Burns & Wilcox Implements Majesco Digital1st Insurance™ Platform as the Foundation for Latest Digital Growth Strategy
Next-generation platform enables wholesaler to bring innovative specialty insurance solutions to brokers and agents at speed and scale
Morristown, NJ – November 4, 2019 – Majesco (NASDAQ: MJCO), a global leader of cloud insurance software solutions for insurance business transformation, today announced that Burns & Wilcox, North America’s leading insurance wholesale broker and underwriting manager, selected Majesco Digital1st Insurance™ platform as the foundation of their latest digital growth strategy.
Burns & Wilcox, the flagship organization of H.W. Kaufman Group, captures more than $1.5 billion in premium annually and is recognized for its expertise in commercial and professional liability, property, environmental, marine and personal insurance. For 50 years, the privately held wholesaler has served retail brokers and agents of all sizes—offering wide ranging and comprehensive specialty insurance solutions and trusted counsel on complex risks.
“When evaluating new technology solutions to further support our overall growth strategy and meet the needs of our clients, we determined the need for a platform that provided cloud-based, real-time, insurance specific capabilities,” commented Daniel J. Kaufman, Chief Operating Officer, Burns & Wilcox and Executive Vice President, H.W. Kaufman Group. “By partnering with Majesco Digital1st Insurance, Burns & Wilcox can provide quick access to innovative specialty insurance products on a digital platform that meets the changing risk needs of consumers.”
The initial phase will include the development of three insurance offerings with plans to extend the platform across the enterprise with additional product offerings.
Majesco Digital1st Insurance™ is a ground-breaking cloud-native, micro-services and API-based platform-as-a-service that brings the most cutting-edge business and consumer technology trends to insurance. Majesco Digital1st Insurance™ is distinctly different from the core platform solutions for P&C and L&A and Group, though each of new solutions can be used and integrated with Majesco’s core systems, and with other core software to accelerate their value.
“We are honored and thrilled on the selection of Majesco Digital1st Insurance™ by Burns & Wilcox as their platform for their future,” stated Manish Shah, President and Chief Product Officer for Majesco. “Majesco Digital1st Insurance™ is our answer to the paradigm shift happening in the insurance industry. We’ve built a platform designed to innovate and scale the business, create unique client experiences, capture new and underserved market opportunities, leverage expanding ecosystems and deliver value in record time. We are thrilled to partner with Burns & Wilcox to demonstrate the possibilities and value of this next generation platform and in doing so, shape the future of their business and the industry.”
About Burns & Wilcox
Burns & Wilcox is the insurance industry’s leading wholesale insurance broker and underwriting manager internationally recognized for its expertise in commercial and professional liability, property, environmental, marine and personal insurance.
Burns & Wilcox is a member of H.W. Kaufman Group, which has over 60 offices across the United States, Canada, and the United Kingdom and employs more than 2,000 professionals. Founded in 1969 and headquartered in Metro Detroit, H.W. Kaufman Group also includes: Burns & Wilcox Brokerage, Burns & Wilcox Canada, Atain Insurance Companies, Afirm, Global Excess Partners, RB Jones, Stonemark, Minuteman Adjusters, and London-based, Chesterfield Insurance Brokers, Lochain Patrick, Cranbrook Underwriting, and Node International. More information can be found at www.burnsandwilcox.com.
Majesco (NASDAQ: MJCO) provides technology, expertise, and leadership that helps insurers modernize, innovate and connect to build the future of their business – and the future of insurance – at speed and scale. Our platforms connect people and businesses to insurance in ways that are innovative, hyper-relevant, compelling and personal. Over 200 insurance companies worldwide in P&C, L&A and Group Benefits are transforming their businesses by modernizing, optimizing or creating new business models with Majesco. Our market-leading solutions include CloudInsurer™ P&C Core Suite (Policy, Billing, Claims); CloudInsurer™ LifePlus Solutions (AdminPlus, AdvicePlus, IllustratePlus, DistributionPlus); CloudInsurer™ L&A and Group Core Suite (Policy, Billing, Claims); Digital1st Insurance™ with Digital1st eConnect™, Digital1st EcoExchange™ and Digital1st Platform™ – a cloud-native, microservices and open API platform; Distribution Management, Data and Analytics and an Enterprise Data Warehouse. For more details on Majesco, please visit www.majesco.com.
Cautionary Language Concerning Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of management, are not guarantees of performance and are subject to significant risks and uncertainty. These forward-looking statements should, therefore, be considered in light of various important factors, including those set forth in Majesco’s reports that it files from time to time with the Securities and Exchange Commission and which you should review, including those statements under “Item 1A – Risk Factors” in Majesco’s Annual Report on Form 10-K.
Important factors that could cause actual results to differ materially from those described in forward-looking statements contained in this press release include, but are not limited to: integration risks; changes in economic conditions, political conditions, trade protection measures, licensing requirements and tax matters; technology development risks; intellectual property rights risks; competition risks; additional scrutiny and increased expenses as a result of being a public company; the financial condition, financing requirements, prospects and cash flow of Majesco; loss of strategic relationships; changes in laws or regulations affecting the insurance industry in particular; restrictions on immigration; the ability and cost of retaining and recruiting key personnel; the ability to attract new clients and retain them and the risk of loss of large customers; continued compliance with evolving laws; customer data and cybersecurity risk; and Majesco’s ability to raise capital to fund future growth.
These forward-looking statements should not be relied upon as predictions of future events and Majesco cannot assure you that the events or circumstances discussed or reflected in these statements will be achieved or will occur. If such forward-looking statements prove to be inaccurate, the inaccuracy may be material. You should not regard these statements as a representation or warranty by Majesco or any other person that we will achieve our objectives and plans in any specified timeframe, or at all. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. Majesco disclaims any obligation to publicly update or release any revisions to these forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this press release or to reflect the occurrence of unanticipated events, except as required by law.