American insurance technology firm Majesco has signed an alliance partnership agreement with IT major Capgemini for insurance business transformation.

As per terms of the contract, Capgemini will act as the implementation partner for Majesco Life & Annuity (L&A) and Group Core Suite for insurers operating in the life, worksite, annuity, group, and voluntary benefits market.

Capgemini chief innovation officer for insurance Seth Rachlin said: “Disruption is creating unprecedented growth and innovation opportunities in the insurance industry.

“Customer expectations are moving insurers rapidly to a new generation of digitally superior insurance which requires continuous innovation to acquire and retain customers, introduce products faster, improve efficiency, and reduce costs.”

Additionally, Capgemini in collaboration with Majesco will offer business and systems transformation capabilities as well as implementation, integration, conversion, and testing services to group and individual insurance firms.

Further, Capgemini will offer its insurance expertise, ecosystem, and insurtech partnerships to an upcoming L&A and group platform with Majesco.

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Majesco CEO Adam Elster said: “The L&A and Group insurance market is undergoing rapid innovation and transformation that demands modern core solutions underpinned by strategic partnerships that enable implementation in months versus years.

“Our relationship with Capgemini will bring business and technology transformation and systems integration expertise to our customers to achieve speed to value.”