Majesco, a global leader of cloud insurance software solutions platforms, today announced that it completed 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’s cutting-edge SaaS solutions, contributory database and AI/ML models deliver the necessary next-generation technology that can address critical insurance trends and help keep pace in today’s digital race. This acquisition expands Majesco’s extensive product portfolio and adds over 87 customers in the P&C market segment, including global insurance carriers and top risk engineering companies.
With this addition, Majesco launches an innovative Data and Analytics business unit combining Utilant technology with Majesco’s existing, market-leading data and analytics solution. Utilant Founder and CEO, Patrick Davis joins the Majesco Senior Leadership Team and will lead this new business. The new offering advances Majesco’s digital capabilities, drives operational value for insurers and ultimately improves customer experience with proactive risk management.
“The recent pandemic has accelerated the timeline for insurers to adopt critical technologies like AI/ML, digital core platforms and data and analytics,” says Adam Elster, CEO of Majesco. “We’re pleased to offer our customers advanced, embedded data and analytics capabilities and next-generation insurance SaaS products that can provide them with a key competitive edge, improve underwriting profitability and accelerate their digital transformation journey.”
For more information on the acquisition and Majesco solutions, please visit Majesco.com.
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 is the leading software partner to both the P&C and L&A insurance markets to modernize, optimize and innovate their businesses at speed and scale. Over 330 insurers, from greenfields, start-ups and MGAs to the largest insurers, reinsurers and brokers use Majesco’s next generation SaaS platform solutions of core, data and analytics, digital, distribution, absence management and a rich ecosystem marketplace of established and InsurTech partners to build the future of insurance.
Our technology, expertise and leadership help insurers innovate and connect to build the future of their business. With over 825 successful implementations and over 65% of our customers on Cloud with Majesco platform solutions, together we have an amazing track record of innovation and real-world results. For more details on Majesco, please visit www.majesco.com.