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.
John Cross, Managing Director of Glemham Underwriting Limited commented "We have been involved with a number of Internet related businesses since the Company was established. We firmly believe that the full potential has not yet been fully realized. After a very exhaustive review process, we decided that we wanted to work with a business fully committed to the internet and proficient in how it could be best used to deliver lower costs, better service and provide a platform for any product or distribution channel. We believe Majesco met those requirements and we are excited about the strategic relationship."
"Glemham brings a wealth of underwriting experience and an exciting vision for how the market could operate with the right supporting technical architecture," commented Mike Smart, Director of Business Development Majesco. "A vision which we share and have been working to create. The combination of technology and insurance expertise without the encumbrances of legacy systems and associated inertia makes for a very compelling and exciting business proposition."
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. Majesco Cloudlnsurer provides a core insurance software platform leveraging Majesco core solutions with a digital, multi-channel platform leveraging Majesco.