(Photo credit: Tuxyso.)
Majesco (Morristown, N.J.), a global provider of core insurance software and consulting services, reports that a large commercial insurance carrier customer has expanded its strategic partnership with the vendor to provide additional services, including development, testing and business analysis, as part of a multi-year modernization program. The overall engagement is expected to last three years and is estimated to be worth several million dollars.
Majesco characterizes the change to the relationship as a significant expansion of its role within the insurer’s modernization program. The insurer is leveraging Majesco’s enterprise consulting services and the business transformation framework, ADM services and the technical reference architecture, and testing services with the test automation framework and testing repository to support the strategy and modernization of the insurer’s underwriting and policy platform, the vendor reports.
As commercial carriers defend their specialty market positions and compete for the higher volume smaller commercial opportunities, the central underwriting process technologies need to be flexible enough to keep up with the rate of change and unique needs of new commercial and specialty products, comments Ganesh Pai, EVP, Consulting Services, Majesco. “With the carrier’s vision and expert knowledge in their markets, they embarked on this multi-year transformational journey,” he says. “The objective is to provide a modern and flexible underwriting platform, supporting many products and operating models without the usual incremental costs and complexities.”
As the carrier’s program has continued to accelerate, Majesco has partnered with the entity to infuse the process with experienced underwriting systems expertise and overall technology scale, Pai adds. “Working as an integral part of a collaborative effort with the client, Majesco is able to contribute insurance domain expertise across the full range of planning, execution, and business benefit realization for the transformation,” he says. “The partnership is driven by the carrier’s executive commitment to fully transform their environment and Majesco’s ability to leverage insurance product expertise, management consulting services, and overall technology scale into seamless services teams for the client.”
Additional Depth and Capacity
“The decision to custom develop a platform of this scale, is founded in the belief that technology plays an important role in reinforcing current differentiators, and creating the opportunities for future product and market evolution,” Pai adds. “Majesco’s ability to bring the underwriting systems market expertise combined with Consulting Services to this partnership, has provided the additional depth and capacity to ensure a timely success of the transformation.”