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Raffles Health Insurance, Singapore Selects Majesco's Health Core Platform

Posted On: 2018-03-19 10:41:01

Majesco (NYSE American: MJCO), a global provider of platform software solutions and consulting services for insurance business transformation has announced that Raffles Health Insurance ("RHI"), a leading healthcare insurance company based in Singapore, has selected Majesco's Health Core platform to transform their business by creating a compelling, integrated experience for their customers and stakeholders.

RHI, incorporated in 2004, commenced operations as a general insurer and transitioned to a life insurer in March 2006 under the purview of the Monetary of Authority of Singapore. RHI is a wholly-owned subsidiary of Raffles Medical Group, a leading integrated healthcare service provider in Singapore. RHI offers both corporate group benefit plans and individual health plans.

Majesco's Health Core platform will provide RHI with a single cloud platform to manage, administer and service their individual and group insurance. The platform will integrate with Central Provident Fund of Singapore and work in conjunction with the applications hosted by Ministry of Health to handle medical insurance with respect to Singapore residents. The platform will help RHI improve efficiencies and accelerate time to market with products and services.

Ms. Christine Cheu, General Manager, RHI said, "We are pioneering the next generation of health insurance. With Majesco's Health Core platform, we aim to provide best in class healthcare experience to our stakeholders. Majesco's experience in this domain in the Asia Pacific ("APAC") region gives us the confidence that their expertise will help us achieve our goal of being a leader in the health insurance space."

Ketan Mehta, CEO and Co-Founder of Majesco, said "the insurance dynamics are changing rapidly with significant emphasis on speed to value, digital enablement and improving the customer experience. We are excited to have RHI join our growing customer community and honored to partner with a forward-thinking and innovative health insurer. We thank them for their confidence in our team and solutions."

Majesco Health Core platform provides insurers a single platform for individual and group health products for the APAC region. The platform includes policy, billing and claims with out-of-the-box functionality supporting the end to end lifecycle from product setup and rating to service. The platform is unique in that the platform is designed to support indi­vidual and group health products on a single platform, enabling portability to retain employees as indi­vidual customers. The platform is used for the APAC region only.

Shares of Majesco Ltd was last trading in BSE at Rs.480 as compared to the previous close of Rs. 489.85. The total number of shares traded during the day was 9224 in over 386 trades.

The stock hit an intraday high of Rs. 494.3 and intraday low of 473.95. The net turnover during the day was Rs. 4468017.


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