The partnership integrates CyberCube’s solutions and Majesco’s Policy for P&C to automate cyber risk assessments using expanded sources of data, signals and models for risk modeling, rating, and underwriting to support the growing demand for cyber (re)insurance in the market
Morristown, NJ – May 5th, 2022 – Majesco, a global leader of cloud insurance software solutions for insurance business transformation, today announced a partnership with CyberCube, a global provider of advanced solutions for cyber insurance risk modeling, rating and underwriting. The partnership will accelerate the use of expanded sources of data, signals, and models to support the growing demand of cyber (re)insurance in the market across various stakeholders. CyberCube will be creating a marketplace application that will be available in the Majesco EcoExchange to be used dynamically with Majesco’s Policy for P&C.
“The partnership with CyberCube brings together two leading solutions to meet the growing complexity and demands of cyber (re)insurance which is seeing increased market demand and profitability challenges,” stated Ed Ossie, Chief Operating Officer of Majesco. “The combined innovative capabilities and access within our EcoExchange makes it available to anyone immediately, creating speed and agility to adapt to the changing cyber insurance market. We look forward to an exciting partnership that delivers market-leading capabilities for all our customers focused on the cyber line of business.”
Together, the market-leading platforms provide an on-demand Software as a Service (SaaS) solution using CyberCube’s platform and Majesco’s Policy for P&C to integrate expanded sources of data, signals and models during the risk modeling, rating, and underwriting process for cyber insurance. It will also be utilized for cyber risks bundled with other offerings such as Business Owner’s Policy (BOP).
Ross Wirth, CyberCube’s Head of Client Account Management and Technology Services, said: “Carriers using Majesco's platform can quickly enhance their cyber practices and enable CyberCube's risk scoring analysis to triage their underwriting workflows and identify high-risk accounts. This partnership puts critical information into the hands of the underwriter at the point of decision, in an evolving market and threat landscape.”
Majesco’s recent SMB research reflects how SMBs have rapidly adapted to new business strategies and digital models, creating an increased need for cyber insurance with over 85% indicating a need for automated monitoring and alerts to potential security incidents.
Majesco is the leading software partner to both the P&C and L&A insurance markets to modernize, optimize and innovate their businesses at speed and scale. Over 330 insurers, from greenfields, start-ups and MGAs to the largest insurers, reinsurers and brokers use Majesco’s next-generation SaaS platform solutions of core, data, and analytics, digital, distribution, absence management and a rich ecosystem marketplace of established and InsurTech partners to build the future of insurance.
Our technology, expertise and leadership help insurers innovate and connect to build the future of their business. With over 825 successful implementations and over 65% of our customers on Cloud with Majesco platform solutions, together we have an amazing track record of innovation and real-world results. For more details on Majesco, please visit www.majesco.com.