Kookmin Best Insurance Company Selects Majesco CloudInsurer to Support Growth

The insurer adopted the CloudInsurer platform for the ability to innovate products, capture new market opportunities and gain needed agility to meet the needs of its customers.

(Image source: KBICUS homepage.)

Kookmin Best Insurance Company US Branch (KBICUS; Fort Lee, NJ.), the U.S. operation of KB Financial Group (Seoul), has selected Majesco (Morristown, N.J.) 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 the company’s growth strategies.  The contract is with KBICUS’s United States management company Leading Insurance Services, Inc.

“KBIC US Branch is focused on offering top-class insurance to mainstream small businesses operating in large urban areas,” comments Chul Park, President, KBICUS. “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.”

Capturing Market Opportunities

KB Financial Group is Korea’s leading financial institution, with the largest customer base and the most extensive branch network in the country.   KBICUS provides insurance services to mainstream small businesses operating in large urban areas including California, New Jersey and New York. Through growing partnerships, KBICUS expanding through marketing to the diverse multicultural environment of America’s metropolitan centers, according to a Majesco statement.

Ed Ossie, COO, Majesco.

“We are honored to welcome KBIC to our customer community,” comments 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.”

Majesco describes its CloudInsurer offering as leveraging the vendor’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 comprising 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 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,” a vendor statement says. Majesco Enterprise Data Warehouse is pre-integrated with the Majesco P&C software portfolio.

If 2017 Was the Year of Insurtech, Will 2018 be the Year of the Insurance Platform?

Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For over a decade he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at AnthODonnell@IIReporter.com or (503) 936-2803.

Leave a Comment

(required)