September 7, 2016 by Canadian Underwriter
Symcor Inc., a Canadian provider of business processing and client communications management systems, announced on Wednesday a strategic relationship with Majesco, 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 Canadian Property and Casualty, Life and Annuity 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 customer communication, document management, mailroom and lockbox services, Symcor said in a press release. “The combined services diversify Symcor’s portfolio and establish a Canadian-focused Insurance as a Service solution,” the release said.
Connie Rose, chief strategy officer of Symcor, said that the strategic relationship offers Canadian insurers a cloud-based end-to-end solution that addresses 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,” Rose said in the release. “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 said that the business solution will offer improved operational efficiency and economies of scale; customer-centricity across all lines of business; distribution channel flexibility and expansion; and best practices to enhance business operations. With the IaaS solution, insurers can reallocate capital to business growth versus technology and infrastructure. The 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’s P&C and L&A software portfolio includes Majesco: policy for P&C; billing; claims; distribution management; policy for L&A and Group; new business and underwriting, DigitalConnect and business analytics.
“As companies rush to join the cloud revolution, it is growing in strategic importance,” said Karlyn Carnahan, research director at Celent, a research and consulting firm for the global financial services industry. “With an increasing emphasis on performance, business-level security and quality of service, cloud computing frees the business to pursue growth and innovation.”
As a provider of business processing and client communications management services, Symcor supports major banks and insurance, retail and telecommunications companies in Canada. Symcor provides “cost-effective outsourcing solutions” for business processing needs, allowing clients to invest in the growth of their core business.
Majesco offers software, consulting and services that “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,” the release said. The company’s solutions include policy management, new business/underwriting, rating, billing, claims management, distribution management, business interruption/analytics, predictive modelling, digital platform with mobile and portal, testing services, cloud services, bureau and content services, transformation services, consulting services and more.