Majesco and EvolutionIQ Partner to Expand AI-Powered Claims Guidance for Disability Insurance Lines

• Partnership integrates market-leading technologies from both Majesco and EvolutionIQ
• Builds on proven synergies between the companies’ respective technology platforms as both share a number of joint customers in the insurance sector
• Allows insurers to seamlessly leverage Majesco’s cloud platform solutions for policy, billing, claims, underwriting, and distribution with EvolutionIQ’s AI-powered Claims Guidance platform

Morristown, NJ – March 30th, 2023 – Majesco, a global leader of cloud insurance platform software for insurance business transformation, today announced a partnership to integrate EvolutionIQ’s AI-powered Claims Guidance platform with Majesco’s suite of disability insurance technology solutions. These include Majesco Claims for Life, Accident & Health and Majesco ClaimVantage Claims for Life & Health. The integration is part of the Majesco EcoExchange, which is a next-generation marketplace of partner technologies designed to help the insurance industry meet the demands of today’s digital customer. The partnership will combine market-leading technologies from both organizations to help insurers transform their claims process, which in turn helps sick and injured claimants recover and return to work faster while reducing claim losses and expenses. Majesco and EvolutionIQ have a number of joint customers using both solutions today.  EvolutionIQ’s AI-powered Claims Guidance is an entirely new category of software invented by EvolutionIQ that actively monitors every open insurance claim to guide frontline operators to those that require more attention, new actions, or complex decision-making. It uses next-generation machine learning and natural language processing to understand complex bodily injury and recovery like a medical expert and guide examiners and adjusters daily to the right actions on the right claims at the right time to maximize impact. The technology has already led to tens of thousands of sick and injured people getting their lives back on track, with the number increasing every day. Carriers report up to a 35 percent increase in sick or injured people returning to work using EvolutionIQ with those returns happening on average 3.5 months sooner when compared to legacy processes. “The insurance industry is at an inflection point as rapid advances in technology are now fundamentally changing the underlying economics of claims handling,” said EvolutionIQ co-founder and Co-CEO Michael Saltzman. “Both Majesco and EvolutionIQ are proven, advanced systems that are already delivering dramatic, measurable results for an array of the industry’s top carriers and TPAs. With this partnership, industry leaders can know and trust that our respective technology solutions are not only transformative, but they are complementary to each other in any environment. By deploying them together, forward-thinking insurers will help many more sick or injured people recover – while simultaneously realizing an impressive ROI.” Majesco Claims for L&AH and Majesco ClaimVantage Claims for L&H are industry recognized as market leading solutions by industry analysts for each of the segments. They help insurers manage and resolve claims faster, exceed customer expectations, manage complex integrated disability and absence management and return to work, and ignite innovation that delivers frictionless and transparent claims experiences. While historically claims operations focused on costs and efficiencies, today they must take a holistic customer view including management of complex injury claims to help claimants return to work quicker and safer, creating a new customer experience that is a cornerstone of satisfaction, loyalty, and retention.Benefits of the partnership for insurance carriers and TPAs include:

• Faster technology deployments and a faster return on investment from integrated solutions
• A more dynamic and responsive claims solution to cost effectively manage and guide examiners and adjusters to the right claim at the right time and deliver excellent claimant experience
• Reduced loss ratios, improved claims processing, reduced claim durations, and more claimants returning to work

“EvolutionIQ with Majesco Claims solutions offers our customers and the industry a significant opportunity to transform the claims dynamics for disability and workers compensation,” said Ed Ossie, COO at Majesco. “The partnership aligns with our relentless innovation focus to deliver intelligent, cutting-edge solutions that help our customers manage claims efficiently, control costs to improve profitability, and deliver exceptional customer experiences. We are thrilled to be working with EvolutionIQ to deliver real business value to our customers.”About MajescoMajesco is the partner P&C and L&A insurers choose to create and deliver outstanding experiences for customers. We combine our technology and insurance experience to anticipate what’s next, without losing sight of what’s important now. Over 350 insurers, from greenfields and startups to some of the world’s largest insurers, rely on Majesco’s SaaS platforms solutions of core, data, analytics, digital, and rich ecosystem of partners to create their next now. As an industry leader, we don’t believe in managing risk by avoiding change. We embrace change, even cause it, to get and stay ahead of risk. With 900+ successful implementations we are uniquely qualified to bridge the gap between a traditional insurance industry approach and a pure digital mindset. We give customers the confidence to decide, the products to perform, and the follow-through to execute. For more information, please visit www.majesco.com and follow us on LinkedIn.

About EvolutionIQ

EvolutionIQ pioneered Claims Guidance in 2019. Its explainable AI guides insurance claims professionals to their highest potential impact claims, improving the claimant experience and delivering better claim outcomes to claimants, carriers and their customers. EvolutionIQ serves the group disability, individual disability and workers’ compensation markets worldwide. EvolutionIQ’s AI native products have been adopted by 70% of the top 15 U.S. disability carriers and a growing list of workers’ compensation carriers. The New York-based company employs 165 staff across the United States, Europe and Australia. For more information, visit evolutioniq.com and follow the company on LinkedIn.

Press contact information:

Jason Kapler

EvolutionIQ

press@evolutionIQ.com

(917) 740-5608

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