Majesco has acquired its India-based insurance software business from its parent company Majesco Limited.
The cloud insurance technology provider will move it to its 100% subsidiary in India, Majesco Software Solutions India Private Limited.
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The Majesco India deal still needs statutory approvals and agreement from the shareholders. The deal will be effective April 1 2019.
“The acquisition of the India Business and consolidation under the operating entity will ensure sharper focus on our global solutions and capabilities, enabling us to deploy best practices and achieve operational synergies” said Majesco CEO Adam Elster.
“We view this acquisition as part of Majesco’s vision to build the future for insurance and look forward to maximising our potential as a leading digital transformation player. Majesco’s strength, coupled with its complementary suite of innovative digital solutions and deep insurance industry expertise means we can offer a wider selection of solutions to new and existing clients and provide greater career opportunities for our committed team.”
Majesco moves
In May 2018, Gibraltar BSN Life Berhad (Gibraltar BSN) selected Masjesco Distribution Management and Digital Solutions to transform its distribution management operation as part of its digital transformation programme.
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By GlobalDataGibraltar BSN is one of Malaysia’s fastest growing insurers and provides relevant and affordable protection solutions to the larger segments of Malaysia’s approximately 32 million population.
Furthermore, Singapore-based Raffles Health Insurance (RHI) has selected Majesco’s Health Core platform to improve efficiency and speed up time to market with products and services.
Set up in 2004, RHI started its operations as a general insurer. Under the purview of the Monetary of Authority of Singapore, the company transitioned to a life insurer in March 2006.
RHI operates as a wholly-owned subsidiary of Raffles Medical Group, a provider of integrated healthcare service in Singapore. The company provider both corporate group benefit plans and individual health insurance products.
Majesco’s Health Core solution will offer RHI with a single cloud platform to manage, administer and service their individual and group insurance.
