Acquisition brings Contributory Database and proprietary AI/ML Models along with Cloud-based Loss Control, Loss Control Survey Assessment, and Premium Audit combined with Majesco market leading solutions to provide cutting-edge solutions to address insurance crucial trends
Morristown, NJ (May 20, 2021) – Majesco, a global provider of cloud insurance platform software, is pleased to announce the acquisition of Utilant LLC, a U.S.-based InsurTech company providing the industry-leading survey management SaaS product suite for Loss Control and Premium Audit surveys and artificial intelligence (AI)/machine learning (ML) data and analytics. Utilant is focused on the P&C market segment with over 87 customers, including global insurance carriers and top risk engineering companies.
“We’re thrilled to welcome Utilant’s customers to our community and look forward to working with them to accelerate their digital transformation,” commented Adam Elster, CEO of Majesco. “Utilant has built an impressive set of SaaS solutions for the P&C insurance segment. They have also been forward-thinking by building their contributory database and AI/ML models that will accelerate our strategy to embed intelligent data and analytics into Majesco’s SaaS platforms. This will advance digitalization and deliver superior business value to our customers. The addition of Pat and his team will further elevate our market leadership position and bring experienced talent to work with our customers.”
As a part of the acquisition, Majesco will launch an innovative Data and Analytics business unit combining Utilant’s technology with Majesco’s existing, market-leading data and analytics solution. The new business will be led by Patrick Davis, Founder& CEO of Utilant. He will also be a Majesco Senior Leadership Team member reporting to Manish Shah, President & Chief Product Officer.
“We are excited to be joining the Majesco team to accelerate P&C insurer’s digital transformation, and I am personally excited to head the new Advanced Data and Analytics business unit,” stated Patrick Davis, Founder and CEO of Utilant LLC. “Majesco’s established P&C market leadership and cloud strength will help us deliver even greater value to serve our joint clients, including insurance carriers and vendor survey companies as well as the industry. The combination of our products will drive operational value, including cost efficiencies, with automated/integrated workflows, profitability improvement with expanded loss control data for underwriting, and the ability to improve customer experience with proactive risk management. More importantly, it will offer strategic value by delivering business innovation using our combined data and analytics assets for advanced capabilities that are creating competitive advantages for insurers.”
Due to the pandemic, the timelines for adopting technology like AI/ML, next-gen core platforms, and the explosion of data within and outside insurers has accelerated digital transformation over the last year. Three crucial P&C market trends — the pressure for underwriting profitability, increased focus on “predict and prevent” through enhanced risk avoidance and mitigation, and the need to exceed digital customer expectations are rising as top priorities for insurers to drive profitable growth. As the digital age continues to propel insurers into the future, advanced, embedded data and analytics capabilities will reshape the industry and market leaders. A robust data ecosystem including transactional, third-party, and contributory data coupled with analytic methods like AI/ML is crucial in interpreting data and creating intelligent insights to push competitive boundaries in a rapidly shifting marketplace.
“This is a strategic move by Majesco that aligns to P&C insurers’ priorities and technology investments,” stated Karlyn Carnahan, Celent’s Head of P&C for North America. “Utilant’s solutions provide risk assessment and exposure analysis along with applied AI/ML analytics leveraging a contributory database that can provide insurers access to a unique set of insights to drive better underwriting and claims results. Insurers look for solutions like these to enhance the customer experience, allowing targeted application of differentiated services to drive risk mitigation, assuring optimal efficiency in doing so.”
This acquisition advances Majesco’s vision and commitment to our customers, delivering additional strategic and operational value, including:
- Grows Majesco Customer Base – Adds 87 new customers, including carriers and vendor survey companies, to the Majesco community and growth within those customers to add additional commercial and personal lines of business onto Utilant’s solutions.
- Adds Complimentary P&C SaaS Products and Aligns Roadmaps – Extends the product portfolio to deliver broader integrated solutions with Loss Control and Premium Audit, driving operational efficiency and improved performance by reducing losses. Aligns inter-dependent product roadmaps to drive business process impact and value to keep insurers at the leading edge.
- Creates Enriched Intelligence with Innovative Data & Analytics – Underpins a data and analytics foundation with a growing contributory database, AI/ML capabilities, innovative algorithms and models, a robust enterprise data model and warehouse to drive superior business value, competitive differentiation, and profitable growth.
- Accelerates Business Innovation – Deploys data and AI/ML to improve underwriting and risk management, identify potential new market or product opportunities and hasten digital transformation.
- Enhances Customer Experience – From the ease of self-service loss control to improved pricing and “value-added service” that identifies how to mitigate or eliminate risk, these expanded solutions can create differentiated customer value and experience, shifting them from the back office to customer-facing solutions.
Raymond James & Associates acted as financial advisor to Utilant. Nomura Securities International, Inc. acted as financial advisor to Majesco; and Sheppard, Mullin, Richter & Hampton LLP acted as legal advisor to Majesco.
Majesco (NASDAQ:MJCO) provides technology, expertise, and leadership that helps insurers modernize, innovate and connect to build the future of their business – and the future of insurance – at speed and scale. Our platforms connect people and businesses to insurance in ways that are innovative, hyper-relevant, compelling, and personal. Over 200 insurance companies worldwide in P&C, L&A, and Group Benefits are transforming their businesses by modernizing, optimizing, or creating new business models with Majesco. Our market-leading solutions include CloudInsurer® P&C Core Suite (Policy, Billing, Claims); CloudInsurer® LifePlus Solutions (AdminPlus, AdvicePlus, IllustratePlus, DistributionPlus); CloudInsurer® L&A and Group Core Suite (Policy, Billing, Claims); Digital1st® Insurance with Digital1st® Engagement, Digital1st® EcoExchange, and Digital1st® Platform – a cloud-native, microservices and open API platform; Distribution Management, Data and Analytics, and an Enterprise Data Warehouse. For more details on Majesco, please visit www.majesco.com.
SOURCE: MajescoTags: Acquisition, analytics, Artificial Intelligence (AI), Big Data, data, InsurTech, Machine Learning (ML), Majesco, Software as a Service (SaaS), United States (USA)