(CN Tower in Toronto, home of Symcor. Source: City of Toronto.)
Symcor Inc. (Toronto), a provider of business process outsourcing services and solutions, has partnered with Majesco, a Morristown, N.J.-based provider of core insurance software and services, to combine Majesco’s software and Symcor’s cloud and outsourcing capabilities to provide an insurance-as-a-service solution (IaaS). The resulting offering will enable Symcor to expand to expand its solution and service offerings to Canadian property/casualty, life and annuity, and Group insurers.
Karlyn Carnahan, Research Director, Celent.
“As companies rush to join the cloud revolution, it is growing in strategic importance,” comments Karlyn Carnahan, Research Director, Celent. “With an increasing emphasis on performance, business-level security and quality of service, cloud computing frees the business to pursue growth and innovation.”
Symcor’s new offering will included expanded business process services including First Notice of Loss and Billing as a Service, augmenting the vendor’s current customer communication, document management, mailroom and lockbox services, according to a vendor statement.
“The strategic relationship allows Symcor to offer Canadian insurers a cloud-based end-to-end solution, addressing the entire insurance value chain,” comments Connie Rose, Chief Strategy Officer, Symcor. “We strongly believe this platform uniquely positions Symcor to deliver a comprehensive offering that will enable our insurance clients to enhance the efficiency and improve the functionality of their operations. With the support of Majesco and its products, the Symcor Insurance as a Service offering will bring quantifiable value as well as strategic and operational agility to Canadian Insurers.”
Symcor characterizes its solution to Canadian insurers as delivering:
- Improved operational efficiency and economies of scale
- Customer-centricity across all lines of business
- Distribution channel flexibility and expansion
- Best practices to enhance business operations
Small to Mid-Sized Canadian Insurer Market Opportunity
The vendor pitches the IaaS solution as delivering the typical financial advantages of cloud-based offerings, as well as its advantages for small to mid-sized insurers who lack the IT resources of larger carriers to invest in state-of-the-art capabilities. The vendor sees a particular opportunity for such an offering in the Canadian insurance technology market.
“We are enthused to work with Symcor, an established and trusted partner to the Canadian financial services market,” comments Prateek Kumar, EVP for P&C Business, Majesco. “We look forward to providing services, support and software to enable Symcor to deliver the Insurance as a Service solution for its customers.”
Majesco’s Property and Casualty (P&C) and Life & Annuity (L&A) software portfolio includes Majesco Policy for P&C, Majesco Billing, Majesco Claims, Majesco Distribution Management, Majesco Policy for L&A and Group, Majesco New Business & Underwriting, Majesco DigitalConnect, and Majesco Business Analytics.