Majesco CloudInsurer to provide modern business platform for KBICUS’ growth strategies
Morristown, NJ – March 14, 2018 - Majesco (NYSE American: MJCO), a global provider of core insurance software and consulting services for insurance business transformation, today announced that Kookmin Best Insurance Company US Branch (KBICUS), the US operation of KB Financial Group based in South Korea, selected Majesco CloudInsurer including Majesco Policy for P&C, Majesco Billing and Majesco Claims as well as Majesco Enterprise Data Warehouse as the business platform to support their growth strategies. The contract is with its United States management company Leading Insurance Services, Inc. (“LIS”)
Commenting on the selection, Chul Park, President at KBIC US Branch said, “KBIC US Branch is focused on offering top class insurance to mainstream small businesses operating in large urban areas. With our close customer relationships, we focus on designing products based on the unique, diverse needs of our customers from a multicultural and multilingual perspective. The Majesco CloudInsurer platform offers us the ability to innovate our products, capture new market opportunities and agility to meet the unique and diverse needs of our customers, which together provide strategic business value. We are looking forward to as successful, long-term partnership with Majesco.”
KB Financial Group is Korea’s leading financial institution with the largest customer base and the most extensive branch network in the country. KBIC US Branch is headquartered in Fort Lee, New Jersey and provides top class insurance services to mainstream small businesses operating in large urban areas including CA, NJ and NY. Through their growing partnerships, they are expanding the market they serve, reflecting the diverse multicultural environment of America's metropolitan centers.
“We are honored to welcome KBIC to our customer community,” commented Ed Ossie, COO for Majesco. “The growth opportunities in the commercial lines of business with new, innovative products that are being demanded by small and medium business owners is just beginning. Our deep experience and knowledge of this market segment, coupled with our assessment of the market changes are key elements in our robust capabilities and roadmap for Majesco CloudInsurer to help companies like KBIC capture these market opportunities and meet their customer’s unique needs. We are excited to be KBICUS’s partner of choice as they continue on their path of transformation and growth in today’s post digital age.”
Majesco CloudInsurer leverages Majesco’s experience with over 35 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 including Majesco Policy, Majesco Billing, and Majesco Claims. Majesco Policy for P&C provides pre-configured ISO content, including all rates, rules, forms, taxes, fees, and surcharges for 52 jurisdictions (including DC and Puerto Rico), and provides a well-experienced monthly bureau content update service. Together, the preconfigured bureau content and Majesco Bureau and Content Update Services are designed to provide agility, rapid product innovation, and speed to market, enabling insurance companies to introduce new products and reach new markets quickly and cost effectively. Majesco Enterprise Data Warehouse is pre-integrated with the Majesco P&C software portfolio.
About KB Financial Group
KB Financial Group (KBFG) is the ultimate parent of KB Insurance Co., Ltd, South Korea (KBIC) which owns KBICUS and LIS companies. KBFG is one of the largest financial groups in South Korea with assets in excess of US $380 billion. Its operations predominantly include retail banking, credit cards, securities, asset management, and insurance. It is listed on the KRX and NYSE exchanges.
Today, the Korean-American business community remains an integral part of the KBIC’s identity. Although, KBICUS has developed into a dynamic organization serving the needs of mainstream business owners throughout CA, NJ and NY. Headquartered in Fort Lee, New Jersey, with a branch office in Glendale, California, KBIC continue to grow and provide commercial insurance with a focus on small to mid-sized businesses.
Insurance business transformation is a journey of change and revitalization, a renaissance of Insurance. Approximately 160 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.