The new bureau will support the UK general insurance market
Morristown, NJ – April 25, 2017 - Majesco (NYSE MKT: MJCO), a global provider of core insurance software, consulting and services for insurance business transformation, today announced that Glemham, a UK based Managing General Agent (MGA), implemented Majesco CloudInsurer® as the foundation of their new cloud based bureau processing business.
On full roll out, the new bureau business is expected to enable significant reduction in the cost of transacting general insurance in the UK market by reducing operational processing expense ratios by up to 12 percentage points. The platform will deliver Net Rated products to all distribution channels, supporting full cycle processing across the Internet. The initial implementation provides commercial lines insurance to both the broker channel and direct to the small medium enterprise (SME) markets.
John Cross, Managing Director of Glemham Underwriting Limited commented “We are excited to have our newest Internet related businesses up and running, leveraging the Majesco CloudInsurer® platform. Our decision to work with Majesco has been reinforced during every step of the implementation process. We believe Majesco is, as anticipated, proving to be a great strategic partner as we grow our business.”
“Glemham’s Vision will bring an exciting option to the UK general insurance market and we are delighted to be able to contribute to, and be part of, this innovative business model,” commented Mike Smart, Director of Business Development Majesco. “This implementation reflects the opportunity for the UK general insurance market to rethink the business with cloud-based insurance platform that can not only eliminate legacy system challenges, but provide a platform designed to enable agility, innovation and speed to compete in a new digital era. We are excited to be their strategic partner and look forward to furthering their vision.”
Majesco CloudInsurer® leverages Majesco’s experience with over 30 cloud customers, providing a business platform with broad appeal for all insurers from greenfields, new start-ups and incubators to mid-market and tier one insurers. Majesco CloudInsurer® provides a core insurance software platform leveraging Majesco core solutions with a digital, multi-channel platform leveraging Majesco
Glemham Underwriting Limited was launched in early 2006 and is a prominent MGA in both the broker and online market places, underwriting risks from the sole practitioner to large multinational firms from its offices in London, Framlingham in Suffolk and Fife, Scotland.
Insurance business transformation is a journey of change and revitalization, a renaissance of Insurance. Approximately 150 insurance companies worldwide in P&C, L&A and Group/ Employee Benefits are transforming their businesses with Majesco’s solutions. Our market leading software, consulting and services uniquely underpin the entire insurance value chain and are designed to empower insurers with the agility, innovation and speed needed to meet their transformation opportunities. Majesco’s solutions include policy management, new business / underwriting, rating, billing, claims management, distribution management, BI/ analytics, predictive modeling, digital platform with mobile and portal, testing services, cloud services, bureau and content services, transformation services, consulting services and more. For more details on Majesco, please visit majesco.com.