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Majesco advances after partnering with APL

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Majesco rose 4.17% to Rs 459.85 at 09:25 IST on BSE after the company announced that American Public Life Insurance Company has selected Majesco L&A and Group Core Suite platform.

The announcement was made after market hours yesterday, 19 February 2019.

Meanwhile, the S&P BSE Sensex was up 270.96 points, or 0.77% to 35,623.57

On the BSE, 673 shares were traded in the counter so far compared with average daily volumes of 6,962 shares in the past two weeks. The stock had hit a high of Rs 467.95 and a low of Rs 455 so far during the day.

Majesco 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.

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.

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.

On a consolidated basis, Majesco reported net profit of Rs 14.92 crore in Q3 December 2018 compared with net loss of Rs 9.04 crore in Q3 December 2017. Net sales rose 22.68% to Rs 254.71 crore in Q3 December 2018 over Q3 December 2017.

Majesco is a provider of core insurance technology software and IT services to insurance carriers worldwide. Majesco delivers software and IT services in core insurance areas including policy administration, product modeling, new business processing, billing, claims, producer lifecycle management and distribution.

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First Published: Wed, February 20 2019. 09:37 IST