Majesco, a global provider of core insurance software, consulting and services for insurance business transformation, have entered into an agreement with Glemham, a UK based managing general agent, to create a new cloud based bureau processing business using Majesco CloudInsurer to bring down the cost of transacting general insurance in the UK market.
Majesco CloudInsurer platform will be used to initially provide commercial lines insurance to both the Broker and the small medium enterprise (SME) markets.
Based on the Majesco CloudInsurer platform, the business will deliver Net Rated products to all distribution channels, supporting full cycle processing across the Internet.
Capacity is being provided by a number of different underwriters. Processing expense ratio in the business is expected to be around 5% versus the typical 14%-18% seen across the market.
Glemham Underwriting Limited managing director John Cross commented: “We have been involved with a number of Internet related businesses since the Company was established. We firmly believe that the full potential has not yet been fully realized.
After a very exhaustive review process, we decided that we wanted to work with a business fully committed to the internet and proficient in how it could be best used to deliver lower costs, better service and provide a platform for any product or distribution channel. We believe Majesco met those requirements and we are excited about the strategic relationship.”
Majesco business development director Mike Smart commented: “Glemham brings a wealth of underwriting experience and an exciting vision for how the market could operate with the right supporting technical architecture.
“A vision which we share and have been working to create. The combination of technology and insurance expertise without the encumbrances of legacy systems and associated inertia makes for a very compelling and exciting business proposition.”
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.