Majesco, the insurance industry’s foremost innovator in cloud-native, AI-native software, today announced that Majesco V3locity for Retirement & Pension Administration has been recognized for the XCelent Award for Breadth of Functionality in Celent’s latest report for core policy systems. This recognition supports the strong market presence and customer base for pension and retirement and pension risk transfer (PRT) solutions in North America.

The award recognizes solutions that deliver comprehensive capabilities across core functions, supported by strong customer feedback, proven production deployments, and robust feature sets.

Majesco V3locity for Retirement & Pension Administration is a strong solution in the pension and retirement and PRT market, with differentiated capabilities designed to support complex plan structures and modernize operations for unions, states, municipalities, and other organizations.

“The Pension and Retirement market is exploding due to a convergence of closed defined benefit plans and higher interest rates,” said Tom Scales, Principal Analyst, Celent and author of the report. “Solutions like Majesco V3locity for Retirement & Pension Administration are critical for firms both in the market and considering entering the market.”

Noted in the report, Celent recognized Majesco V3locity for Retirement & Pension Administration for:

– Intuitive and user-friendly interface with streamlined navigation and access to key contract components
– Flexible low-code/no-code capabilities for designing and managing complex benefit plan structures
– Highly configurable plan design supporting both standardized frameworks and customized contracts
– End-to-end transaction management that reduces manual intervention and improves accuracy
– Automated pension calculations and benefit disbursements, minimizing errors and accelerating processing
– Integrated workflows and customizable dashboard that empower business users
– Scalable, high-performance architecture capable of handling large data volumes and complex calculations

Celent also noted Majesco’s continued innovation, including ongoing investments in AI capabilities and platform enhancements to further expand flexibility and responsiveness to evolving market needs.

“This recognition validates a fundamental shift happening in the retirement and pension market, moving away from fragmented, manual processes to end-to-end automated SaaS platforms,” says Manish Shah, President and Chief Product Officer at Majesco. “With Majesco V3locity for Retirement & Pension Administration, we’re not just adding features, we’re redefining how organizations design, manage, and scale complex benefit programs with precision, speed and operational efficiencies.”