Symcor has partnered with Majesco to provide a cloud-based solution to Canadian insurers.
The strategic relationship adds Majesco's award-winning software to Symcor's cloud and outsourcing capabilities to provide an Insurance as a Service (IaaS) solution, enabling Symcor to expand its solution and service offerings to the Canadian Property and Casualty (P&C), Life and Annuity (L&A) and Group insurers.
Symcor's new offering will deliver expanded business process services including First Notice of Loss and Billing as a Service, augmenting Symcor's current market leading customer communication, document management, mailroom and lockbox services. The combined services diversify Symcor's portfolio and establish a Canadian focused Insurance as a Service solution.
Symcor chief strategy officer Connie Rose said: “We are proud to partner with Majesco.
"The strategic relationship allows Symcor to offer Canadian insurers a cloud-based end-to-end solution, addressing the entire insurance value chain. We strongly believe this platform uniquely positions Symcor to deliver a comprehensive offering that will enable our insurance clients to enhance the efficiency and improve the functionality of their operations.
“With the support of Majesco and its products, the Symcor Insurance as a Service offering will bring quantifiable value as well as strategic and operational agility to Canadian Insurers."
Symcor will now be able to provide an innovative business solution to Canadian insurers, delivering:
- Improved operational efficiency and economies of scale
- Customer-centricity across all lines of business
- Distribution channel flexibility and expansion
- Best practices to enhance business operations
With this new IaaS solution, insurers can reallocate capital to business growth versus technology and infrastructure. The Symcor cloud-based insurance platform is also uniquely positioned to enable small to mid-size insurers access to industry leading core insurance systems, enhancing the insurers' efficiency, operational integrity and business insights.
Symcor believes there is a robust opportunity in Canada to target this market with hosted and outsourced solutions.
Majesco P&C Business EVP Prateek Kumar said: "We are enthused to work with Symcor, an established and trusted partner to the Canadian financial services market. We look forward to providing services, support and software to enable Symcor to deliver the Insurance as a Service solution for its customers."
Majesco's Property and Casualty (P&C) and Life & Annuity (L&A) software portfolio includes Majesco Policy for P&C, Majesco Billing, Majesco Claims, Majesco Distribution Management, Majesco Policy for L&A and Group, Majesco New Business & Underwriting, Majesco DigitalConnect, and Majesco Business Analytics.
Celent research director Karlyn Carnahan said: “As companies rush to join the cloud revolution, it is growing in strategic importance.
"With an increasing emphasis on performance, business-level security and quality of service, cloud computing frees the business to pursue growth and innovation."