Majesco (insurance software company)

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. 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. 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. 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. In 2014, MajescoMastek demerged from Mastek consolidating all of its insurance business across the world under the new brand, Majesco. 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. In December 2014, Majesco announced the signing of a definitive agreement to merge the business of Cover-All Technologies (NYSE MKT: COVR) with Majesco.

Awards & Recognition

• 2007: MajescoMastek's automated claims processing solution developed for CUNA Mutual was ranked first by INN (Innovators Awards).
• 2009: MajescoMastek's clients won Celent Model Carrier Award for the solutions implemented in L&A and P&C Categories.
• 2009: MajescoMastek's STG Billing solution developed for Farmers Alliance Mutual Insurance (FAMI) won the overall Celent Model Carrier Award.
• 2009: Ranked Global top 100 FinTech, a ranking of IT companies catering to financial services industry customers compiled by the American Banker magazine.
• 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.
• 2013: MajescoMastek's STG Policy Named XCelent Award Winner.
• 2015: Majesco Positioned as a Leader in Gartner’s First Magic Quadrant for P&C Insurance Policy Management Modules.