Cloud insurance software provider Majesco has acquired Utilant, which offers survey management SaaS products for loss control and premium audit surveys.
The InsurTech is aimed at the P&C market segment and has more than 87 customers, including global insurance carriers and top risk engineering companies.
As part of the deal, Majesco will launch a data and analytics business unit, which combines Utilant’s technology with Majesco’s existing data analytics solution. The new business will be led by Utilant founder and CEO Patrick Davis
Majesco CEO Adam Elster said, “We’re thrilled to welcome Utilant’s customers to our community and look forward to working with them to accelerate their digital transformation.
“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.”
This acquisition will expand Majesco’s customer base by 87 customers and expand its product portfolio to offer broader integrated solutions with Loss Control and Premium Audit. It will also accelerate business innovation with data and AI being used to improve underwriting and risk management to identify new market or product opportunities.
Finally, the acquisition will enhance customer experience to offer differentiated customer value and experience.
Utilant founder and CEO Patrick Davis said, “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.”
Copyright © 2021 FinTech Global
