Press release

Foresters Friendly Society to Replatform its Legacy Systems with Majesco LifePlus Solutions in the Cloud

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Sponsored by Businesswire

Majesco (NASDAQ: MJCO), a global provider of cloud insurance software
solutions for insurance business transformation, is delighted to
announce that it has signed an agreement with Foresters Friendly Society
to deliver full, end-to-end policy lifecycle support for their digital
strategy. The Society will implement Majesco’s SaaS solutions, including
Life AdminPlus, Life DistributionPlus, and Life IllustratePlus, to meet
their strategic business objectives.

Foresters Friendly Society chose Majesco for its end-to-end capabilities
that will equip the Society with future-proofed technology that enhance
its digital capability to meet the emerging challenges it faces in a
dynamic marketplace. Majesco will deliver a digitally compliant journey
for all Foresters Friendly Society members.

Grant Streader, Head of Insurance Operations at Foresters Friendly
Society, commented: “To ensure we are fully equipped to deliver our
vision of being the most member-centric mutual, we recognise the need to
invest in our existing IT applications with a cloud hosted environment
for our business operations. We needed a digital solution that will
lower the cost of new business acquisition whilst improving efficiencies
and increase our speed to market with new products. Throughout the
selection process Majesco proved its capabilities in these areas. We
look forward to working with Majesco to deliver the agreed solution to
assist in achieving our strategic business goals.”

Philip Naughton, Executive Director Business Development at Majesco,
commented: “Following Exaxe’s acquisition by Majesco, we are delighted
to have been able to offer even further capability to Foresters Friendly
Society. We are looking forward to a successful implementation
supporting Foresters Friendly Society’s business growth by delivering a
digital by default solution.”

Majesco LifePlus Solutions are tomorrow’s solution for individual life,
pensions and wealth management. Majesco’s component-based SaaS solutions
provide full policy lifecycle support from customer fact-find right
through to payment of a claim. Majesco LifePlus Solutions allow clients
to avoid large upfront licence fees, to pay per usage and work anywhere,
anytime.

About Majesco

Majesco (NASDAQ: MJCO) provides technology, expertise, and leadership
that helps insurers modernize, innovate and connect to build the future
of their business – and the future of insurance – at speed and scale.
Our platforms connect people and businesses to insurance in ways that
are innovative, hyper-relevant, compelling and personal. Over 190
insurance companies worldwide in P&C, L&A and Group Benefits are
transforming their businesses by modernizing, optimizing or creating new
business models with Majesco. Our market-leading solutions include
CloudInsurer™ P&C Core Suite (Policy, Billing, Claims); CloudInsurer™
L&A and Group Core Suite (Policy, Billing, Claims); Digital1st
Insurance™ with Digital1st eConnect™, Digital1st EcoExchange™ and
Digital1st Platform™ – a cloud-native, microservices and open API
platform; Distribution Management, Data and Analytics and an Enterprise
Data Warehouse. For more details on Majesco, please visit www.majesco.com.

About Foresters Friendly Society

Foresters Friendly Society was founded in 1834 and is a mutual
organisation. The Society has approximately 73,000 members across 190 UK
branches. The Society offers a range of financial savings, investment
and insurance products, as well as a range of member benefits, including
discretionary educational grants and healthcare support. Nearly £1m in
discretionary financial grants and charitable donations was paid out in
2017.

The Society has a strong heritage backed by a modern brand and cares
about its members, putting them at the heart of everything it does.
Supporting charitable causes and getting involved in community
activities is an essential part of the Society’s work. Each year the
Society supports a charity and its fundraising activities are focused on
supporting that charity. The Association of Air Ambulances Charity was
the chosen charity for 2017/2018, and over £68,000 was raised by
members. Action on Hearing Loss is the chosen charity for 2018/2019.

Foresters Friendly Society is the trading name of The Ancient Order of
Foresters Friendly Society Limited which is an Incorporated Friendly
Society (Registration No. 511F) and is authorised by the Prudential
Regulation Authority and regulated by the Financial Conduct Authority
and the Prudential Regulation Authority (Registration No. 110029).

Membership benefits are not regulated and are regularly reviewed to
ensure they are relevant to members.

www.forestersfriendlysociety.co.uk

Cautionary Language Concerning Forward-Looking Statements

This press release contains forward-looking statements within the
meaning of the “safe harbor” provisions of the Private Securities
Litigation Reform Act. These forward-looking statements are made on the
basis of the current beliefs, expectations and assumptions of
management, are not guarantees of performance and are subject to
significant risks and uncertainty. These forward-looking statements
should, therefore, be considered in light of various important factors,
including those set forth in Majesco’s reports that it files from time
to time with the Securities and Exchange Commission and which you should
review, including those statements under “Item 1A – Risk Factors” in
Majesco’s Annual Report on Form 10-K.

Important factors that could cause actual results to differ materially
from those described in forward-looking statements contained in this
press release include, but are not limited to: integration risks;
changes in economic conditions, political conditions, trade protection
measures, licensing requirements and tax matters; technology development
risks; intellectual property rights risks; competition risks; additional
scrutiny and increased expenses as a result of being a public company;
the financial condition, financing requirements, prospects and cash flow
of Majesco; loss of strategic relationships; changes in laws or
regulations affecting the insurance industry in particular; restrictions
on immigration; the ability and cost of retaining and recruiting key
personnel; the ability to attract new clients and retain them and the
risk of loss of large customers; continued compliance with evolving
laws; customer data and cybersecurity risk; and Majesco’s ability to
raise capital to fund future growth.

These forward-looking statements should not be relied upon as
predictions of future events and Majesco cannot assure you that the
events or circumstances discussed or reflected in these statements will
be achieved or will occur. If such forward-looking statements prove to
be inaccurate, the inaccuracy may be material. You should not regard
these statements as a representation or warranty by Majesco or any other
person that we will achieve our objectives and plans in any specified
timeframe, or at all. You are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date of
this presentation. Majesco disclaims any obligation to publicly update
or release any revisions to these forward-looking statements, whether as
a result of new information, future events or otherwise, after the date
of this press release or to reflect the occurrence of unanticipated
events, except as required by law.