018 8:45 AM ET

Game-changing results improved policy issuance from 10-15 days to 5-10 minutes

MORRISTOWN, N.J.--(BUSINESS WIRE)-- Majesco (NYSE MKT: MJCO), a global provider of software, consulting and services for insurance business transformation, today announced that Apollo Munich Health Insurance enhanced their insurance distribution by increasing market reach and penetration leveraging Majesco’s DigitalConnect platform to radically improve policy issuance timeframes, a key factor for distribution channel engagement.

Majesco has developed a mobile tablet automated policy issuance application leveraging the DigitalConnect platform. The application enables agents to quickly and dynamically capture customer demographics, scan documents and issue the policy at the point of sale via the mobile tablet. The data captured is immediately integrated using straight through processing with AMHI’s core policy system to approve the policy and provide a payment option to enable the real-time close of sale. This game-changing solution using Majesco DigitalConnect with a unique mobile application radically transforms agent and customer expectations and engagement, by significantly reducing the policy issue time to 5-10 minutes for straight through process cases.

Krishnan Ramachandran, Deputy CEO, Apollo Munich Health Insurance, said, “With the new application, our agents can submit proposals and issue policies in remote parts of the country which may not be easily accessible using innovative digital solutions. The Majesco and Apollo Munich teams continue to invest in new and innovative technology.”

Ketan Mehta, CEO and Co-Founder of Majesco, said, “The shifting industry dynamics put significantly more emphasis on digital solutions as insurers look at improving their distribution channel and customer experience, efficiency, and business processes. We are honored to have played a part in AMHI’s business as their strategic partner.”

Majesco DigitalConnect is a single platform for all lines of business, with ready to deploy portal and mobile solutions for customers, agents, alternative distribution channels, and group benefits / employees. It is designed to enable personalization of the portal and mobile solutions based on the unique customer journeys and personas defined by each insurer to fulfill their unique and multi-channel distribution and customer experience needs.

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 and consulting 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.

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.

Ashwin Rodrigues, +1-973-496-9087
Director — Global Marketing

Source: Majesco