(Manx coat of arms. Image credit: FXXX.)
Hansard Global PLC, a financial services company based on the Isle of Man, has implemented Majesco’s (Morristown, N.J.) Majesco Life AdminPlus, Majesco IllustratePlus and Majesco DistributionPlus to support strategic plans to deliver a highly digitized business model. Full migration of the existing business will occur during 2021, according to a Majesco statement. Hansard’s selection of Majesco’s systems was announced in March 2019.
Hansard Global PLC is a specialist long-term savings provider that has been providing financial solutions for international clients since 1987. The organization focuses on helping financial advisors and institutions to provide their clients (individual and corporate investors) with savings and investment products in secure life assurance wrappers to meet long-term savings and investment objectives. Implementation of the Majesco solutions involves replacing multiple legacy systems in order to facilitate delivery of a vision to put customers at the heart of its business by providing simple, understandable and innovative financial solutions, the Majesco statement says.
“As we worked towards growing our business, we recognized we needed a modern SaaS solution that would allow us to create a highly digitized business model,” says Ollie Byrne, Chief Strategy Officer at Hansard Global PLC. “Majesco’s cloud-based software solution provides a platform that will allow us to digitally distribute new products from new business through alterations and maturity—providing our customers and distribution partners with a fully digital experience. Furthermore, it allows us to expand easily and cost-effectively into a new market with growth opportunities.”
Majesco describes Majesco Life AdminPlus as a cloud-based policy administration solution that supports the end-to-end digital customer journey from initial fact find right through to claim payment. The solution provides key capabilities needed by Hansard Global including multi-channel distribution and end-to-end sales and service processing. Majesco Life IllustratePlus is a cloud-based illustrations and quotations system that supports new and existing business across all products for life, pensions, wealth management, group, and individual business. Majesco Life DistributionPlus delivers Hansard Global PLC the business functionality needed for effective distribution management and focuses on improved efficiency, reduced costs, and increased profits.
Ability to Easily Enter New Markets at Speed and Scale
“This implementation demonstrates how we are enabling insurers to transform their business with cloud-based platform solutions that enable them to easily enter new markets at speed and scale,” comments Philip Naughton, Business Development Director at Majesco. “We are excited about our partnership with Hansard Global PLC and look forward to helping them with this exciting business opportunity and others to come.”