Majesco, a global leader of cloud insurance software solutions for insurance, today announced that in less than 16 weeks, HSB, part of Munich Re, launched Majesco Policy for P&C on Majesco CloudInsurer® platform to digitally distribute HSB Total Cyber™, which provides comprehensive cyber coverage for the financial exposures resulting from a cyber-attack. The implementation and product launch are part of HSB’s continuing strategy to rapidly develop and launch new, innovative insurance products to market.
The MVP implementation went live in March of 2019 for an initial market launch. The MVP approach enabled HSB to develop, prototype and launch the new cyber product from rate, quote, bind to issue for agents and HSB underwriters. Majesco Policy for P&C was integrated with HSB’s agent facing Front Door portal and their Azure AD security directory. The product was fully launched in July 2020 and is now available in 47 states.
“We are incredibly excited to work with HSB on Total Cyber™ and thrilled to see them successfully launch their product in less than 16 weeks,” said Majesco Chief Revenue Officer Jim Miller. “Just like HSB, we have been at the forefront of the digital market shift to cloud-based platforms that deliver speed to implementation, speed to market, and speed to value – all with a low business and IT footprint. We look forward to partnering with HSB and helping them bring more innovative insurance ideas to market and support their growth strategy.”
The initiative was a joint collaboration to determine the best solution to bring products to market quickly and cost-effectively and to test viability and make changes if needed.
“This MVP approach allows us to quickly prototype, test, learn and adapt new products live in the market,” said Andrew Podgorny, Cyber Practice Lead at HSB. “Majesco’s approach, methodology and platform architecture worked well and met our aggressive timelines.”
HSB is a multi-line specialty insurer and provider of inspection, risk management and IoT technology services. Its offerings include equipment breakdown, cyber risk, data breach, and identity theft and recovery.
Majesco is working with a growing number of innovative InsurTech startups, incumbent insurers, MGAs and reinsurers to launch new business models, introduce new products and enter new markets leveraging Majesco platforms. With Majesco CloudInsurer®, Majesco is redefining speed – helping insurers transform complexity, create innovation, and meet the demands of a new generation of insurance. The cloud based Majesco P&C Core Suite delivers end-to-end capabilities to streamline the entire insurance lifecycle with policy through billing and claims in a powerful design that allows for rapid adaptation for new, innovative products, enabling insurers to implement a new foundation for growth and innovation quickly.
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