Majesco, a global provider of cloud insurance platform software for insurance business transformation, today announced that for the third consecutive year has been named a Leader in the Gartner 2020 Magic Quadrant for P&C Core Platforms, North America. The report evaluated 12 vendors, “This Magic Quadrant provides a lens into the North American market for P&C core platforms aimed at very large Tier 1 through small/regional Tier 5 P&C insurers.”
“P&C Core platforms in North America continue to evolve into end-to-end, cloud-based digital business platforms,” says co-authors of the report Venkatesh Padmanabhan, Senior Director Analyst at Gartner, James Ingham, Senior Director Analyst at Gartner, and Sham Gill, Senior Director at Gartner. “CIOs should carefully evaluate differentiating factors, including SaaS maturity, ease of integration and advanced analytics prior to entering long-term contracts with vendors.”
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“We’re honored to be named a Leader in the Gartner 2020 Magic Quadrant for P&C Core Systems, North America report,” says Adam Elster, CEO of Majesco. “While many insurers implemented modern on-premise systems over the last two decades, we understand the shift to next-generation core systems is crucial for companies to compete in today’s new era of insurance. That is why we continue to push the boundaries with new, innovative product updates that will help our customers achieve business transformation at speed and scale.”
“P&C insurance CIOs and their business peers are increasingly focused on cloud deployment and the ability to support new business models and emerging technologies,” write the authors of the research. “They seek core platform vendors that offer mature and extendable solutions with comprehensive functionality and out-of-the-box content. A proven track record of supporting relevant LOBs and a proven ability to support rapid implementations are essential.”
Majesco P&C Core Suite includes a distinct, yet fully integrated, set of solutions that together provide the flexibility and speed to innovate while driving significant and sustainable growth, putting the power in the insurer’s hands. Built on a common configurable platform that enables both IT and business users with rich, pre-built content – and the power to make changes easily and independently – insurers can achieve new levels of visibility, agility and speed to manage and adapt their business.
“Majesco has been focused on relentless and purposeful innovation to bring a forward-thinking platform to the P&C insurers, reinsurers, InsurTechs and MGAs to digitally transform their businesses,” said Manish Shah, President and Chief Product Officer at Majesco. “The rapid rise in innovative products, advancements in distribution channels, , customer expectations and risk environment are defining a new era of insurance, that require next-generation platforms. We continue to be focused on innovation, speed to implementation and upgrade that keep our customers on the leading edge of a fast-changing market.”
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