(Image credit: Bruce Emmerling.)
Majesco (Morristown, N.J.), a global cloud and SaaS provider for insurance core systems/platform, has completed its acquisition of InsPro Technologies Corporation (Eddystone, Pa.), a U.S. based software provider in the life and annuity insurance market.
InsPro Technologies brings an insurance administration and marketing system that supports group and individual business lines, and processes agent, direct market, worksite and website generated business. Majesco expands its customer portfolio of insurers and third-party administrators who currently process over 15 million policies daily, including some with over a million policies each, according to the vendor
Majesco says that the expertise, talent and experience that the InsPro Technologies team brings to the company is critical to meeting the demands of today’s digital customer and reinforces Majesco’s commitment to creating a future of insurance that is agile, nimble and fast. InsPro also strengthens and supports Majesco’s strategy to continue leading the industry with innovative, cloud-based solutions that help carriers take advantage of current market opportunities, according to a Majesco statement.
Expanding Key Strategic Focus Area
“Our acquisition of InsPro Technologies complements and expands one of our key strategic focus areas. We have been investing in our L&A and Group business and our solid performance and financial position allow us to continue partnering with companies to accelerate and enable their cloud journey and business transformation,” comments Adam Elster, CEO of Majesco. “We’re excited to welcome InsPro’s Technologies customers to our community and look forward to helping them build the future of their business.”
Nomura Securities International, Inc. and Morgan, Lewis & Bockius LLP represented InsPro Technologies and Needham & Company, LLC and Sheppard, Mullin, Richter & Hampton LLP represented Majesco in the acquisition.