Munich Re Company Selects Majesco Solutions for Greenfield Launch

GrovesJohnWestrup Private Clients has also selected Majesco Digital1st to launch new business segment in the U.K. providing insurance to high-net-worth individuals.

(Image credit: Wakeyfan/Pixabay.) 

GrovesJohnWestrup Private Clients (GJW Private Clients, Liverpool), a Munich Re company, has selected Majesco (Morristown, N.J.) to support its strategy to develop a new business within the U.K. market targeted at high-net-worth individuals.  The company has adopted Majesco’s Policy & Billing for P&C, Majesco Insurance Data & Analytics Platform and Majesco Digital1st Insurance on Majesco CloudInsurer,

GrovesJohnWestrup Private Clients required a B2B digital placement to trade with intermediated distribution channels so that it could reduce the cost of underwriting, while also increasing efficiency and customer satisfaction. The company offers a range products with multiple carriers, and with Majesco’s technology is better able to process business directly from customers straight through to the back office, according to a Majesco statement.

Charles Burgess, CEO, International Distribution, Munich Re Specialty Group.

“The flexible data model and highly configurable solution from Majesco’s CloudInsurer, has enabled GJW Private Clients to reduce the complexities associated with non-standard insurance—more so than comparable SaaS solutions that we researched in this process,” comments Charles Burgess, CEO, International Distribution, Munich Re Specialty Group. “We found that the secure and scalable architecture was easy for our team to integrate with other systems both internal and external. Moreover, throughout the implementation we were able to develop a great partnership that allowed us to combine their areas of expertise with ours, to address any business challenges with a united effort.”

Majesco describes its solutions as delivering functionally rich, out-of-the-box capabilities, along with robust data and digital engagement features available through its next-generationsolutions, offering speed to implementation, market, and value. Majesco emphasizes its continuing work with both incumbent and InsurTech distributors and carriers, reinsurers, brokers, and MGAs to support the launch of new business models, introduce new products and enter new markets on its platforms.

Prateek Kumar, EVP, P&C Business, Majesco.

New, Innovative Business Models

“We’re thrilled to be working with a partner who shares our focus and commitment to reshaping the insurance industry,” comments Prateek Kumar, EVP, Sales, Majesco. “Majesco’s solutions are not only helping insurers transform complexity, but they also allow for rapid integration, which in turn bring new, innovative business models and products to market GrovesJohnWestrup Private Clients. We are excited about our expanding strategic partnership with Munich Re Specialty Group, empowering their keen focus on innovation to implement more digital solutions in the UK and beyond.”

Majesco and LTI Partner on Insurance Business Transformation

Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, 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 [email protected] or (503) 936-2803.

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