PT PFI Mega Life Insurance Selects Majesco Policy for Life & Annuities and Group

Selection Marks Majesco entry into Indonesian insurance market

MORRISTOWN, N.J.–(BUSINESS WIRE)–Majesco (NYSE AMERICAN:MJCO), a global provider of core insurance
platform software and consulting services for insurance business
transformation, today announced that PT PFI Mega Life Insurance (PFI
Mega Life), the joint venture life insurance company of Prudential
Financial Inc and CT Corpora, has selected Majesco Policy for Life &
Annuities and Group along with a point of sale and activity management
solution specifically used within the Asia Pacific region.

We are delighted to welcome PFI Mega Life as part of our growing
customer community,” commented Adam Elster, CEO of Majesco. “As we
embark on our journey in Indonesia we are honored to partner with PFI
Mega Life in capturing growth opportunities that will meet the demands
and needs of today’s customers. We are excited to be part of this
innovative partnership and look forward to a successful implementation
supporting PFI Mega Life’s business growth.”

Established in 2011, PT PFI Mega Life Insurance combines the global
expertise of Prudential Financial Inc. with the local market network of
CT Corpora. This strategic partnership expands access of Indonesia’s
growing middle class to financial protection and insurance solutions
through a multi-channel distribution strategy. PFI Mega Life offers an
array of life insurance solutions including investment-linked insurance
products and credit shield insurance which cater to a wide range of
customers, from large corporations to individuals.

The selected platform will cover the end to end Insurance business
process from acquisition to servicing the customers of PFI Mega Life.
While the Majesco Policy for Life & Annuities and Group platform will
enable PFI Mega Life to effectively manage the entire policy life cycle
from new business to reinsurance, the platform & channel agnostic point
of sale and activity management solution will provide capabilities to
work on both offline and online modes across channels such as
Bancassurance and Agency.

After an in-depth evaluation, we decided to partner with Majesco. Based
on their experience, expertise and investment in digital and core
platforms created specifically for the insurance industry, we are
confident that Majesco will play a significant role in enhancing our
overall business environment to position us for growth and will help us
serve our customers more effectively in this fast changing dynamic
market,” commented Yongtae Kim Director and Chief Operating Officer, PFI
Mega Life.

Indonesia is one of Asia’s fastest growing insurance markets with 50
life and 79 non-life insurance companies, 161 insurance brokers and 35
reinsurance brokers.* The selection expands Majesco’s footprint within
the Asia Pacific (APAC) region and represents the company’s first
customer in Indonesia. With PFI Mega Life, Majesco Policy for L&A and
Group is used by 8 customers across the APAC region along with a growing
number in North America and in the UK.

* https://oxfordbusinessgroup.com/indonesia-2017/insurance

About Majesco Policy for L&A and Group

Majesco Policy for L&A and Group 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 platform provides essential core
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, Life & Annuities 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.

About PT PFI Mega Life Insurance

Established in 2011, PT PFI Mega Life Insurance is a newly structured
joint venture life insurance company which combines the global expertise
of Prudential Financial Inc with the local market network of CT Corpora.
PFI Mega Life offers an array of life insurance products which cater to
a wide range of customers, from large entities to individuals. Its
product offering includes investment-linked insurance products and
credit shield insurance. PFI Mega Life’s products and services are
offered through multiple distribution channels, including bancassurance,
telemarketing as well as retail channels. For more details on PFI Mega
Life Insurance, please visit https://www.pfimegalife.co.id/en/about-us/company.

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 for the fiscal year ended March 31,
2018 filed with the SEC on June 22, 2018.

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
Majesco
Glenn Westlake
Director,
Market Research and Content Development
Phone: +1-920-410-0246
Email:
glenn.westlake@majesco.com

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