Urban Advantage Implements Majesco Policy for P&C and Majesco Billing for P&C in 95 Days

Implementation sets a new bar for rapid product and market launch in the industry supporting growth strategies

Morristown, NJ (Sept. 5, 2018) – Majesco, 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 (NYSE: MJCO), 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.

SOURCE: Majesco

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