In addition to offering joint information technology and BPM solutions to large and mid-sized insurance carriers, the companies plan on developing platform-based BPM solutions across the industry value chain including policy services, billing, claims, distribution management, and new business/underwriting.
“MajescoMastek has always been focused on bringing transformational solutions to the insurance industry. This partnership with Genpact is another step in that direction,” Mike Dufton, president of MajescoMastek North America said in a statement. “Together, we can move to provide solutions that solve entire business problems while giving carriers cost certainty with business models that let us share in the risk with our clients – something they have been asking vendors to do for some time now.”
The companies say the new offering will enable insurers to leverage process efficiencies and innovative technology in a cost-effective and cost-certain model.
“The insurance industry has been searching for a leading solution that combines industry-leading business process management capabilities with state-of-the-art asset-based offerings,” said Mohit Thukral, SVP and business leader, Financial Services, Genpact Ltd. “Our partnership with MajescoMastek has been met with enthusiasm from our mutual customers and we believe it will be a true differentiator in the insurance marketplace.”
Matthew Josefowicz, director of the insurance practice at New York-based Novarica says the new offerings mirrors a paradigm shift in information technology as widespread adoption of business intelligence tools, social networking, Web 2.0, and mobile devices is changing the nature of all information-based businesses.
"The combination of business process management with proven IT solutions offers a very compelling value proposition to these insurers," Josefowicz said.
