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Symcor, Majesco Deliver Cloud-based Solution to Canadian Insurers

Symcor announces a strategic relationship with Majesco that adds Majesco's software to Symcor's cloud and outsourcing capabilities to provide an Insurance as a Service (IaaS) solution and enabling Symcor to expand its solution and service offerings to Canadian P&C, 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 customer communication, document management, mailroom and lockbox services. The combined services diversify Symcor's portfolio and establish a Canadian focused IaaS solution.

"We are proud to partner with Majesco," says 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 positions Symcor to deliver a comprehensive offering that will enable our insurance clients to enhance the efficiency and improve the functionality of their operations."

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 re-allocate capital to business growth versus technology and infrastructure. The Symcor cloud-based insurance platform is also positioned to enable small to mid-size insurers access to industry leading core insurance systems, enhancing the insurers' efficiency, operational integrity and business insights.

Prateek Kumar, executive vice president for P&C business at Majesco, adds, “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."

"As companies rush to join the cloud revolution, it is growing in strategic importance," says Karlyn Carnahan, research director at Celent. "With an increasing emphasis on performance, business-level security and quality of service, cloud computing frees the business to pursue growth and innovation."


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