Majesco Sets the Industry Standard: Leading with Innovation and Unwavering Commitment to Customer Success

MORRISTOWN, N.J.--(BUSINESS WIRE)--
Majesco, a global leader of cloud insurance platform software for insurance business transformation, announced its intensified commitment to innovation and investment in cutting-edge insurance technology solutions that address the challenges and opportunities of today’s dynamic insurance landscape. In an industry where change is constant, Majesco remains dedicated to empowering its customers with advanced technology solutions that empower operational and strategic change to drive growth, optimization, and innovation that redefine industry standards.

“2023 was an incredible year for Majesco, and I’m so proud and grateful for the new ideas, hard work, and dedication our employee’s brought day in and day out,” says Adam Elster, CEO at Majesco. “Through strategic investments in research and development and our solutions, we’ve remained at the forefront of technology ensuring our customers have the tools they need to navigate the demands, shifts and complexities of the insurance industry. Our investments not only future -proof our clients, but also contribute to the overall resilience and adaptability of the insurance industry, preparing them for what is next.”

Majesco takes a proactive approach by anticipating industry and market shifts and developing solutions that empower insurers to embrace change, transform their business, and create speed to market for new business models, products and channels to meet the growing demands and needs of their customers and distributors. Majesco’s unwavering commitment to continuous innovation is a testament to its understanding of the crucial role technology plays in addressing today’s business demands while positioning for the future to ensure sustainable profitable growth.

“While the overall market economy challenges persisted in 2023, challenging many software companies to grow, invest and be profitable, Majesco has continued on a tear of amazing innovation and exceptional growth in supporting their customers on their transformation journey,” says A.J. Rohde, Senior Partner at Thoma Bravo. “The continued success they’ve achieved over the last three years is a result of the investments made into the products, partners, employees, and operations, providing an amazing foundation and platform for continued momentum, growth and success. Majesco is recognized across the industry for their vision, innovation, execution and fortitude, unmatched by others in the industry.”

Majesco’s continuous positive financial results have allowed them to strategically invest in their people, customers, partners and products; fostering a cycle of growth, innovation, and mutual success.

Financial highlights:

• A Rule of 40+ SaaS Company with now over $300+M in total revenue

• Tremendous 2023 revenue growth including
  • 12% overall company growth
  • 15% overall product growth

  • 16% subscription growth

  • 14% EBITDA growth

• Over 110% customer net retention

The organization continues to work with industry leaders, partnering with them to navigate the ever-evolving landscape with unmatched commitment and support.

Customer highlights:

• 90%+ of all customers upgraded or on the Cloud

• Added 14 new customer logos across P&C and L&AH segments and all products in the cloud.

• 68 customer go-lives for both P&C and L&AH.

• Processing $45B DWP for customers across our core solutions.

• Over 350 customers representing market leaders including:
  • 3 of the top 10 Reinsurers

  • 8 of the top 20 L&AH and Group Insurers

  • 13 of the top 20 P&C Insurers

  • Over 25 InsurTech Startups and Greenfields

  • Over 15 MGAs and Brokers, with 6 of the top 20 MGAs

  • Over 10 TPAs for L&AH and Group

  • Over 20 of the top Risk Engineering firms

Majesco recognizes the importance of staying ahead of the curve and continues to invest in groundbreaking solutions that cater to the ever-changing needs of its clients. Its robust suite of products is designed to help insurers adapt, evolve and thrive in an environment driven by complex and rapid transformation.

Product innovations:

• Launched Majesco Copilot, GenAI powered embedded assistant for operational effectiveness and actionable insights, representing the first and only Core Suite solution providers embedding GenAI.

• Launched new intelligent products including Intelligent Core Suite for P&C and L&AH and Loss Control with embedded analytics including Majesco CoPilot, closed loop analytics, and lake house, empowering customers to improve operating efficiencies and thrive in a highly competitive marketplace.

• Expanded SaaS portfolio and customers with acquisition of Decision Research Corporation (DRC).

• Introduced over hundreds of major new and enhanced capabilities across the entire spectrum of solutions and the insurance value chain to drive speed to market, lower TCO, and enable innovation, including support for L&AH individual products, Dental & Onboarding Platform, Workers Compensation Claims, Digital360 Portals for P&C and L&AH, and New ClaimsVantage Connect.

• Expanded Ecosystem with EvolutionIQ, Glovebox, Empathy and others.

The company is not only dedicated to transforming the industry but also invested in the growth and well-being of its employees. Majesco has built a culture that nurtures talent, supports its team, and encourages innovation, ensuring that employees are equipped to drive the company’s mission forward.

Organizational highlights:

• Welcomed over 410 new employees across the organization, deepening the expertise and experience to support our customers.

• Expanded systems integrator (SI) partnerships to 12 of the market-leading firms.

• Majesco Employee Survey results soared with 94% participation and top rankings in Diversity, Equity, and Inclusion Performance Management, and Teamwork, outperforming the 75^th percentile technology benchmarks by a margin of 10 points.

• More than 1600+ partners trained and deployed.

The organization continues to expand its market reputation and recognition across its portfolio of products for both P&C and L&AH segments of the industry and is recognized by the strong investment and continuous innovation its robust product portfolio and rapid adaptability of emerging technologies.

Industry recognitions and awards:

• Ranked #1 in Quadrants’ P&C and L&AH SPARK Matrix for Core Suite

• Named in IDC’s Top 100 FinTech Rankings

• Ranked #23 on the Top 100 Software Companies List

• Named InsurTech 100 Company for 2023 for 3^rd Year in a Row

• Ranked #63 on The Power 500 Software Company List

• #20 Ranked Podcast Series, Future of Insurance

• Expanded and strengthened market leadership across all product solutions with industry recognition from Gartner, Celent, Forrester, Aite-Novarica, Quadrant Solutions, Everest Group, and ISG

About Majesco

Majesco is the partner P&C and L&AH insurers choose to create and deliver outstanding experiences for customers. We combine our technology and insurance experience to anticipate what’s next, without losing sight of what’s important now. Over 350 insurers, reinsurers, brokers, MGAs, and greenfields/startups rely on Majesco’s SaaS platform solutions of core, digital, data & analytics, distribution, and a rich ecosystem of partners to create their next now.

As an industry leader, we don’t believe in managing risk by avoiding change. We embrace change, even cause it, to get and stay ahead of risk. With 900+ successful implementations we are uniquely qualified to bridge the gap between a traditional insurance industry approach and a pure digital mindset. We give customers the confidence to decide, the products to perform, and the follow-through to execute.

For more information, please visit www.majesco.com and follow us on LinkedIn.

src="https://cts.businesswire.com/ct/CT?id=bwnewssty=20240229389569r1sid=acqr8distro=nxlang=en" style="width:0;height:0" />

View source version on businesswire.com: https://www.businesswire.com/news/home/20240229389569/en/

Laura Tillotson
Vice President, Marketing Communications and Creative Services

+ 201 230 0752

[email protected]

Source: Majesco