Majesco, a global provider of core insurance software, consulting and services for insurance business transformation, today announced that they have entered into an agreement with Glemham, a UK based managing general agent (MGA), to create a new cloud based bureau processing business using Majesco Cloudlnsurer to reduce the cost of transacting General Insurance in the UK market.

Majesco Cloudlnsurer platform will be used to initially provide commercial lines insurance to both the Broker and the small medium enterprise (SME) markets. Based on the Majesco Cloudlnsurer platform, the business will deliver Net Rated products to all distribution channels, supporting full cycle processing across the Internet. Capacity is being provided by a number of different underwriters.

Processing expense ratio in the business is expected to be around 5% versus the typical 14%-18% seen across the market.

''Glemham brings a wealth of underwriting experience and an exciting vision for how the market could operate with the right supporting technical architecture,'' commented Mike Smart, director of Business Development Majesco. ''A vision which we share and have been working to create. The combination of technology and insurance expertise without the encumbrances of legacy systems and associated inertia makes for a very compelling and exciting business proposition.''