American Public Life Insurance Company Selects Majesco L&A and Group Core Suite

Selection will provide foundation for their digital business
transformation

MORRISTOWN, N.J.–(BUSINESS WIRE)–Majesco (NYSE American: MJCO), a global leader of cloud core insurance
software, today announced that American Public Life Insurance Company
(APL) selected Majesco L&A and Group Core Suite platform as the
foundation of its digital business transformation strategy.

“As the industry and our customers rapidly embrace digitalization, we
recognize the need to radically improve our technology footprint. In
doing so, we’ll be able to expand the reach of our organization to
better serve and engage with all of our constituents while optimizing
our performance,” said Jim Pate, APL President/CEO. “After a long and
arduous assessment, we determined that Majesco’s vision, strategy, team
and solutions align with our business today and in the future. We look
forward to our implementation and the value it will bring to our
customers and employees.”

Founded in 1945, APL offers a wide variety of supplemental medical
insurance products, providing customized solutions for organizations of
any size, in almost any industry, across the US. Its current core
business, which includes gap, accident, hospital indemnity, critical
illness, cancer, short-term disability, dental and life insurance, will
be implemented onto the new platform. APL is licensed to conduct
business in 49 states and continues to serve the independent broker
market.

“We’re extremely honored to be partnering with APL to enable their
digital business transformation,” said Adam Elster, CEO for Majesco.
“The group and voluntary benefits market is rapidly changing to align to
new customer expectations and different products and services that meet
a shifting employee and employer marketplace. Our core platform uniquely
provides a single platform for both individual and group/voluntary,
which can simplify an insurer’s environment, while providing a platform
for growth. We look forward to an exciting future with APL.”

Majesco L&A and Group Suite supports individual, group and voluntary
benefits on a single platform, recognizing that growing and retaining
customers, regardless of where they originate, is critical to insurers’
growth strategies. The suite provides essential core system capabilities
for policy, billing and claims. The powerful design allows for rapid
adaptation for new, innovative products or benefit plans, giving
insurers the power, flexibility and speed needed to capture
opportunities and create profitable growth.

About Majesco

Insurance business transformation is a journey of change and
revitalization, a renaissance of Insurance. Approximately 160 insurance
companies worldwide in P&C, L&A and Group/ Employee Benefits are
transforming their businesses with Majesco’s solutions. Our market
leading software, consulting and services uniquely underpin the entire
insurance value chain and are designed to empower insurers with the
agility, innovation and speed needed to meet their transformation
opportunities. Majesco’s solutions include policy management, new
business / underwriting, rating, billing, claims management,
distribution management, BI/ analytics, predictive modeling, digital
platform with mobile and portal, testing services, cloud services,
bureau and content services, transformation services, consulting
services and more. 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.

Contacts

Media
Tara Dilzer Alexander
Director, Marketing
Communications and Creative Services
Phone: +1-718-916-6873
Email:
[email protected]

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