(Image source: ClaimVantage homepage.)
Majesco (Morristown, N.J.), a global provider of cloud insurance core/platform software, announced that it has completed the acquisition of ClaimVantage (Dublin/Portland, Maine.), a global provider of enterprise claims software and absence and accommodation management for the life and annuities 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,” comments Adam Elster, CEO, 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 provides an enterprise claims management solution for L&A and Group insurance market and Absence, Accommodation and Integrated Disability Management (IDAM) to meet operational and federal and state compliance leaves demands. Majesco characterizes ClaimVantage as providing 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,” comments Leo Corcoran, CEO, 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.”
Majesco notes that 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,” comments Rob McIsaac, EVP, Research and Consulting and practice leader for life/annuity/benefits, 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.”
Majesco characterizes the acquisition as advancing its vision and commitment to its customers, delivering additional value including the following, as described by the vendor:
- Broaden Customer Base: Adds over 35 new customers with deep loyalty within the US and other geos including EMEA and Australia.
- Strong Talent: Brings people to the team with deep insurance process and technology domain experience and are trusted partners with their current customers.
- Product Roadmap Alignment: Aligns disparate yet dependent product roadmaps to create improved business value, accelerate digital transformation and keep insurers at the leading edge.
- Cloud Product Expansion: Proven products that extend our core and digital cloud product portfolio to deliver integrated capabilities to customers that address key market pressures and priorities.
ClaimVantage is Majesco’s second acquisition in nine months, following the acquisition of InsPro Technologies on April 1, 2020. Marlin & Associates (New York) acted as exclusive strategic and financial advisor to ClaimVantage.