Profile

Majesco is a prominent provider of insurance solutions and services, renowned for its expertise in the industry. Established in 1982 and headquartered in Morristown, New Jersey, United States, Majesco has built a strong reputation as a leading software provider for core insurance functions. Their comprehensive suite of software solutions encompasses Policy Administration, Underwriting, New Business Processing, Billing, Claims, Product Modeling, Incentive Compensation, and Producer Lifecycle Management.

In addition to its software offerings, Majesco also offers consulting services and insurance-specific IT services. These include testing, data conversion, data warehousing/Business Intelligence (BI), mobility solutions, enterprise integration, and Business Process Management (BPM). By combining its advanced technology with deep knowledge and experience in the insurance sector, Majesco continuously anticipates and stays ahead of industry trends while addressing the immediate needs of its clients.

Majesco’s success lies in its ability to serve a diverse range of clients, including insurers, reinsurers, brokers, Managing General Agents (MGAs), and greenfields/startups. With over 350 organizations in countries around the world relying on Majesco’s Software as a Service (SaaS) platform solutions, which encompass core systems, digital capabilities, data and analytics, distribution solutions, and a robust ecosystem of partners, Majesco empowers its clients to innovate and create their “next now.”

Majesco boasts a workforce of 2,000+ skilled professionals who are dedicated to delivering top-notch services and solutions in several countries – the United Kingdom, Canada, India, Australia, Singapore, Malaysia, Thailand, China, and Japan. With their commitment to blending cutting-edge technology with insurance expertise, Majesco remains at the forefront of the insurance industry, helping their clients thrive in an ever-evolving market.

Key Products

Majesco P&C Intelligent Core Suite

Market-leading cloud native platform empowering customers to optimize operations, enhance customer experiences, and drive growth and profitability. Embedded analytics including Majesco Copilot, cutting-edge GenAI, transforms the way insurers work, offers unparalleled benefits in productivity, decision-making, and user experience. Using this advanced technology along with APIs, microservices, AI/ML models, advanced configuration and automation, insurers can optimize operations and innovate to thrive in today’s fast-paced marketplace. 

Majesco P&C Enterprise Rating

Majesco P&C Enterprise Rating simplifies and optimizes the process of quoting, rating, and renewing insurance policies for the property and casualty (P&C) insurance sector. It’s a modern, cloud-native rating engine that insurance teams use to quickly adapt to market changes, manage rates with ease, and support complex pricing strategies for large portfolios. It makes the insurance rating process more efficient, flexible, and user-friendly, enabling insurers to meet their customers’ needs while staying competitive in the market.

Majesco P&C CoreConnect 

Majesco P&C CoreConnect delivers a powerful, versatile solution tailored to MGAs and MGUs as well as lower tier P&C insurers, that empowers growth and innovation in a world of shifting risk. The platform delivers speed to market, ease of doing business, and scalability with next-gen technology. Its extensive out-of-the-box features for quote, rating, policy, billing, and claims delivers operational optimization and innovation to meet the unique needs of MGAs/MGUs and smaller insurers.

Majesco Loss Control

A best-in-class AI-driven loss control survey platform with embedded AI/ML and GenAI that provides intelligent risk insights and streamlines the entire survey life cycle from inception to completion. Leveraging data from Majesco’s expansive contributory database of survey data encompassing over 2 billion observational data points from 16+ million property surveys and 200+ million photos in the database, users can take a picture of an electrical panel, a hot water tank, a roof, a backyard, to automatically analyze and match it to provide quick and useful analysis of the risk. 

Majesco GuideStream

Majesco GuideStream is a digital loss control survey solution using video conferencing and self-survey capabilities to carry out remote inspections to assess potential risks and safety measures. Companies can remotely guide clients in capturing images and videos, helping them identify and address potential hazards. GuideStream enhances efficiency and expands the opportunity for a broader loss control assessment, cost effectively, by allowing real-time collaboration and visual documentation, even when physical visits are challenging or not feasible.

Majesco Premium Audit

Verify premiums and validate underlying rating for lines of business using an easy step-by-step workflow that harnesses industry-standard exposures for admitted coverages with Majesco Premium Audit. Access a comprehensive breakdown of audit details, including calculated exposures, employee details, payroll verification, claims, and more with an intuitive and straightforward workflow, with distinct sections that save automatically when finished.

Majesco L&AH Intelligent Core Suite

Majesco Intelligent Core Suite for L&AH harnesses the power of straight-through processing and embedded data and analytics to revolutionize insurance operations and empower business growth across individual, group, voluntary benefits, worksite, and innovative new products on one powerful platform. Using Majesco Copilot, Majesco’s new Gen AI digital assistant, insurers achieve faster customer servicing, operational processing, and gain a competitive edge with improved productivity and user experience. It accelerates digital transformation to meet the demands of customer centricity, customer retention with portability, and operational effectiveness that keeps insurers at the leading edge with a next-generation native cloud platform. 

Majesco ClaimVantage Enterprise Claims for L&H

Majesco ClaimVantage Enterprise Claims for L&H revolutionizes the way insurance claims are processed and managed. This cutting-edge enterprise software solution, built on the native Salesforce Lightning Platform, streamlines the entire claims lifecycle, providing a powerful and intuitive platform to handle claims efficiently and effectively. Insurers can proactively identify fraudulent activities, expedite claim processing times, and deliver superior customer service. 

Majesco IDAM

Majesco IDAM (Integrated Disability and Absence Management) solution empowers companies to effectively manage disability and absence claims holistically. It streamlines the process of managing these claims, ensuring accurate record-keeping, compliance with regulations, and efficient communication with the individuals involved. It helps employers provide appropriate support to employees during their absence while also maintaining effective operational management.

Majesco Absence Management 

Majesco Absence Management streamlines leave management processes, ensures compliance, enhances employee engagement, and optimizes operations. By simplifying the intricacies of managing diverse leave types, including complex federal and state regulations like FMLA and ADA, the solution alleviates administrative burdens and mitigates the risk of errors. Its automated determination of employee eligibility and entitlement for different leaves ensures consistent compliance with evolving regulations, saving organizations from the complexities of manual monitoring.

Majesco Accommodations Management

Majesco Accommodations Management empowers employers to meet the growing responsibility to engage in an interactive accommodations process for individuals with disabilities, as mandated by regulations to prevent discrimination. Accommodation Management enables employers to effectively manage ADA & ADAAA accommodation requests to support employees at work and assist them in returning to work.

Majesco Intelligent Sales & Underwriting Workbench

Majesco Intelligent Sales & Underwriting Workbench provides AI-driven software for group, voluntary benefits, and worksite insurers. The sales and underwriting workbench is deeply integrated with Majesco L&AH Intelligent Core Suite, but can be used with other policy solutions. The multilingual solution provides robust configurable components for quoting, rating, proposals, enrollment and automated renewals for all benefit products and group sizes, providing the flexibility, scalability, speed, and performance world-leading insurers demand.

Majesco Digital1st® Platform

A low-code / no-code digital insurance platform with robust digital experience tools, microservices, real-time apps and accelerators, and rich insurance content that connect with a robust true plug-and-play ecosystem of partner solutions and data sources for innovation and experimentation to meet changing customers’ needs today and in the future.

Majesco Digital360 Solutions

Innovative insurance digital experience solutions to meet the evolving needs of today’s customers and agents including: Majesco Digital Agent360 for P&C, Majesco Digital Enroll360 for L&AH, Majesco Digital Customer360 for P&C, Majesco Digital Underwriter360 for P&C, Majesco Digital Electronic Bill360 for P&C, and Majesco Digital Connect360 for L&AH.

Majesco Distribution Management

Majesco Distribution Management platform provides onboarding and compliance, compensation management, and performance and relationship management capabilities across any channel to drive growth and create ease of doing business. Digitally onboard producers rapidly, eliminating manual paperwork, and gain real-time insights with the mobile-ready, digital self -service tools. Create new commission and incentive programs to drive business growth, launch and manage new distribution channels, and maintain consistent compliance through integration with NIPR Gateway rules updates, and expanded APIs for background checks, active license checks, and agent questionnaires.

Majesco Data & Analytics

Majesco Data and Analytics solutions provide an encompassing set of capabilities designed to empower insurers to gather, process, analyze, and derive insights from vast amounts of data. This includes:   

• Majesco Copilot, generative AI to simplify insurance complexity, improve productivity and enhance user experiences.


• Majesco Property Intelligence, an AI/ML model, revolutionizes risk assessment and underwriting for property insurance with enriched decision-making to drive improved profitability for insurers.


• Majesco Subrogation Intelligence, an AI/ML model, elevates claims management efficiency with advanced analytics to identify and optimize subrogation opportunities, maximizing recoveries and minimizing losses for insurers.


• Majesco Business Intelligence provides advanced business intelligence capabilities for reports and dashboards, embedded within Majesco solutions to drive operational and strategic insights.


• Majesco Data Lakehouse pulls in all data from Majesco solutions as well as other operational or third-party data to use with AI/ML and business intelligence capabilities to unlock actionable insights and comprehensive data-driven capabilities.

Majesco EcoExchange Marketplace

A digital ecosystem to enhance the capabilities of insurance companies by offering a marketplace of diverse 3rd-party tools, services, and data sources. Insurance companies can easily discover, select, and integrate third-party solutions that align with their specific needs and strategies, including innovative applications, data services, and technologies that cater to different aspects of their operations. The platform promotes collaboration and connectivity, offering a variety of solutions that elevate underwriting, claims processing, customer engagement, and more.

Customer Insights

Majesco’s products have received an impressive overall rating of 4.43 on Capterra, and one of the standout points mentioned by customers is their relatively cheaper pricing compared to other suites. This cost-effectiveness makes Majesco an attractive choice for businesses of all sizes, enabling them to access advanced insurance solutions without exceeding their budget.

Customers have highlighted the ease of integrating Majesco’s products with their existing in-house applications. The availability of built-in plugins has further streamlined the installation and deployment process, resulting in significant time savings. This seamless integration capability has been praised by users as it allows them to effortlessly incorporate Majesco’s features into their existing workflows, improving overall efficiency.

Another noteworthy aspect of Majesco’s products is their ability to integrate with custom software. Customers have expressed appreciation for this feature, as it enables them to seamlessly connect Majesco’s solutions with their unique business applications. This flexibility in integration empowers users to leverage the full potential of Majesco’s offerings within their specific organizational setup.

Overall, customers have commended Majesco for its cost-effective pricing, seamless integration capabilities, and ability to integrate with custom software. These positive reviews highlight the value and benefit that Majesco’s products bring to businesses in the insurance industry.

 

Other Customer Insights

“As a long-term client of Majesco, we understand and share their drive for innovation and transformation. Our early involvement as a beta client provided us the insight of how we could effectively use the digital platform to continue our business transformation, in this case with our agent portal. We’re thrilled to be extending our partnership and leveraging the next-gen capabilities of Majesco Digital1st Insurance Platform which now allows our agents to rapidly complete quotes and seamlessly transfer information to Majesco Policy for P&C without any assistance, significantly making it easier to do business with MMG. This is just another step on our transformation journey.” – Stacy Shaw, Senior SVP, Chief Information Officer at MMG

Statistics

• Employees: 2,000


• Successful implementations: 900+


• Customers: 350+


• Offices: 10+


• Acquired: 7 organizations


• Investor: 1

Rating and Commentary

Under CEO Adam Elster’s guidance since 2018, Majesco has experienced impressive growth. With extensive global tech CEO experience, Elster is passionate about revolutionizing insurance through software, positioning Majesco as a key industry player. He serves on influential boards, advocates for STEM education and gender diversity in IT, and his leadership drives innovation in the insurance sector. Overall, Elster’s leadership has driven Majesco’s strategic direction and fostered innovation in the insurance sector.

Furthermore, Majesco’s acquisition by Thoma Bravo has propelled the company to remarkable success in the insurance industry. This support enables Majesco to invest in research and development, accelerate product development, and expand its market presence. The collaboration also brings valuable expertise, industry networks, and increased credibility, positioning Majesco as a trusted and innovative leader in insurance technology.

Majesco stands resolute in the face of formidable competitors like Stobox, demonstrating unwavering determination as it embarks on its ambitious journey ahead. With a potent blend of tenacity, abundant resources, and a strategic vision, Majesco is poised to carve its unique path and achieve remarkable milestones within the insurance industry. As the company capitalizes on its strengths and deftly navigates the competitive landscape, it will undoubtedly make significant strides toward achieving its ultimate goal of success.

Majesco's Video

Key Executives

Adam Elster, CEO

Before joining Majesco, Adam served as President of Global Field Operations and was part of the Executive Leadership Team at CA Technologies. CA Technologies is a Fortune 500 organization with a revenue of $4.5 billion and serves as a trusted business partner to major companies worldwide. In his role, Adam led high-performing teams that facilitated business growth in emerging markets and supported large enterprise organizations in their digital transformation. His expertise enabled businesses to become more agile, secure, and innovative to meet evolving market demands.

Joe Aho, CFO

Joe joined Majesco in October 2020 to oversee global finance and operations. In this role, he focuses on strengthening the company’s position in the software solutions market and capitalizing on the increasing demand for digital transformation. Prior to Majesco, Joe held various roles at Compuware, including Chief Financial Officer, where he played a key part in the company’s sale to Thoma Bravo in 2014. Joe, the Chief Financial Officer at Majesco, is recognized as a seasoned finance expert with a proven track record in driving growth for enterprise software companies.

Denise Garth, CSO

Denise leads marketing, industry relations, and innovation at Majesco in line with the company’s client-centric approach. She is a respected industry leader, known as a Top 50 InsurTech Influencer, with a wealth of experience in both P&C and L&A insurance. With her international ties and strategic mindset, Denise is a sought-after speaker, author, and strategic thinker, addressing the pressing issues and future opportunities in the insurance industry. Denise, with her extensive experience, served in senior executive positions at renowned insurance companies like Mutual of Omaha, CUNA Mutual, and Century Cos. of America, prior to joining Majesco.

Organizational Insights

Majesco demonstrates a strong commitment to the well-being of its employees through its comprehensive benefits coverage and global Employee Assistance Programs. This shows that Majesco understands the importance of supporting its employees’ health and wellness.

The company also values work-life balance and offers various programs to promote it. Generous paid time off, paid company holidays, and paid parental leave are provided, allowing employees to take the necessary time off to relax, recharge, and spend quality time with their loved ones.

On Glassdoor, the company has received 3.4 stars in over 703 reviews. Majesco recognizes the importance of rewarding its employees for their hard work. Competitive pay, income protection, and a recognition program are offered to motivate and incentivize employees. The recognition program fosters both peer-to-peer and organizational feedback, creating a positive and supportive work environment.

Furthermore, Majesco places a strong emphasis on employee growth and development. The company provides tools and resources for learning and skill development. iLearn, Majesco’s learning platform, offers a wide range of opportunities for employees to expand their expertise. Additionally, Majesco has a career development framework called CLIMB, which allows employees to focus on their individual journeys and achieve their career goals.

Overall, Majesco’s employee-friendly initiatives in health and wellness, work-life balance, recognition, rewards, and growth and development demonstrate a commitment to supporting and empowering its employees.

Board Members

Bill McKinzie is an Operating Partner at Thoma Bravo, a private equity firm. He previously served as the President & CEO of Manatron Inc., a Thoma Bravo portfolio company that was later acquired by Thomson Reuters. During his time at Manatron, he focused on enhancing product management and strategy, leading the company to become a top provider of property tax solutions for governments. Prior to Manatron, he was the Vice President of Information Services at Kellogg Company’s international operations. Bill McKinzie’s expertise lies in driving growth and success in technology and information services companies.

Tom Clark is an accomplished Operating Partner at Thoma Bravo, boasting over 20 years of experience as a financial and operating executive across various industries. He is widely recognized as a goal-oriented leader who effectively influences corporate results by instilling accountability and offering strategic, operational, and financial insight. Prior to joining Thoma Bravo, Tom held the position of CFO at several notable companies, including IDaptive, LLC, Ayla Networks Inc., Openwave Messaging, Inc., and CollabNet, Inc. He also served as an Operating Director at Marlin Equity Partners, where he provided financial diligence expertise for software acquisitions and offered financial and operational guidance to Marlin-owned companies.

A.J. Rohde is a partner at Thoma Bravo, based in San Francisco. He joined the firm in 2010 and manages the Discover funds, which specialize in investing in mid-sized and smaller software and technology companies. Prior to Thoma Bravo, A.J. worked in investment banking at Saban Capital Group and Jefferies & Company. He also gained experience at Ford Motor Company. A.J. holds an MBA from the University of Chicago and a BA degree in Economics from Villanova University. He also serves on the Board of Directors of the Marin General Hospital Foundation.

Investors

Thoma Bravo

Thoma Bravo is a prominent private equity firm specializing in the software and technology-enabled services sectors. With a portfolio of funds representing over $45 billion in capital commitments, Thoma Bravo has established itself as a leader in the industry. Thoma Bravo maintains offices in San Francisco and Chicago, strategically positioning themselves in key technology and financial hubs. Their investment strategy revolves around identifying promising software and technology companies with strong market positions and growth potential.

In 2020, Thoma Bravo made a notable acquisition by acquiring Majesco, a company operating in the software and technology-enabled services sector. This acquisition further expanded Thoma Bravo’s portfolio and exemplified their commitment to investing in and accelerating the growth of innovative companies in the industry.

Key Milestones

• In 2023, Majesco’s Chief Strategy Officer Denise Garth was honored by InsurTech Hartford with the Making Waves Award.


• In 2023, Majesco Appoints its First Two Distinguished Engineers.


• In 2022, Majesco Acquires Global IQX Bringing Unmatched Underwriting Workbench, Enrollment, and Artificial Intelligence Solutions to the L&AH Industry


• In 2022, Majesco won XCelent Award for Breadth of Functionality in Celent’s “Policy Administration Systems: North American Group/Voluntary Life Insurance Edition.”


• In 2022, Majesco was named a Leader in Forrester Research’s “The Forrester Wave™: P&C Claims Management Systems, Q2 report.


• In 2021, Majesco was recognized by FinTech Global as a top global InsurTech company.


• In 2020, Thoma Bravo acquired Majesco.

News & Press Release

• May 31, 2023: Empathy and Majesco Partner to Provide Innovative Tech to Benefit Life Insurance Carriers and Beneficiaries (Read)


• May 24, 2023: New Majesco Report Reveals Growth Opportunities for Property Insurers by Closing Customer Expectation Gaps (Read)


• April 25, 2023: Majesco Expands Partnership with One Inc Delivering Digital Payments for Claims for P&C (Read)


• March 23, 2023: Majesco Integrates ACORD Solution Group’s ADEPT to Improve Speed, Accuracy and Security of Data Exchange (Read)

Competitors

Guidewire

Guidewire is a trusted platform for Property and Casualty (P&C) insurers, offering a comprehensive solution for engagement, innovation, and efficient growth. By combining digital capabilities, core functionalities, analytics, and machine learning, Guidewire delivers its platform as a cloud service. With a global presence in 38 countries, they serve over 500 insurers, ranging from new ventures to the largest and most intricate organizations in the insurance industry. The company boasts an exceptional implementation track record, having completed over 1,000 successful projects.

Duck Creek

Duck Creek Technologies is an intelligent solutions provider in the property and casualty (P&C) and general insurance industries. They offer a platform that enables modern insurance systems to be built, leveraging the power of the cloud to run agile, intelligent, and continuously updated operations. Duck Creek offers market-leading solutions that can be obtained either as standalone products or as a full suite. Their solutions are available through Duck Creek OnDemand, their cloud-based platform. By providing these solutions, Duck Creek aims to define the future of the insurance industry by embracing technological advancements and empowering insurers to meet the evolving needs of their customers.

Vitech

Vitech, a leading global provider of cloud-native benefit and investment administration software, empowers insurance, retirement, and investment organizations to enhance their services, optimize operations, gain valuable insights, and revolutionize customer engagement. With a team of over 1,600 dedicated professionals, they serve more than 100 of the world’s most successful insurance, retirement, and investment companies. Renowned for its innovative and visionary approach, Vitech has received recognition from esteemed industry experts including Gartner, Celent, Novarica, and ISG.

Corporate Responsibility

Majesco demonstrates a commitment to corporate responsibility by actively addressing the risks of modern slavery and human trafficking throughout its organization and supply chain. In accordance with the Modern Slavery Act 2015 (UK) and the Australian Modern Slavery Act 2018 (Cth), Majesco has implemented measures to prevent and combat modern slavery, including forced labor and human trafficking.

Majesco’s policy emphasizes ethical trading and responsible sourcing practices, aiming to ensure that its operations and supply chain are free from modern slavery. The company takes this responsibility seriously and has made efforts to disclose information regarding its efforts to address these risks.

Additionally, Majesco promotes a diverse and inclusive work environment where discrimination, harassment, bullying, and retaliation are strictly prohibited. The company expects its suppliers to comply with applicable laws related to discrimination in hiring and employment practices, ensuring a fair and equal workplace for all.

Overall, Majesco’s focus on corporate responsibility reflects its dedication to conducting business ethically, promoting human rights, and fostering a responsible and inclusive corporate culture.