(Green at St. Andrews in Fife. Photo credit: Paul Birrell.)
Glemham, a UK-based Managing General Agent (London, Framlingham and Fife, U.K.) has implemented Majesco (Morristown, N.J.) CloudInsurer as the foundation of its new cloud-based bureau processing business. CloudInsurer is designed for greenfield insurance plays and includes Majesco’s core insurance software platform; advanced analytics capabilities; integration with Majesco’s partner ecosystem; digital, multichannel platform for distribution, bureau content, and implementation and post-production services.
Once rollout is complete, Glemham’s new bureau business is expected to enable significant reduction in the cost of transacting general insurance in the U.K. market by reducing operational processing expense ratios by up to 12 percentage points, Majesco reports. The business platform will deliver Net Rated products to all distribution channels, supporting full cycle processing across the Internet, according to the vendor. The initial implementation provides commercial lines insurance to both the broker channel and direct to the small/medium enterprise markets.
“We are excited to have our newest Internet related businesses up and running, leveraging the Majesco CloudInsurer platform,” comments John Cross, Managing Director, Glemham Underwriting Limited. “Our decision to work with Majesco has been reinforced during every step of the implementation process. We believe Majesco is, as anticipated, proving to be a great strategic partner as we grow our business.”
Rethinking the U.K. General Insurance Market
“Glemham’s Vision will bring an exciting option to the UK general insurance market and we are delighted to be able to contribute to, and be part of, this innovative business model,” comments Mike Smart, Director of Business Development Majesco. “This implementation reflects the opportunity for the U.K. general insurance market to rethink the business with cloud-based insurance platform that can not only eliminate legacy system challenges, but provide a platform designed to enable agility, innovation and speed to compete in a new digital era. We are excited to be their strategic partner and look forward to furthering their vision.”