Overall Rank: 23
Category Rank: 2
- Top Software Company of 2023
- Power 500 Software Company
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.
Majesco Absence Management is a powerful benefit administration software that streamlines leave management for organizations. It automates tracking, simplifies administration, and ensures compliance with FML, PFL, and PFML regulations. With centralized processes and accurate reporting, it reduces administrative burden and helps companies effectively manage employee absences.
Majesco Digital 360 Solutions is a suite of accelerators that helps insurers create personalized experiences for customers. By integrating with backend systems via APIs, these solutions enable seamless data flow for policy, billing, claims, and partner platforms. With Majesco Digital 360, insurers can deliver tailored services and meet the expectations of today’s customers in a digital world.
Majesco Distribution Management streamlines distributor operations by enabling rapid producer onboarding, eliminating manual paperwork, and providing mobile-ready self-service tools. It offers flexible commission and incentive program creation, empowering distributors to adapt quickly to a changing distribution landscape while gaining valuable insights through comprehensive reporting capabilities.
Majesco L&AH Core Suite is an advanced Insurance Agency Management System that transforms individual, group, and voluntary benefits. With its comprehensive core insurance capabilities for policy, billing, and claims, it empowers insurers to meet the evolving needs of customers. The suite’s flexible design enables rapid adaptation for introducing innovative new products, ensuring insurers stay competitive in the ever-changing market.
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
- 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.
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.
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.
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.
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.
- 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)
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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.
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.