MORRISTOWN, N.J.–(Small business WIRE)–Jan 7, 2021–
Majesco, a worldwide supplier of cloud insurance policy system software package, now declared that it has concluded the acquisition of ClaimVantage, a world company of enterprise promises software package as perfectly as absence and accommodation management for the L&A industry phase. The acquisition of ClaimVantage will come just 3 months soon after the Thoma Bravo acquisition of Majesco. It strengthens Majesco’s strategic vision as a leading company of future era insurance policy technology solutions that help insurers to speed up their digital transformation to fulfill tomorrow’s requires nowadays.
“We’re psyched to welcome ClaimVantage’s customers to our neighborhood and search ahead to helping them develop the future of their organization,” commented Adam Elster, CEO of Majesco. “Our acquisition of ClaimVantage expands and enhances our key strategic target in the L&A industry section with each strategic and operational investments in the business enterprise and are reflected in the rising current market recognition by sector analysts, new and increasing shoppers and broadening strategic partnerships. Alongside one another these enable us to lover with insurers to seize the market chances unfolding and accelerate their digital and organization transformation and cloud journey.”
ClaimVantage is regarded as a major enterprise promises administration answer for L&A and Group coverage sector and a leader in Absence, Lodging and Built-in Disability Administration (IDAM) to satisfy operational and federal and condition compliance leaves calls for. In addition, several company organizations have an growing want for absence and accommodation management that is not made available by their insurers. ClaimVantage supplies a beneficial, recognized enterprise claims answer with the market major absence and accommodation management capabilities to meet up with the exceptional demands for disability earnings solutions for around 35 buyers such as insurers, TPAs and big companies.
“Since inception, ClaimVantage has been committed to creating condition-of-the-artwork, cloud-based alternatives created to change the Daily life and Health and fitness statements insurance room, as nicely as absence administration,” claimed Leo Corcoran, CEO of ClaimVantage. “With Majesco’s marketplace and cloud power, SaaS skills, financial toughness and increasing leadership in the L&A and Team sector, we will be ready to produce even bigger benefit to our buyers. We are excited to be becoming a member of the Majesco workforce and glance forward to accelerating the industry transformation jointly.”
As the L&A business enters a new ten years, lots of insurers acknowledge the significant require to increase the two operationally and innovatively, and create immediate company results and lengthy-expression worth by changing legacy debt in phrases of operating models and main programs that assistance the industry need for worker and voluntary reward solutions, particularly an increased interest in disability earnings insurance. Sturdy disability claims with built-in absence and lodging administration is one particular of the major parts gaining stronger fascination by companies for progress that has accelerated throughout the pandemic, going down marketplace to scaled-down insurers and TPAs.
“This is a earn-earn-get move for both equally Majesco and ClaimVantage, positioning them well to fulfill the needs of a rapidly evolving marketplace,” commented Rob McIsaac, EVP of Study and Consulting and observe leader for lifetime/annuity/added benefits at Novarica. “Enterprise promises options are both growing and coming “down market” to satisfy the expanded demand from customers for disability income and other ancillary solutions as part of voluntary rewards offerings. This comes in concert with a expanding need to have for robust absence management capabilities to address a broadening array of state-stage needs, taking part in immediately to a toughness of ClaimVantage. Majesco’s financial toughness, acknowledged leadership position for coverage administration, coupled with ClaimVantage answers, provides team and voluntary profit insurers with a remedy established wherever the merged entities will be more powerful and a lot more persuasive than just the sum of the parts”.
This acquisition innovations Majesco’s vision and determination to our prospects, offering supplemental worth together with:
- Broaden Client Base – Adds above 35 new shoppers with deep loyalty in the US and other geos such as EMEA and Australia.
- Powerful Expertise – Provides individuals to the staff with deep insurance policies system and know-how domain knowledge and are reliable companions with their current prospects.
- Merchandise Roadmap Alignment – Aligns disparate nevertheless dependent merchandise roadmaps to develop improved company price, accelerate digital transformation and preserve insurers at the major edge.
- Cloud Product or service Growth – Verified products and solutions that lengthen our main and electronic cloud product or service portfolio to produce integrated capabilities to shoppers that address critical sector pressures and priorities.
This is the next acquisition in 9 months, like the acquisitions of InsPro Systems on April 1, 2020. Marlin & Associates acted as special strategic and fiscal advisor to ClaimVantage.
Majesco, delivers engineering, knowledge, and management that aids insurers modernize, innovate and hook up to create the potential of their business – and the long term of insurance coverage – at speed and scale. Our platforms connect folks and businesses to insurance policies in strategies that are modern, hyper-suitable, powerful and individual. Over 200 insurance coverage providers around the world in P&C, L&A and Group Advantages are reworking their enterprises by modernizing, optimizing or developing new enterprise styles with Majesco. Our sector-leading remedies incorporate CloudInsurer® P&C Core Suite (Coverage, Billing, Statements) CloudInsurer® LifePlus Options (AdminPlus, AdvicePlus, IllustratePlus, DistributionPlus) CloudInsurer® L&A and Group Core Suite (Plan, Billing, Statements) Digital1st® Coverage with Digital1st® Engagement, Electronic1st® EcoExchange and Digital1st® Platform – a cloud-indigenous, microservices and open API system Distribution Administration, Knowledge and Analytics and an Business Data Warehouse. For more details on Majesco, make sure you check out www.majesco.com.
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