When Adam Elster got the call from a recruiter to potentially run Majesco in 2018, he hung up the phone. He was a software guy, not an insurance guy, after all.
But then he got to thinking. Insurance, he realized, was stuck in the past. If you wrote one check per year, it was likely to your insurance company. If you received a random manila envelope in the mail, it was probably from your insurance company. In a world gone digital, insurance was largely stuck in the tactile past.
Elster called back, interviewed, and pledged to turn Majesco into a software company, thinking he’d be rejected on arrival. Instead, he got the job, and went about remaking Majesco in his image.
After only 18 months on the job, COVID hit and Majesco stock fell. That’s when Thoma Bravo made an offer to take the company private – a move that would allow Elster to make the changes of which he had dreamt when he was signed on. Once the deal got completed, Elster really began rolling, and has not stopped since.
Now an industry leader, Majesco is helping to set the standard for cloud insurance solutions in a rapidly changing landscape including inflation, supply chain challenges, rising interest rates, lower disposable incomes, and converging labor shortages fueled by Gen X and Boomer retirements. These factors have led Majesco to more than 1000 successful implementations and in getting 90 percent of its customers in the cloud.
In the company’s 2025 outlook, Majesco leaders said they “don’t believe in managing risk by avoiding change. We embrace change, even cause it, to get and stay ahead of risk.” And why not? Changing his mind is what got Elster here in the first place. Why stop now?
