Morristown, NJ – January 28, 2016 – Majesco (NYSE MKT: MJCO), a global provider of core insurance software, consulting and services for insurance business transformation, today announced that Clear Blue Financial Holdings LLC has selected Majesco to implement an MGA partner integration portal and an operational data store (ODS) as important foundational components to enable their program business growth strategies. Majesco Digital Services and Majesco Data Services will provide deep industry expertise on program business integration and leverage Majesco’s rich data models to support Clear Blue’s unique business needs. The initial focus will be on general liability and commercial auto lines of business. Clear Blue will be using the ODS to provide them with the capability of accepting and processing program administrators (MGA’s) and to submit electronic files of their business transactions.
Commenting on the selection, Peter Klope, COO at Clear Blue said, “As a new start-up focused on distributing through key MGAs, our ability to leverage Majesco’s robust data offerings to rapidly enable our program business growth was a critical factor in the selection. Our primary goal for storing and managing data from our distribution channel is to provide high quality data services and analytics back to our producers and reinsurers. Majesco’s experience and deep understanding of both new start-ups and data management provides unique value to our efforts better enabling us to achieve this goal. We look forward to collaborating with Majesco on this initiative and developing a long-term partnership.”
“We are excited to work with Clear Blue to leverage our deep expertise in digital and data strategies and best practices in program producer integration to develop their MGA facing business processes and the operational data store to support their aggressive business plans," commented John Johansen, SVP Majesco Data Services. “The strategic use of data is identifying leaders from laggards in the industry. We applaud Clear Blue in focusing on data as a foundation of their business strategies and we look forward to data serving as a lynchpin in their success.”
Clear Blue Financial Holdings LLC officially launched in December 2015 with two fully-licensed fronting carriers. The Puerto Rico-based company had acquired two specialty insurance companies as shells, RLI Indemnity renamed Clear Blue Insurance to served admitted business and Maiden Specialty Insurance renamed Clear Blue Specialty Insurance to serve non-admitted, excess or surplus lines. Both are licensed in 49 states and the District of Columbia. As a fronting carrier, Clear Blue is a non-risk bearing insurance entity that supports traditional and alternative reinsurers to access the onshore U.S. market through its program management business. Clear Blue is backed by private equity firm, Pine Brook.
“We are delighted to add Clear Blue to our growing customer list of new start-up and greenfield insurers who are introducing innovative, new business models with rapid growth opportunities,” commented Prateek Kumar, EVP for P&C Business for Majesco. “Our solution portfolio enables customers focused on innovation and growth to rapidly reach new and existing markets. Clear Blue is representative of new insurance business models who are leading the industry to meet the changing needs and demands of the market, positioning themselves as a new generation of market leaders.“
Majesco Data Services provides a robust data offerings designed specifically for insurance, for P&C as well as L&A and Group. Majesco data offerings include Majesco Business Analytics, a robust business intelligence and analytics solution, data strategy, data migration and predictive analytics. The Majesco Data Services offering helps insurers develop a centralized data and foundation that leverages the growing sources of data within and outside the organization providing an enterprise view of data-related capabilities, governance, models and more.
About Clear Blue Holdings LLC
Clear Blue Financial Holdings LLC is a newly-formed, non-risk bearing insurance business that enables insurers to access the on-shore U.S. market through use of its licensing and rating. For more details, please visit http://pinebrookpartners.com/portfolio/clear-blue-financial-holdings-llc/
Majesco enables insurance business transformation for approximately 140 insurance customers by providing solutions which include software, consulting and services.
Our customers are insurers, MGA’s and other risk providers from the Property and Casualty, Life, Annuity and Group insurance segments worldwide. Majesco delivers proven software solutions, consulting and services in the core insurance areas such as policy, billing, claims, distribution management, BI/ analytics, digital, application management, cloud and more. For more details on Majesco, please visit majesco.com.
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