The new brand emphasizes the company’s accelerated growth strategy and success in 2021 as the 40+ SaaS Company Rule approaching $ 250M in total revenue and Product Revenues now in excess of 60%
MORRISTOWN, NJ– (BUSINESS WIRE) –Majesco, a global leader in cloud insurance software platform for insurance business transformation, has announced a new brand identity centered on Majesco’s next-generation technology and broad industry experience that reimagines insurance for the benefit of all. In addition, Majesco announced the company’s exceptional results for 2021 that reflect a successful strategy to accelerated growth.
“Since the acquisition of Thoma Bravo in 2020, we have drastically accelerated our growth strategy, expanded product offerings and delivery capabilities, and strengthened our strategic partnerships, ”said Adam Elster, CEO of Majesco . “Although our business has changed and kept pace with market changes, it has become clear that perception of our brand has not changed at the same pace. This evolution of the Majesco brand combines the most comprehensive range of digital insurance products, expertise, and experience, as well as a deep understanding of our customer’s needs and goals. ”
Like everything else in a digitally driven economy, risk itself is changing faster than ever. Majesco understands this change and the expectations of insurance professionals are contrary. Majesco’s new brand represents significant organizational growth and revised offerings, but more importantly its understanding and commitment to enable change at the pace of risk. This marked the first stage of the evolution of the Majesco brand with new materials planned for later this year including the rebuilding of its website.
“We are excited about the level of execution from the Majesco team and we are confident this new brand is in line with the company’s direction ”said AJ Rohde, Senior Partner at Thoma Bravo. “We’ve been excited about Majesco’s growth potential right from the start, and with the addition of ClaimVantage and Utilant teams last year, we’re no longer more confident in our investment. Their customer-centric approach is clearly identified in the brand new and accelerated product roadmap. Added to the strengthened partnership, and continued focus on M&A, they are poised for a ground-breaking year.
Financial highlights include:
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A Rule 40+ SaaS Company approaching $ 250M in total revenue
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Significant revenue growth in 2021 including 40% subscriptions and 28% products
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Expanded portfolio of SaaS and customers with ClaimVantage and Utilant acquisition
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Product Revenues now exceed 60% of total revenue
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Successful cloud upgrade for three existing customers. Over 65% of customers are now in the cloud
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Added 24 new customers in the P&C and L&AH segments
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45 customer go-lives for both P&C and L&AH customers
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Processes $ 31B DWP for customers with our solutions
Customer highlights:
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With over 350 customers, Majesco now supports many of the leaders in various segments including:
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The top 2 Reinsurer
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8 of the top 15 L&AH and Group Insurers
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8 of the top 15 P&C Insurers
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More than 25 InsurTech Startups and Greenfields
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More than 15 MGA and Brokers
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More than 10 TPAs for L&AH and Group
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More than 20 of the leading Risk Engineering companies
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Organization highlights:
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250 new employees were welcomed throughout the organization
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Trained more than 1,500 system integrator partner staff with over 850 active on Majesco projects
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Added new partnerships with Earnix, Cybercube, and Prima Solutions to support market trends for telematics, cyber and reinsurance
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Expanded system integrator partnerships with 12 of the market -leading companies
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Founded the Customer Success organization underpinned by the implementation of ServiceNow technology
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Extended leadership with significant talent throughout the organization in all areas of operations
Product changes:
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Launched fourteen product releases on all solutions
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Launched new Majesco Analytics solution portfolio with Property Intelligence solution using AI / ML and our contributory database of 200m images / photos and 16m loss control surveys
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Launched new next generation digital solutions built on Majesco Digital1st® Platforms include:
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Digital Underwriter360
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Digital and Customer360
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ClaimVantage Customer Portal launched to support integrated disability and infertility management services for employees and employers
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Expanded SaaS portfolio with ClaimVantage and Utilant acquisition
Industry recognitions and awards:
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Expanded and strengthened market leadership in all industry-recognized solutions from Gartner, Celent, Forrester, Aite-Novarica, Quadrant Solutions, Everest Group, and ISG
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Named InsurTech 100 Company for 2022
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Recognized as a Salesforce Partner Innovation Award Winner
About Majesco
Majesco is the partner P&C and L&A insurer that chooses to create and deliver unique experiences for customers. We combine our technology and insurance experience to anticipate what’s next, without losing sight of what matters today. More than 350 insurers, reinsurers, brokers, MGAs, and greenfields/startups rely on Majesco’s core SaaS platform solutions, digital, data and analytics, distribution, and a rich ecosystem of partners to create their next today .
As an industry leader, we do not believe in managing risk by avoiding change. We embrace change, cause it, to capture and stay ahead of risk. With 900+ successful implementations, we are uniquely qualified to bridge the gap between the traditional approach to the insurance industry and a pure digital mindset. We give customers the confidence to decide, the products to perform, and the follow-through to perform.
For more information, please visit www.majesco.com and follow us on LinkedIn.
Contacts
Laura Tillotson
Director, Marketing Communications and Creative Services
+ 201 230 0752
[email protected]