Expands product depth, growth potential and brings strong domain knowledge as insurers seek voluntary benefit growth underpinned by successful digital and business transformation
MORRISTOWN, N.J.—Majesco, a global provider of cloud insurance platform software, today announced that it has completed the acquisition of ClaimVantage, a global provider of enterprise claims software as well as absence and accommodation management for the L&A market segment. The acquisition of ClaimVantage comes just three months after the Thoma Bravo acquisition of Majesco. It strengthens Majesco’s strategic vision as a premier provider of next generation insurance technology solutions that enable insurers to accelerate their digital transformation to meet tomorrow’s demands today.
“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.”
ClaimVantage is recognized as a top enterprise claims management solution for L&A and Group insurance market and a leader in Absence, Accommodation and Integrated Disability Management (IDAM) to meet operational and federal and state compliance leaves demands. In addition, many corporate organizations have an increasing need for absence and accommodation management that is not offered by their insurers. ClaimVantage provides a valuable, established enterprise claims solution with the market leading absence and accommodation management capabilities to meet the unique needs for disability income products for over 35 customers including insurers, TPAs and large employers.
“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,” said Leo Corcoran, CEO of ClaimVantage. “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.”
As the L&A industry enters a new decade, many insurers recognize the significant need to improve both operationally and innovatively, and create immediate business results and long-term value by replacing legacy debt in terms of operating models and core systems that support the market demand for employee and voluntary benefit products, particularly an increased interest in disability income insurance. Robust disability claims with integrated absence and accommodation management is one of the top areas gaining stronger interest by employers for growth that has accelerated during the pandemic, moving down market to smaller insurers and TPAs.
“This is a win-win-win move for both Majesco and ClaimVantage, positioning them well to meet the needs of a rapidly evolving industry,” commented 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”.
This acquisition advances Majesco’s vision and commitment to our customers, delivering additional value including:
This is the second acquisition in nine months, including the acquisitions of InsPro Technologies on April 1, 2020. Marlin & Associates acted as exclusive strategic and financial advisor to ClaimVantage.
About Majesco
Majesco, 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.