Infosys, India's second largest software exporter and Majesco, a global leader of cloud insurance software solutions, for insurance business transformation, today jointly announced a strategic collaboration.

Through this collaboration, Infosys and Majesco will work together to help joint customers accelerate their digital transformation journey, enabling them to unlock new opportunities, address the demand for personalized customer experiences, operational effectiveness, and digital adoption across the insurance business value chain.

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.

"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," said Ed Ossie, Chief Operating Officer at Majesco.

"Insurers must optimize today's business and create the future business to substantially increase their potential for success. Majesco's and Infosys' collaboration will help our joint customers accelerate their transformation and their path to the future of insurance."

Mohit Joshi, President, Infosys, said, "We are excited to collaborate with Majesco to explore new opportunities and offer an enhanced digital experience to the insurance industry. In the new normal, insurers are exploring ways to offer hyper-personalized experiences and innovative coverage to acquire and retain customers. A few critical factors to realize these goals are faster time-to-market, flexible products with better configurability, integration with cloud hyperscalers and effective operations. Together, we will provide advanced insurance solutions to our customers and act as a catalyst in their transformation journey by delivering the next-generation digital insurance platform. Infosys and Majesco will bring more resiliency and customer-centricity to insurance carriers."

 Shares of the company declined Rs 3.55, or 0.26%, to trade  at  Rs 1,336.40.  The total volume of shares traded  was  1,043,778 at  the BSE (3.40 p.m, Wednesday).