Majesco’s Growth Surges and Solidifies Position as Insurance Industry’s Trusted and Preferred Solution

By AIT News Desk On Feb 16, 2023

***2022 underscores company’s unrelenting investment in growth and success as a* *Rule of 40+ SaaS Company with 350 customers and over $250M in total revenue***

Majesco, a global leader of cloud insurance platform software for insurance business transformation, announced in its new year townhall and strategic partner meeting the incredible operational and financial results in 2022 and reinforced its accelerated growth plans for 2023 despite the increased pressure on technology companies. Majesco attributed its success to the hard work and collaboration of its employees, customers, and partners and their relentless commitment to accelerate and facilitate digital transformation across the insurance industry.

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“2022 was an incredible year for our team, customers, and partners. We made substantial investments in our product portfolio, employees, customers, and partner relationships as well as the Majesco brand and website, to better reflect our mission and enhance critical initiatives for our customers,” says Adam Elster, CEO at Majesco. “Our unrelenting market success and financial stability solidifies our leading, trusted position in the market and sets the stage for even greater impact in 2023. We’re keeping our foot on the pedal and accelerating product innovation and acquisitions, strengthening our partnerships, extending market reach and engagement, investing in our employees, and growing our employee base with top talent. There is no slowing down because our customers and the industry are relying on us to lead the future of insurance.”

Majesco is primed to ramp up its momentum and invest in new products. The enhanced customer support and deepened partner capabilities will improve speed to market, bring impactful solution enhancements to its customers faster, and ensure ease and cost-effectiveness of upgrades and support. Strategic discussions on how insurers will prepare and manage the changes needed in their business models, products, channels, and technology are more important than ever and Majesco and our partners are proactively engaging with the industry, customers, and prospects to prepare for what’s next. Majesco announced a series of initiatives that will advance cross-functional collaboration between Majesco experts and its partners, as well several new product capabilities that will further innovate and create even more value for customers.

“It’s no secret the global economy has challenges, and many software companies are challenged to grow and stay profitable,” says A.J. Rohde, Senior Partner at Thoma Bravo. “Majesco is doing just the opposite. The success they’ve achieved in 2022 is a direct reflection of the organizational, operational and product investments this past year. I am confident this momentum will carry into 2023 and allow for another year of tremendous growth, innovation, and success.”

Financial highlights:

A Rule of 40+ SaaS Company with over $250M in total revenue
Tremendous 2022 revenue growth including 32% subscription and 23% product
13% overall company growth and 13% EBITDA growth

Customer highlights:

Added 15 new customer logos across P&C and L&AH segments
26 customer go-lives for both P&C and L&AH
Processing $31B DWP for customers across our core solutions
Over 350 customers representing market leaders including:
- The top 2 Reinsurers
- 8 of the top 15 L&AH and Group Insurers
- 8 of the top 15 P&C Insurers
- Over 25 InsurTech Startups and Greenfields
- Over 15 MGAs and Brokers
- Over 10 TPAs for L&AH and Group
- Over 20 of the top Risk Engineering firms

Product innovations:

Launched new products including Digital Agent360, Digital Enroll360, Property Intelligence and Subrogation models
Announced new business unit focused on Data & Analytics with new AI/ML models and a contributory database with over 30 terabytes of data including 220m photos and 20m surveys from loss control
Introduced new Digital business unit to accelerate growth in 2023 and new digital solutions
Strengthened Majesco Cloud Platform with innovative capabilities including Health Check, Cloud Control and API Management
Expanded SaaS portfolio and customers with acquisition of Global IQX for L&AH
Rolled out 20+ innovative capabilities with scaled executions
Added hundreds of functional, technology and UX enhancements across the Majesco product portfolio
Expanded Ecosystem partners including FIS, Earnix, Cybercube, and others.

Organizational highlights:

Welcomed over 600 new employees across the organization
Launched complete redesign of the Majesco brand and website
Introduced new internal website for employees, OneMajesco
Expanded systems integrator partnerships to 12 of the market-leading firms
Rollout of updated Premium Support underpinned by Service Now
Over 21,000 courses completed on new iLearn platform dedicated to employee training

Industry recognitions and awards:

Expanded and strengthened market leadership across all solutions with industry recognition from Gartner, Celent, Forrester, Aite-Novarica, Quadrant Solutions, Everest Group, and ISG
Named InsurTech 100 Company for 2023
Ranked #63 on The Power 500 Software Company List
#20 Ranked Podcast Series, Future of Insurance

Majesco is the partner P&C and L&AH insurers choose to create and deliver outstanding experiences for customers. We combine our technology and insurance experience to anticipate what’s next, without losing sight of what’s important now. Over 350 insurers, reinsurers, brokers, MGAs, and greenfields/startups rely on Majesco’s SaaS platform solutions of core, digital, data & analytics, distribution, and a rich ecosystem of partners to create their next now.

As an industry leader, we don’t believe in managing risk by avoiding change. We embrace change, even cause it, to get and stay ahead of risk. With 900+ successful implementations we are uniquely qualified to bridge the gap between a traditional insurance industry approach and a pure digital mindset. We give customers the confidence to decide, the products to perform, and the follow-through to execute.

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