Third-party software is the backbone of the insurance industry. This has been the case for major household names like Allstate and Cigna to smaller players like the Colorado Farm Bureau. Majesco, recognized as one of the top three competitors in this space for the last decade, operates in a market where a select few dominate.
The challenge Majesco faced was significant: to transition from a top-three contender to the leading force in an industry inherently complex and risk-averse. The insurance sector, key to the global economy, serves as a vital support system for businesses and individuals during times of injury or catastrophic loss. However, this complexity leads to confusion and distrust among consumers, questioning whether they are overpaying or underinsured. Majesco’s had to streamline and humanize a company renowned for its comprehensive insurance products and category-defining intellectual capital.
To address this challenge, Majesco initiated a 12-week strategy phase that involved in-depth interviews with key stakeholders, industry analysts, and a cross-section of customer types. Competitive research and market analysis revealed a disconnect. Majesco’s messaging was confusing, and even industry veterans struggled with their product offerings. The strategy, therefore, centered on creating a brand program that celebrated Majesco’s rich history of innovation and thought leadership while shifting the narrative to underscore the technology’s role in helping both enterprises and consumers navigate vulnerabilities.
Since its relaunch in 2022, Majesco has experienced a notable upward trajectory. Concrete business metrics may find it challenging to capture the direct impact of a rebrand, but the outcomes speak volumes. In H1 2023, Majesco witnessed tremendous revenue growth, with a remarkable 20%+ increase in both subscriptions and overall product.
The committed ARR is approaching $200M, and H1 EBITDA has exceeded 30%. Projections for FY23 indicate total revenue is on track to reach $275M. Majesco’s CEO, Adam Elster, expressed enthusiasm, noting the significant influx of new customers across all products. The brand’s visual identity serves as a metaphor for the fundamental yet complex nature of Majesco’s offerings, mirroring the intricacies of the insurance landscape itself.