Majesco Announces General Availability of Version 11 R2 of the Market-Leading Majesco P&C Core Suite Insurance Software

Business Wire | October 16, 2020

Majesco, a global leader of cloud insurance platform software for insurance business transformation, today announced the general availability of the version 11 R2 for the market-leading Majesco L&A & Group Core Suite Insurance Software, including Majesco Policy for L&A and Group, Majesco Billing for L&A and Group and Majesco Claims for L&A and Group. Nearly every insurance company is talking about transforming their business, recognizing the significant need to improve, both operationally and innovatively, to change the course to enable growth. Today’s customers want personalized experiences, and products aligned to their personal data – not aggregate data, and they want a product to encompass the risk product, customer experience and value-added services. However, as today’s digital customer seeks innovative digital experiences, they are met with traditional insurance approaches, creating a disparity between customer expectations and insurer’s ability to deliver. But opportunities for growth abound for those that embrace new core platforms that meet the changing demands of customers as noted in our research Rethinking Life Insurance: From a Transaction to a Life, Health, Wealth and Wellness Customer Experience.

Spotlight

Giving your family the security of life insurance protection is an important part of your financial planning. But how much does life insurance cost? Surprisingly, it can be quite affordable with options that fit every budget.

Spotlight

Giving your family the security of life insurance protection is an important part of your financial planning. But how much does life insurance cost? Surprisingly, it can be quite affordable with options that fit every budget.

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The Penn Mutual Life Insurance Company Continues Historic Dividend Track Record

The Penn Mutual Life Insurance Company | November 23, 2021

The Penn Mutual Life Insurance Company (Penn Mutual), a Fortune 1000 company, is pleased to announce that the company has maintained its dividend scale for 2022 and the Board of Trustees has approved a $123 million payout to eligible policyholders in 2022. Dividends are a key measure of a mutual company's performance and Penn Mutual has consistently paid dividends to eligible policyholders for nearly 175 years. This announcement extends the company's long track record of delivering strong performance and value to policyholders. "We're proud to continue our track record of financial strength and maintain our dividend scale, A mutual life insurance company's ability to consistently pay dividends is a solid indicator of its financial strength. Over the last 20 years, our dividend action remains one of the strongest and most consistent in the industry, reinforcing our commitment to serving the best interests of our policyholders and financial professionals now and into the future." - Eileen McDonnell, chairman and CEO. About The Penn Mutual Life Insurance Company Penn Mutual helps people become stronger. Our expertly crafted life insurance is vital to long-term financial health and strengthens people's ability to enjoy every day. Working with our trusted network of financial professionals, we take the long view, building customized solutions for individuals, their families, and their businesses. Penn Mutual supports its financial professionals with retirement and investment services through its wholly-owned subsidiary Hornor, Townsend & Kent, LLC, member FINRA/SIPC.

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INSURANCE TECHNOLOGY

Sedgwick acquires Managed Care Advisors

Sedgwick | September 24, 2021

Sedgwick, a leading global provider of technology-enabled risk, benefits and integrated business solutions, today announced it has acquired Managed Care Advisors, Inc. (MCA), a Bethesda, Maryland-based government contracting firm and leading provider of workers' compensation and specialty health plan products and services to the U.S. federal government. Managed Care Advisors' expertise includes a comprehensive, outsourced federal agency workers' compensation case and claims management solution, anchored by the full functionality of its technology platform. MCA's federally compliant solutions and established performance record will broaden Sedgwick's access to a wide range of public sector opportunities. The acquisition will also enable MCA to expand its breadth and depth of offerings to the government to include a broad array of world-class risk management and claims solutions that Sedgwick currently delivers in the commercial sector. Sedgwick and Managed Care Advisors have a shared focus on delivering excellence and taking care of people. We are well aligned to optimize outcomes for our clients and look forward to bringing our combination of value-added services to the employees of federal government agencies. - Elizabeth Demaret, Sedgwick president, specialty. MCA will operate as a wholly owned subsidiary of Sedgwick Public Sector, a Sedgwick holding company dedicated to delivering claims services to government entities. Joining forces with Sedgwick opens the door to new opportunities for bringing the public sector an even higher level of industry best practices and expertise. I'm excited for what lies ahead in our next chapter with Sedgwick. - Lisa Firestone, Managed Care Advisors president and CEO. About Sedgwick Sedgwick is a leading global provider of technology-enabled risk, benefits and integrated business solutions. The company provides a broad range of resources tailored to our clients' specific needs in casualty, property, marine, benefits, brand protection and other lines. At Sedgwick, caring counts; through the dedication and expertise of more than 27,000 colleagues across 65 countries, the company takes care of people and organizations by mitigating and reducing risks and losses, promoting health and productivity, protecting brand reputations, and containing costs that can impact the bottom line. Sedgwick's majority shareholder is The Carlyle Group; Stone Point Capital LLC, Caisse de dépôt et placement du Québec (CDPQ), Onex and other management investors are minority shareholders. About Managed Care Advisors Established in 1997, Managed Care Advisors specializes in workers' compensation, case and claims management, disability and absence management, analytics, technology solutions, specialty health plan management and employee benefits. Based in Bethesda, Maryland, Managed Care Advisors services customers throughout the United States and all U.S. territories. Since 2005, MCA has provided a comprehensive suite of products and services to the federal market to support federal agencies in improving outcomes, reducing costs, and avoiding unnecessary medical and vocational disability resulting from work-related injuries and illnesses.

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INSURANCE TECHNOLOGY

Mountain West Farm Bureau Upgrades Majesco Policy for P&C to Majesco CloudInsurer®

Majesco | October 11, 2021

Majesco, a global leader of cloud insurance software solutions for insurance business transformation, today announced that long-term customer, Mountain West Farm Bureau, upgraded Majesco Policy for P&C to Majesco CloudInsurer®, a move that will improve operational effectiveness and decrease infrastructure costs. This move reflects the consistent move of existing Majesco customers to the Cloud. Like others who have made this shift, Mountain West hopes to leverage this upgrade to optimize their operations while enabling the company to take advantage of automatic monthly upgrades for software, rate, rules, and forms, and more on CloudInsurer®. Founded in 1948, Mountain West Farm Bureau is a regional multi-line property & casualty insurance company, serving the needs of individuals, families, farms and ranches, and businesses throughout Wyoming and Montana. Mountain West employs just over 200 individuals, with more than 120 people operating from their home office in Laramie, Wyoming. They have approximately 50 claims field representatives assisting their clients across Wyoming and Montana, and less than 30 IT professionals working from both the home office, as well as remote locations across Wyoming, Montana, Idaho, New Mexico, and Utah. The organization has more than 100 contracted agents located throughout Wyoming and Montana and is committed to providing financial peace of mind to customers with competitive, quality products and services. We take pride in our work and challenge ourselves to be proactive and continually improve the delivery and quality of our products and services to our customers. Our strategic relationship with Majesco has enabled our business transformation and our move to Majesco CloundInsurer® will continue our transformation by enabling us to focus on our operations, while keeping us at the leading edge to meet the ever-changing market and customer demands. This transition to the cloud has improved efficiencies and helped improve the ROI of our investment with Majesco. We look forward to the future with Majesco. - Tim Hays, Vice President of Information Technology at Mountain West Farm Bureau. As the industry continues to change and adapt to new market demands, insurers recognize they must keep pace to enable growth and remain competitive. Migrating to the cloud is a critical step in truly becoming digital and can help organizations engage with customers, bring products to market faster and capture rapidly unfolding market opportunities. Majesco CloudInsurer® is the industry chosen platform that is built to handle key business applications and services to match the reality of the changing market and increasing demands of customers. Over 65% of Majesco’s customers are on the cloud, making it the dominant deployment option. We’re thrilled with the successful cloud migration for Mountain West Farm Bureau and the opportunities ahead for them as a result of this transition,. Majesco CloudInsurer® has been at the forefront of the transition to cloud since the beginning, providing cutting-edge capabilities that increase flexibility, greater service and a modern insurance experience for our customers like Mountain West Farm Bureau. As a recognized market leader, we’ve built a reputation on helping organizations transform business operations to better meet the needs of today’s digitally-charged customer. - Prateek Kumar, EVP of Sales at Majesco. About Majesco Majesco is the leading software partner to both the P&C and L&A insurance markets to modernize, optimize and innovate their businesses at speed and scale. Over 330 insurers, from greenfields, start-ups and MGAs to the largest insurers, reinsurers and brokers use Majesco’s next generation SaaS platform solutions of core, data, and analytics, digital, distribution, absence management and a rich ecosystem marketplace of established and InsurTech partners to build the future of insurance. Our technology, expertise and leadership help insurers innovate and connect to build the future of their business. With over 825 successful implementations and over 65% of our customers on Cloud with Majesco platform solutions, together we have an amazing track record of innovation and real-world results.

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