Majesco, a global leader of cloud intelligent insurance solutions for insurance business transformation, is thrilled to announce its recognition as one of the top 100 innovative InsurTech companies for 2024. This prestigious accolade, awarded by FinTech Global, highlights the most forward-thinking solution providers that are driving transformation in the insurance industry. Selected by a panel of seasoned industry experts and analysts, this recognition serves as a vital resource for insurance leaders navigating their digital transformation strategies.
The InsurTech100 has garnered significant attention in previous years, with featured companies generating increased awareness among insurance firms and attracting interest from financial institutions and prospective clients. The 2024 list continues this tradition by recognizing the next generation of solution providers that are poised to shape the future of the insurance industry.
Despite recent challenges in the macroeconomic environment, the InsurTech industry remains resilient, boasting remarkable year-on-year growth. Projects suggest the InsurTech market could reach an astounding $496.5 billion by 2023, showcasing a compound annual growth rate (CAGR) of 38.8%.
“We are both proud and excited to be named an InsurTech100 company for another year,” says Adam Elster, CEO at Majesco. “This honor underscores our leadership in delivering cutting-edge GenAI capabilities that empower insurers to transform their operations and elevate customer experiences. We remain committed to delivering intelligent solutions that help insurers adapt and thrive in today’s dynamic landscape.”
The selection criteria for the InsurTech100 considered several key factors, including the significance of the industry problem being addressed, growth metrics like capital raised and revenue, and the innovation of technology solutions. Majesco’s inclusion underscores its potential for generating cost savings, improving operational efficiency, and enhancing the overall value chain for clients.
In its Fall ’24 product release, Majesco introduced new intelligent features powered by Majesco Copilot – the industry’s first and only GenAI solution for core insurance. This multi-modal GenAI insurance solution is now seamlessly integrated across the entire product portfolio, enabling incredible operational benefits including a 10-20 times boost in productivity with an expected time-savings of 44%.
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