Majesco (insurance software company)
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| Public | |
| Traded as | NYSE MKT: MJCO |
| Industry | Software |
| Headquarters | Morristown, New Jersey, United States |
Key people | Ketan Mehta, CEO & Co-founder |
| Products |
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| Services |
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| Website | http://www.majesco.com/ |
Majesco (formerly MajescoMastek) is a provider of insurance technology software, IT services and consulting to insurance carriers worldwide across lines of business – Property & Casualty (General Insurance), Life, Annuity, Health, Pensions, and Group & Worksite Benefits insurance.
History
MajescoMastek, the U.S. subsidiary of global technology solutions provider Mastek was founded in 1992. In 2005, MajescoMastek acquired Entegram LLC, a Connecticut-based software solutions company.[1] In 2007, MajescoMastek acquired Vector Insurance Services a technology solutions provider and third-party administrator that focuses on the North American life and annuity insurance industry.[2] Systems Task Group (STG) an IP-based enterprise solutions provider to the North American property and casualty (P&C) insurance industry was acquired in 2008.[3] In 2009, MajescoMastek entered the Canadian Market. SEG Software, LLC, a leading provider of policy administration systems covering individual and group life, health & annuity insurance products was acquired by MajescoMastek in 2010.[4] In 2014, MajescoMastek demerged from Mastek consolidating all of its insurance business across the world under the new brand, Majesco.[5] Further accelerating on its growth path, Majesco signed a definitive agreement to acquire Agile Technologies in December 2014 and completed the acquisition in February 2015 adding consulting capabilities to its insurance technology expertise.[6] In December 2014, Majesco announced the signing of a definitive agreement to merge the business of Cover-All Technologies (NYSE MKT: COVR) with Majesco.[7]
Awards & Recognition
- 2007: MajescoMastek's automated claims processing solution developed for CUNA Mutual was ranked first by INN (Innovators Awards).[8]
- 2009: MajescoMastek's clients won Celent Model Carrier Award for the solutions implemented in L&A and P&C Categories.[9]
- 2009: MajescoMastek's STG Billing solution developed for Farmers Alliance Mutual Insurance (FAMI) won the overall Celent Model Carrier Award.[9]
- 2009: Ranked Global top 100 FinTech, a ranking of IT companies catering to financial services industry customers compiled by the American Banker magazine.[10]
- 2010: MajescoMastek's Elixir Distribution Management (EDM) solution rated 'Positive' in Gartner's Incentive Compensation Management (ICM) Marketscope report.
- 2012: MajescoMastek wins two Celent XCelent Awards for STG Billing.[11]
- 2013: MajescoMastek's STG Policy Named XCelent Award Winner.[12]
- 2015: Majesco Positioned as a Leader in Gartner’s First Magic Quadrant for P&C Insurance Policy Management Modules.[13]
References
- ↑ "MajescoMastek Acquires Connecticut Software Company". Businesswire.com. 2005-10-24. Retrieved 2014-01-29.
- ↑ "MajescoMastek Acquires Insurance-Focused IT Company". Businesswire.com. 2007-07-16. Retrieved 2014-01-29.
- ↑ "Mastek acquires STG for $29 mn". Business-standard.com. 2008-03-11. Retrieved 2014-01-29.
- ↑ Jennifer Morrell (2010-12-06). "MajescoMastek Acquires SEG Software". Insurancenetworking.com. Retrieved 2014-01-29.
- ↑ "MajescoMastek to Consolidate Global Insurance Technology Business". businesswire.com. 23 September 2014. Retrieved 1 July 2015.
- ↑ "Majesco Completes Acquisition of Insurance Business of Agile Technologies - Business Wire". businesswire.com. 11 February 2015. Retrieved 1 July 2015.
- ↑ "Majesco to merge with Cover-All Technologies; stocks up 20%". moneycontrol.com. Retrieved 1 July 2015.
- ↑ "Insurance Networking News Releases Results of the 2007 Innovators Awards Program". Marketwire. Retrieved 1 July 2015.
- 1 2 "MajescoMastek Solutions Recognized with Two Celent Model Carrier Awards - Business Wire". businesswire.com. 10 March 2009. Retrieved 1 July 2015.
- ↑ "The 2009 FinTech 100 Ranking". Ranking the Banks. Retrieved 1 July 2015.
- ↑ "MajescoMastek Wins Two Celent XCelent Awards for STG Billing". bloomberg.com. 2 February 2012. Retrieved 1 July 2015.
- ↑ "MajescoMastek's STG Policy Named XCelent Award Winner". Reuters. 22 November 2013. Retrieved 1 July 2015.
- ↑ "Majesco Positioned as a Leader in Gartner’s First Magic Quadrant for P&C Insurance Policy Management Modules". Yahoo Finance. 3 February 2015. Retrieved 1 July 2015.