Majesco (insurance software company)

Majesco

Type	Public
Traded as	NYSE MKT: MJCO
Industry	Software
Headquarters	Morristown, New Jersey, United States
Key people	Ketan Mehta, CEO & Co-founder
Products	List Property & Casualty and General Insurance Software Life, Annuity, Pensions & Health Insurance Software Group & Worksite Benefits Software
Services	List Application Services Data Services Digital Services Quality Assurance
Website	http://www.majesco.com/

Majesco (formerly MajescoMastek) is a provider of insurance technology software, IT services and consulting to insurance carriers worldwide across lines of business – Property & Casualty (General Insurance), Life, Annuity, Health, Pensions, and Group & Worksite Benefits insurance.

History

MajescoMastek, the U.S. subsidiary of global technology solutions provider Mastek was founded in 1992. In 2005, MajescoMastek acquired Entegram LLC, a Connecticut-based software solutions company.^[1] In 2007, MajescoMastek acquired Vector Insurance Services a technology solutions provider and third-party administrator that focuses on the North American life and annuity insurance industry.^[2] Systems Task Group (STG) an IP-based enterprise solutions provider to the North American property and casualty (P&C) insurance industry was acquired in 2008.^[3] In 2009, MajescoMastek entered the Canadian Market. SEG Software, LLC, a leading provider of policy administration systems covering individual and group life, health & annuity insurance products was acquired by MajescoMastek in 2010.^[4] In 2014, MajescoMastek demerged from Mastek consolidating all of its insurance business across the world under the new brand, Majesco.^[5] Further accelerating on its growth path, Majesco signed a definitive agreement to acquire Agile Technologies in December 2014 and completed the acquisition in February 2015 adding consulting capabilities to its insurance technology expertise.^[6] In December 2014, Majesco announced the signing of a definitive agreement to merge the business of Cover-All Technologies (NYSE MKT: COVR) with Majesco.^[7]

Awards & Recognition

• 2007: MajescoMastek's automated claims processing solution developed for CUNA Mutual was ranked first by INN (Innovators Awards).^[8]
• 2009: MajescoMastek's clients won Celent Model Carrier Award for the solutions implemented in L&A and P&C Categories.^[9]
• 2009: MajescoMastek's STG Billing solution developed for Farmers Alliance Mutual Insurance (FAMI) won the overall Celent Model Carrier Award.^[9]
• 2009: Ranked Global top 100 FinTech, a ranking of IT companies catering to financial services industry customers compiled by the American Banker magazine.^[10]
• 2010: MajescoMastek's Elixir Distribution Management (EDM) solution rated 'Positive' in Gartner's Incentive Compensation Management (ICM) Marketscope report.
• 2012: MajescoMastek wins two Celent XCelent Awards for STG Billing.^[11]
• 2013: MajescoMastek's STG Policy Named XCelent Award Winner.^[12]
• 2015: Majesco Positioned as a Leader in Gartner’s First Magic Quadrant for P&C Insurance Policy Management Modules.^[13]

References

1. "MajescoMastek Acquires Connecticut Software Company". Businesswire.com. 2005-10-24. Retrieved 2014-01-29.
2. "MajescoMastek Acquires Insurance-Focused IT Company". Businesswire.com. 2007-07-16. Retrieved 2014-01-29.
3. "Mastek acquires STG for $29 mn". Business-standard.com. 2008-03-11. Retrieved 2014-01-29.
4. Jennifer Morrell (2010-12-06). "MajescoMastek Acquires SEG Software". Insurancenetworking.com. Retrieved 2014-01-29.
5. "MajescoMastek to Consolidate Global Insurance Technology Business". businesswire.com. 23 September 2014. Retrieved 1 July 2015.
6. "Majesco Completes Acquisition of Insurance Business of Agile Technologies - Business Wire". businesswire.com. 11 February 2015. Retrieved 1 July 2015.
7. "Majesco to merge with Cover-All Technologies; stocks up 20%". moneycontrol.com. Retrieved 1 July 2015.
8. "Insurance Networking News Releases Results of the 2007 Innovators Awards Program". Marketwire. Retrieved 1 July 2015.
9. "MajescoMastek Solutions Recognized with Two Celent Model Carrier Awards - Business Wire". businesswire.com. 10 March 2009. Retrieved 1 July 2015.
10. "The 2009 FinTech 100 Ranking". Ranking the Banks. Retrieved 1 July 2015.
11. "MajescoMastek Wins Two Celent XCelent Awards for STG Billing". bloomberg.com. 2 February 2012. Retrieved 1 July 2015.
12. "MajescoMastek's STG Policy Named XCelent Award Winner". Reuters. 22 November 2013. Retrieved 1 July 2015.
13. "Majesco Positioned as a Leader in Gartner’s First Magic Quadrant for P&C Insurance Policy Management Modules". Yahoo Finance. 3 February 2015. Retrieved 1 July 2015.