Majesco, a global provider of core insurance software, consulting and services for insurance business transformation, has entered into an agreement with Glemham, a UK based managing general agent (MGA) to create a new cloud based bureau processing business using Majesco Cloudlnsurer to reduce the cost of transacting General Insurance in the UK market. Majesco Cloudlnsurer platform will be used to initially provide commercial lines insurance to both the Broker and the small medium enterprise (SME) markets.
Based on the Majesco Cloudlnsurer platform, the business will deliver Net Rated products to all distribution channels, supporting full cycle processing across the Internet. Capacity is being provided by a number of different underwriters. Processing expense ratio in the business is expected to be around 5% versus the typical 14%-18% seen across the market. Majesco Cloudlnsurer leverages Majesco's experience with over 30 cloud customers, providing a business platform with broad appeal for all insurers from greenfields, new start-ups and incubators to mid-market and tier one insurers.