InsurTech company Majesco has completed the acquisition of ClaimVantage, a global provider of enterprise claims software as well as absence and accommodation management for the life and annuity insurance market segment.
“We’re excited to welcome ClaimVantage’s customers to our community and look forward to helping them build the future of their business,” commented Adam Elster, CEO of Majesco.
“Our acquisition of ClaimVantage expands and complements our key strategic focus in the L&A market segment with both strategic and operational investments in the business and are reflected in the growing market recognition by industry analysts, new and expanding customers and broadening strategic partnerships. Together these enable us to partner with insurers to capture the market opportunities unfolding and accelerate their digital and business transformation and cloud journey.”
Leo Corcoran, CEO of ClaimVantage, added, “Since inception, ClaimVantage has been committed to building state-of-the-art, cloud-based solutions designed to transform the Life and Health claims insurance space, as well as absence management. With Majesco’s market and cloud strength, SaaS expertise, financial strength and growing leadership in the L&A and Group market, we will be able to deliver even greater value to our customers. We are excited to be joining the Majesco team and look forward to accelerating the industry transformation together.”
The news of the acquisition comes at a challenging times for the insurance industry as the pandemic has forced many of them to accelerate digitisation efforts.
“This is a win-win-win move for both Majesco and ClaimVantage, positioning them well to meet the needs of a rapidly evolving industry,” said Rob McIsaac, EVP of Research and Consulting and practice leader for life/annuity/benefits at Novarica. “Enterprise claims opportunities are both increasing and coming “down market” to meet the expanded demand for disability income and other ancillary products as part of voluntary benefits offerings.
“This comes in concert with a growing need for robust absence management capabilities to address a broadening array of state-level requirements, playing directly to a strength of ClaimVantage.
“Majesco’s financial strength, recognized leadership position for policy administration, coupled with ClaimVantage solutions, provides group and voluntary benefit insurers with a solution set where the merged entities will be stronger and more compelling than just the sum of the parts.”
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