New Majesco Report Highlights Tremendous Opportunities in the Employee and Voluntary Benefits Market

The outlook for employee and voluntary benefits is promising, but the market no longer looks like it once did

MORRISTOWN, N.J.--()--Majesco (NYSE MKT: MJCO), a global provider of core insurance software and consulting services for insurance business transformation, today announced the publication of a new Thought Leadership report, A New Age of Insurance: Growth Opportunity for Employee and Voluntary Benefits Insurance in a Time of Market Disruption. The report outlines the disruption and changes that are creating unprecedented growth opportunities for employee and voluntary benefit insurers. The gig economy, evolving healthcare markets, cost shifting from employer to employee, new behaviors driven by digital companies as well as new technologies, competition for talent, and the growth of small and medium businesses (SMBs) are uniquely at the forefront of this change, creating opportunities for new markets, new customers, and new products and services.

“Changes and innovations in the employee and voluntary benefit markets should create additional opportunities for carriers”

“The employee and voluntary benefits landscape will continue to rapidly transform as workers’ and employers’ needs and expectations shift, health care reform continues to change, marketplaces evolve, new products are introduced, and new competitors emerge from within and outside the industry,” noted Denise Garth, SVP of Strategic Marketing, Industry Relations and Innovation at Majesco. “One of the biggest shifts will be the surge in employee demand for new, innovative voluntary benefits offered by employers to enhance their employer-paid offerings, particularly for the Gen Z and Millennial generations. Voluntary benefits are an increasingly critical element to attract and retain top talent for companies across all industries, particularly as we continue to see unemployment rates decline, boomers retire and the fight for technology talent intensify.”

The report notes that this change is creating an exciting opportunity for new startups as well as existing insurers who want to enter the market. The convergence of technology, changing market dynamics and customer expectations has fueled significant investment by venture capitalists, spawning new market entrants as well as existing insurers entering the market with new offerings.

“Changes and innovations in the employee and voluntary benefit markets should create additional opportunities for carriers,” commented Bill Bade, Consulting Actuary at Milliman. “The carriers best positioned to take advantage of new opportunities will be creative, proactive, and successful in building strategic partnerships and innovative products and plan designs. While market share will be an advantage, the influx and success of new entrants in recent years suggests that the competitive landscape will continue to support the growth of non-traditional carriers.”

To capture this market opportunity, insurers will need to respond with innovative products, plan designs, underwriting and pricing as well as new services, distribution channels and customer engagement approaches enabled by modern digital platforms.

The new thought leadership report, A New Age of Insurance: Growth Opportunity for Employee and Voluntary Benefits Insurance in a Time of Market Disruption, is available on the Majesco website to download, or you can request a copy via email, info@majesco.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 and consulting 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.

Contacts

Majesco
Ashwin Rodrigues
Director — Global Marketing
+1-973-461-9087
ashwin.rodrigues@majesco.com

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