The solution will provide both P&C and L&A insurers the flexibility and agility required to respond to today’s market demands and opportunities
Toronto, ON (Sept. 8, 2016) – Symcor Inc., a leading provider of business process outsourcing (BPO) services and solutions, has announced a strategic relationship with Majesco (NYSE MKT:MJCO), a global provider of core insurance software, consulting and services for insurance business transformation.
The strategic relationship adds Majesco’s award-winning software to Symcor’s cloud and outsourcing capabilities to provide an Insurance as a Service (IaaS) solution, enabling Symcor to expand its solution and service offerings to the Canadian Property and Casualty (P&C), Life and Annuity (L&A) and Group insurers.
Symcor’s new offering will deliver expanded business process services including First Notice of Loss and Billing as a Service, augmenting Symcor’s current market leading customer communication, document management, mailroom and lockbox services. The combined services diversify Symcor’s portfolio and establish a Canadian focused Insurance as a Service solution.
“We are proud to partner with Majesco,” said Connie Rose, Chief Strategy Officer of Symcor. “The strategic relationship allows Symcor to offer Canadian insurers a cloud-based end-to-end solution, addressing the entire insurance value chain. 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 will now be able to provide an innovative business solution to Canadian insurers, 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.
With this new IaaS solution, insurers can reallocate capital to business growth versus technology and infrastructure. The Symcor cloud-based insurance platform is also uniquely positioned to enable small to mid-size insurers access to industry leading core insurance systems, enhancing the insurers’ efficiency, operational integrity and business insights. Symcor believes there is a robust opportunity in Canada to target this market with hosted and outsourced solutions.
Majesco EVP for P&C Business, Prateek Kumar said, “We are enthused to work with Symcor, an established and trusted partner to the Canadian financial services market. 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.
“As companies rush to join the cloud revolution, it is growing in strategic importance,” says 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.”
About Symcor Inc.
Symcor is one of Canada’s leading providers of business processing and client communications management services, supporting major banks, insurance, retail, and telecommunications companies in Canada. Symcor’s business is dedicated to providing outsourced services and is focused on being the best at what it does. Symcor helps its clients stay competitive by providing cost-effective outsourcing solutions for their business processing needs, allowing clients to invest in the growth of their core business. With strategic locations across Canada, Symcor believes in adding value to every customer relationship through best-in-class service and the latest technology solutions. For more details on Symcor, please visit www.symcor.com.
Insurance business transformation is a journey of change and revitalization, a renaissance of Insurance. Approximately 150 insurance companies worldwide in P&C, L&A and Group/Employee Benefits are transforming their businesses with Majesco’s solutions. Our market leading software, consulting and services uniquely underpin the entire insurance value chain and are designed to empower insurers with the agility, innovation and speed needed to meet their transformation opportunities. Majesco’s solutions include policy management, new business/underwriting, rating, billing, claims management, distribution management, BI/analytics, predictive modeling, digital platform with mobile and portal, testing services, cloud services, bureau and content services, transformation services, consulting services and more. For more details on Majesco, please visit www.majesco.com.