Majesco locks in at upper circuit after Protective Insurance selects its P&C Core Suite

Protective Insurance has selected Majesco P&C Core Suite for commercial auto and workers’ compensation claims and billing solutions on Majesco CloudInsurer so as to modernise and optimise its business operations.

Post this development, the stock of the company locked in at its upper circuit of 5 per cent at Rs 537.45 on Wednesday.

Majesco’s technology will give Protective Insurance Company, the benefit to accelerate its digital transformation strategy by bringing innovation in business solutions. In the first phase of the project, the focus will be on commercial auto, followed by a second phase that will implement workers’ compensation. This partnership with Protective Insurance is a stepping stone for Majesco’s future growth.

Protective Insurance Company provides insurance for the transportation industry being licenced in all 50 states, including the District of Columbia, Puerto Rico, and all Canadian provinces. It mainly provides tailored insurance programs to trucking fleets.

The stock of Majesco witnessed a high momentum as it gained nearly 42.58 per cent on a YTD basis and by more than 190 per cent since March 23, 2020, when a sharp decline in markets was seen. Since the beginning of this month, the stock price rose by around 47.51 per cent thus, creating a larger value of shareholders’ investments.