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Majesco (Morristown, N.J.), a global provider of cloud insurance software solutions for insurance business transformation, today announced the acquisition of Global IQX (Ottawa), a SaaS-based InsurTech that delivers market-leading solutions insurers rely on to streamline, automate, and transform the way they do business. Through the acquisition, Majesco adds sixteen customers as well as a powerful underwriting workbench, and enrollment & artificial intelligence solutions to their market leading core and absence management solutions. This expanded portfolio delivers “tip of the spear” business transformation solutions and capabilities with multiple paths for innovation, operational effectiveness, speed-to-market and customer experiences from underwriting and enrollment components to full core replacement, according to a Majesco statement. The vendor adds that the acquisition furthers its customer-centric growth strategy and reinforces its commitment to making insurance faster, easier and better for all.
“We’re thrilled to welcome Global IQX’s customers to our community and look forward to working with them to accelerate their digital business transformation and drive customer excellence,” comments Adam Elster, Majesco CEO. “Global IQX market leading solutions combined with our core and absence solutions will provide the L&AH insurance market with some of the most robust, innovative solutions. We are excited to have the talented Global IQX team bring their extensive knowledge and market experience providing critical depth and expertise to our rapidly growing customer base.”
The Majesco statement asserts that the L&AH business segment is prioritizing and shifting to a more robust, AI-driven underwriting workbench. The vendor says the combined solution portfolio of Global IQX and Majesco will elevate underwriting and enrollment capabilities, with AI capabilities that give insurers a competitive edge both strategically and operationally. Global IQX will be pre-integrated with Majesco Policy for L&AH and will continue to integrate with other policy solutions as needed by customers.
The Global IQX solutions include Underwriting Workbench for quoting and rating, proposals, and renewals; Enrollment Suite with onboarding, employee self-service portal, individual medical underwriting, quoting, and rating, proposal, and renewal; Intelligence Suite using AI with AI census scrubber, new plan design recommender, workload recommender and lead scoring.
“We are excited to be joining the Majesco team to capture the growing market opportunities and accelerate the implementation of our solutions to our customers,” says Mike de Waal, CEO, Global IQX. “The combined value of our products will deliver unmatched capabilities and value to the L&AH industry while delivering more sophisticated new business and underwriting value and results, creating significant competitive advantage.”
Majesco describes itself as steadfastly committed to serving the partner insurers who choose to accelerate their digital business transformation. The vendor says the acquisition of Global IQX expands the breadth and depth of its customer experience to improve operational effectiveness, underwriting profitability and enable innovation to meet the changing workforce needs and expectations.
Major Step in Majesco’s North American strategy and Market Positioning
“The L&AH insurance industry has had a digital wakeup call these last few years with unprecedented transformations reshaping industries and creating tremendous growth opportunities for insurers who can connect the back, middle and front–office to deliver a broad set of digital services,” comments Karlyn Carnahan, head of Celent’s (Boston) North America insurance practice. “Insurers are looking to deliver innovative new products to market more quickly, improve business operations through streamlining and automating processes, and enhance customer service to clients and agents. By bringing together the strengths of the IQX and Majesco products, Majesco is able to offer a strong portfolio of solutions that is well-tuned for the goals of the North American market. We see this acquisition as a major step in Majesco’s North American strategy and market positioning.”
Torys and Sheppard, Mullin, Richter & Hampton LLP (Los Angeles) acted as legal advisors to Majesco. D.A. Davidson & Co. (Great Falls, Mont.) served as the exclusive financial and strategic advisor to Global IQX.