IT services firm Infosys and Majesco, a cloud insurance software solutions provider, on Tuesday, announced a strategic collaboration to work together to help joint customers accelerate their digital transformation journey.
This will help unlock new opportunities, address the demand for personalised customer experiences, operational effectiveness, and digital adoption across the insurance business value chain, a regulatory filing said.
Infosys' insurance domain and digital capabilities combined with Majesco's cloud-based suite of solutions including the Majesco L&A and Group Core Suite, Majesco P&C Core Suite, and Majesco Digital1st Insurance on Majesco CloudInsurer, will accelerate business growth and innovation for the insurance industry, it added.
The combined synergy will help Life & Annuity (L&A), Group, and Property & Casualty (P&C) customers transform their business and will benefit insurers in achieving agility and innovation at speed and scale, the filing said.
"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, Majesco Chief Operating Officer Ed Ossie said.
Insurers must optimise business and create the future business to substantially increase their potential for success, and the collaboration will help joint customers accelerate their transformation and their path to the future of insurance, he added.
"In the new normal, insurers are exploring ways to offer hyper-personalised experiences and innovative coverage to acquire and retain customers. A few critical factors to realise these goals are faster time-to-market, flexible products with better configurability, integration with cloud hyperscalers, and effective operations," Infosys President Mohit Joshi said.
Together, the two companies will provide advanced insurance solutions to customers and act as a catalyst in their transformation journey by delivering the next-generation digital insurance platform, he added.
Infosys and Majesco will bring more resiliency and customer-centricity to insurance carriers, Joshi said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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