For insurance market transformation, Infosys, a global leader in next-generation digital services and consulting, and Majesco, a global leader in cloud insurance software solutions, have announced a strategic collaboration with Majesco.

Infosys and Majesco will collaborate to help joint customers accelerate their digital transformation journeys, allowing them to capitalize on new opportunities, meet the demand for personalized customer interactions, operational efficiency, and digital adoption across the insurance industry value chain.

The insurance industry will benefit from the former’s insurance domain and digital capabilities, which will be combined with the latter's cloud-based next-generation suite of solutions, which includes the Majesco L&A and Group Core Suite, Majesco P&C Core Suite, and Majesco Digital1st Insurance on Majesco CloudInsurer.

Customers in the Life & Annuity (L&A), Group, and Property & Casualty (P&C) segments would benefit from the integrated synergy, which will help insurers achieve agility and creativity at scale.

“In an increasingly changing insurance marketplace of new customer expectations, new risks, new competitors and new innovative products, insurers must make bold moves to transform their business and meet the needs of a new digital era of insurance,” said Ed Ossie, Chief Operating Officer, Majesco.

“We are excited to collaborate with Majesco to explore new opportunities and offer an enhanced digital experience to the insurance industry. In the new normal, insurers are exploring ways to offer hyper-personalized experiences and innovative coverage to acquire and retain customers. A few critical factors to realize these goals are faster time-to-market, flexible products with better configurability, integration with cloud hyperscalers and effective operations”, said Mohit Joshi, President, Infosys.

To significantly improve their chances of success, Ossie clarified that “insurers must maximize today's business and build future business. Our joint customers will benefit from Majesco and Infosys' partnership, which will help them drive their transition and move forward into the future of insurance”.

Majesco provides insurers with the technology, experience, and leadership they need to modernize, evolve, and link in order to develop the future of their business – and the future of insurance – at scale. Its services bring insurance to people and companies in new, hyper-relevant, persuasive, and personal ways.

Majesco is transforming the businesses of over 190 insurance companies worldwide in P&C, L&A, and Group Benefits by modernizing, improving, or developing new business models.

On the other hand, Infosys has nearly four decades of experience managing global business systems and operations, and we expertly guide our clients through their digital transformation. It helps prioritize the execution of change by providing the enterprise with an AI-powered center. It also equips the businesses with agile digital at scale, allowing them to achieve previously unheard-of levels of success and customer delight.

“Together, we will provide advanced insurance solutions to our customers and act as a catalyst in their transformation journey by delivering the next-generation digital insurance platform. Infosys and Majesco will bring more resiliency and customer-centricity to insurance carriers”, expressed Joshi.