See large opportunity to offer insurance on cloud: Majesco

Majesco has announced a 5-year partnership with IBM. In an interview to CNBC-TV18, Farid Kazani, MD of Majesco spoke about the latest happenings in his company and sector."The joint IBM and Majesco offering is going to provide a secured global incubator for insurance companies to rapidly develop and launch cognitive products and services on the cloud for its clients", he said.Below is the verbatim transcript of Farid Kazani's interview to Prashant Nair and Reema Tendulkar on CNBC-TV18.Reema: First if you could tell us why is this 5-year tie-up with IBM strategic for the company and what will it bring on the table for Majesco in terms of revenues as well as financials?A: This is announcement by IBM and Majesco for a 5-year global partnership basically to help accelerate new insurance services on IBM cloud. The joint IBM and Majesco offering is going to provide a secured global incubator for insurance companies to rapidly develop and launch cognitive products and services on the cloud for its clients and both companies would be bringing in market leading capabilities to the partnership, which will provide a differentiated solution for the insurance carriers.So, while we have got a good kind of presence in the North America market with the insurance services in the property and casualty (P&C) side and the life side, what IBM will contribute is the IBM Watson analytics and other cognitive capabilities, which will run as a services on IBM cloud for insurance companies and Majesco will offer its core insurance solutions in the P&C and life insurance segment.Reema: What is the anticipated market opportunity and is this going to be a 50:50 joint venture (JV) in terms of the revenues that you garner and will it require any investments and if yes if you could quantify that?A: It is not in the form of a joint venture. While IBM and Majesco have prepared a detail financial plan, we will not be able to discuss any financial data, but both IBM and Majesco see a very large market opportunity in being able to offer this cognitive insurance solution on IBM cloud and both companies are committing resources to realise this business and financial goals.As you would be aware that the Watson analytics programme is a very important and strategic initiative by IBM that they have ensured that there is huge investment thrust to make it successful. So, from a IBM perspective, it will access to Majesco’s core insurance solutions to meet the market demand.For full interview, watch accompanying video...