Transformed Majesco Aims to Leap Over Competition
Robert Regis Hyle | August 04, 2015
Changes have transformed Majesco, one of the leading core solution providers for the insurance industry. Starting last fall when the technology company dropped Mastek from its name and became simply Majesco, its mergers and acquisitions, and hirings have grabbed a great deal of attention from customers and competitors. In addition, the company is now public and joined the New York Stock Exchange in July.
Earlier this summer, Majesco completed its merger with CoverAll, a process that began last December, shortly after the acquisition of another company, Agile Technologies. Such respected industry consultants as Chad Hersh and Denise Garth signed up with the company in leadership positions.
The merger with CoverAll was important, according to Majesco’s CEO and co-founder Ketan Mehta, because CoverAll has a strong commercial lines platform, as well as business intelligence and data warehouse solutions, to complement the solutions offered by Majesco.
Mehta adds the skill level of the 150 CoverAll employees added to the new brand brings an injection of talent to Majesco. With 30-plus CoverAll customers, the total number of Majesco customers now exceeds 140.
Edward Ossie, COO of Majesco, points to the positive reception of current customers and prospective customers these last six months as being important to the company.
“When we announced (the merger) in December, there were some questions and due to the regulatory process we had six months to talk with people,” says Ossie. “Many customers cited the combination of more insurance talent and the ability to offer more scale and capacity as being important to them as they make a transformation selection.”
Ossie adds Majesco has a diverse team of 1,850 employees working around the world, so the global market is important for the future. Still, 88 percent of Majesco’s business is located in the U.S.
“We are excited about the transparency with CoverAll and the listing on the New York Stock Exchange gives us transparency with our customers,” he says.
Mehta explains one reason for going public is because in the U.S. insurance market insurers look for vendors with size and scale.
“[Going public] will make sure there is governance and transparency with regulators and that we are here for the long haul,” says Mehta. “As we look at further acquisitions, we feel a listing will help us to use stock as a currency for those acquisitions. Also, stock-option plans for the staff will be more attractive.”
Ossie explains over the past few years there has been an increasing number of smaller companies interested in consolidating with a larger partner. He believes that was a signal Majesco needed to step out and consolidate where it made sense with key acquisitions like Agile and CoverAll.
“It leaves very few competitors and I think that scale has been important to our current customers and really important to future customers as they try to figure out who their partner will be for the next 15 years or so,” says Ossie.
Mehta is excited about the overall opportunities in the insurance sector and points out the acquisition of Agile Technologies was a response to customer expectations and demands.
“One thing our customers have been asking for is help in complex transformation through advisory groups,” he says. “Agile is focused on insurance with a good reputation and strong capabilities in IT strategy and data strategy.”
Garth sees a great deal of opportunity ahead for Majesco and the insurance industry as change and disruptors converge.
“For many insurers that will mean going back to what we are all about: managing risk,” she says. “There are different business models, but we see managing risk as a foundation of the core systems. Adding on to that will be capabilities such as telematics, advanced analytics, predictive modeling, the Internet of Things. Those will be a factor in how insurers look at micro segmentation and look at risks on an individual basis. We see our capabilities enabling that.”
Majesco has been aggressive over the last year, but don’t look for any more headline-grabbing deals in the short term, according to Mehta.
“We will focus on execution and integration for a while, which is critical,” he says. “But there are new opportunities so we will continue to look for the right opportunity and not hesitate to move on it.”
- Enterprise Architecture in an Agile World
- Top 10 Tips for Securing Your Mobile Devices and Sensitive Client Data
- Industry Insight: 4 Global Insurance Trends in Digital, Data, Content Services and Security
- Diving Deeper into Prioritizing Your Strategic Digital investments
- Why Content Rules
- How Mass Personalization Will Open the Small Business Benefits Market
- At Year End 2017, Will Your Organization Be Protected from Cyber Risks?
- Do Insurance Bots Dream of Mitigating Risk?
- Conditioned to Respond
- Managing & Mobilizing Insurance Data in a Connected World
- Race to the Finish Line
- New Tools, New Opportunities in Claims
- ITA LIVE: Reaching Insurance Industry Crossroads
- Advice to Insurance IT Leaders: Keep Your Eye on the Ball
- New Date, Venue for ITA LIVE 2017
- Guidewire Makes Major Push to Small and Midtier Market by Acquiring ISCS
- Insurance Disruption is Happening Right Now
- Insurity Adds Strategic Investment Partner, General Atlantic
- Beyond Transformation: The Convergence of Finance, Risk, and Actuarial Functions
- The Rapid Evolution of Consumer Protection Regulation
- Talent Hunt: Finding, Attracting, Retaining Top People
- Insurers Flexing Their Distribution Models
- Technology Driving Disruption in Insurance
- Fear of ‘Next Bubble’ Challenges Life, Annuity Carriers
- Technology Allows Commercial Lines Insurers to Stand Out
- Single Sign-on Viewed as Biggest Tech Challenge for Agencies
- ISCS Observes 20th Anniversary; Scurto Predicts Major Changes Ahead
- Policyholders and Their First Impressions
- Progressive Making Progress on the UBI Front
- High and Dry: Insurers Search for Disaster Recovery Plans
- Insurers Sign The (Un)Dotted Line
- Reflections of a Retired Insurance CIO
- Mobile Device Management Just One Answer to BYOD Issue
- Lessons from GEICO and Progressive on Winning the Critical Buying Stage
- You Are a Target for a Cyber Attack
- Web-based Systems are the Next Evolution in Claims Technology
- Gaining a “Wow” Experience from Web Users
- Time to Shift from Business/IT Alignment to Business/IT Alliance
- Healthcare Insurers Changing to Consumer Model
- Organization is the Key for Selecting Software Vendors
- Analysts Expound on the Needs of the Mid-tier Insurance Market
- Finding the Cure for Obamacare’s Website
- New Software Solutions Benefit Insurers on the Inside and Outside
- Products, Market Impede Investment in Systems for Life Insurers
- Combatting Cyber Threats: Predict, Prevent, Persist
- The Future of Telematics Heads Beyond Insurance
- The Shame in Cyber Security Lapses
- Building Policy Administration Systems for the Future
- Insurers Look Into The Eyes of Their Policyholders
- It’s a New Dawn for the ITA
INSURANCE IT NEWS
- Desjardins General Insurance Group Deploys EIS Suite for Commercial Lines
- Acuity Modernizes Customer Communications Management with OpenText Exstream and ValueMomentum
- COUNTRY Financial Joins Roost’s Home Telematics Program
- Roost partners with The Weather Company
- Majesco Launches Majesco Digital1st Insurance, an Innovative Next Generation Platform Solution as the Foundation of a New Business Unit
- New Release of EIS Group’s ClaimCore System Delivers Dental Claims Management
- Westfield Streamlines Commercial Lines Underwriting Through New Verisk and Duck Creek Technologies Integration
- MADISON MUTUAL INSURANCE CHOOSES ROOST HOME TELEMATICS SOLUTIONS
The Email Chat is a regular feature of the ITA Pro magazine and website. We send a series of questions to an insurance IT leader in search of thought-provoking responses on important issues facing the insurance industry.
ITA is pleased to present the 2014 Webinar Series. We have many topics for you to choose from and attendance is open to all ITA members. The webinar topics are current and exciting — ranging from predictive analytics to telematics and will focus on the direction insurance carriers need to follow for the future. All webinars are presented by insurance IT professionals along with some of the leading analysts and consultants in the field. There is no cost to attend an ITA webinar. For more information and to register for the webinar, click the “title” of the webinar below.
BLOGS AND COLUMNS
It has become a common refrain over the past few years to view the practice of enterprise architecture (EA) as something that time has passed by, much... READ MORE
One important trend in society over the past decade is our increasing ability to create and consume a seemingly unlimited amount of digital content... READ MORE
You have surely heard it said that small businesses are the growth engine for America. Today, the phrase has a special ring to it for benefits... READ MORE
With stagnant growth and lingering low interest rates, the life insurance industry faces a challenging future... READ MORE
Finding insurance carriers willing to write commercial lines risks has always been a challenge for producers... READ MORE
As Guidewire Software prepares for the start of Connections, its 11th annual user conference that begins on Nov. 2, Brian Desmond, chief marketing... READ MORE
Fraud detection has always been and will continue to be a critical component of claims management. Learning the lessons from current claims Straight... READ MORE
- Vendor Views