Majesco and Denim Announce Strategic Partnership and Groundbreaking Integration

Business Wire

Integration of Denim’s platform with Majesco Digital1^st EcoExchange and Majesco Distribution Management will engage customers and prospects with their insurance carrier and agent channels

MORRISTOWN, N.J.--(BUSINESS WIRE)-- Majesco (NYSE MKT: MJCO), a global provider of core insurance software and consulting services for insurance business transformation, today announced a partnership with Denim, creator of the mobile and social media marketing platform that changes the way insurance and financial services companies advertise, engage, and sell. Denim is the first to integrate with Majesco’s Digital1^st EcoExchange, enabling the next era of customer engagement and supporting a new generation of business models and products.

Denim’s patent-pending platform enables corporate marketers to launch, manage, and scale social media advertising for thousands of agents, advisors, and brokers in just two minutes. Denim-powered ads are corporately managed and delivered locally on behalf of independent or affiliated agents. This frees advisors from social media activities and allows them more time for high-value sales and relationship building with their customers. Denim is an InsurTech startup with an investor portfolio including RGAx, the innovation subsidiary of Reinsurance Group of America, and American National Insurance Company, one of Denim’s first customers.

Integration of the Denim platform with Majesco Digital1^st EcoExchange and Majesco Distribution Management will enhance insurance companies’ ability to effectively connect social media marketing campaigns with agents to drive consumer engagement, lead generation, and conversion. This is particularly important for the Millennial and Gen Z generations who use social media and texting via chat bots extensively. The Majesco Digital1^st EcoExchange platform enables insurers to integrate new and innovative content, data, and collaboration capabilities together to provide a cohesive digital experience for an insurer’s agents. The Majesco Distribution Management solution provides the core distribution management capabilities to manage channel appointments, compensation, and more.

“Enabling the insurance industry to shift more rapidly to the digital age is at the core of both the Majesco Digital1^st EcoExchange and the Denim platform,” said Gregory Bailey, Denim CEO and co-founder. “Integrating the two solutions will enable insurers to embrace innovation through streamlined access to the Denim platform.”

"Denim provides a unique solution for insurance carriers to effectively engage with customers and prospects and connect them with their agent channel or any other alternative channel they may be using,” commented Manish Shah, EVP of Products for Majesco. “The agent channel continues to be clear choice, but digital engagement from the customer to the insurer and channel is critical in today’s digital age. This partnership will link all the key elements together to help insurers optimize their agent channels and reach a generation of new buyers via mobile and social media. We are excited about the partnership and the opportunity together moving forward.”

The Majesco Digital1^st insurance portfolio provides the next generation of solutions enabling insurers to design custom journeys that cut through traditional insurance silos (systems and lines of business) with cloud-based, real-time, insurance specific-capabilities that enhance the customer experience. The micro-services based platform is designed to help insurers adapt and innovate in a rapidly changing competitive landscape. The portfolio includes Majesco Digital1^st Journey Designer, the next generation of digital tools to design customer journeys with embedded insurance-specific content for various persona; Majesco Digital1^st eConnect, the next generation of digital engagement beyond portal and mobile with insurance-specific content that will deliver personalized customer experience; Majesco Digital1^st EcoExchange, the next generation of partner ecosystem hub using third-party services with a standard semantic layer for easy integration and a true “plug and play” environment for traditional and InsurTech partners; and Majesco Digital1^st Platform, the industry’s first micro-services platform bundled with rich insurance content across P&C and L&A business segments to enable a new generation of business models and products that require on-demand capabilities, high volume of transactions and extensive use of new real-time data sources that traditional core systems cannot effectively support.

Majesco Distribution Management is a standalone, modern solution that enables insurance carriers to manage the entire distribution landscape with comprehensive business capabilities and diverse channel options, supporting the increasing need of a multi-channel environment. The solution allows insurers to effectively administer a range of distribution channels and producers from registration to termination, compensation, and performance management, and launch innovative contests and personalize payment schedules for producers to help drive business growth. The highly configurable platform enables ease of integration within the insurance carrier’s business system landscape. It is pre-integrated with Majesco Policy for P&C and Majesco Policy for L&A and Group, which are Majesco’s industry-leading policy management solutions.

About Denim

Denim is reimagining marketing and distribution with wicked smart technology. Designed with today’s mobile and social consumers in mind, Denim’s patent-pending platform improves marketing ROI by changing the way insurance and financial services companies advertise, engage, and sell. With a focus on delivering a simple and intuitive platform, Denim not only delivers results, it's enjoyable to use. To learn more, visit denimlabs.com.

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 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.