(Image source: Utilant homepage.)
Majesco (Morristown, N.J.), a global provider of cloud insurance software and platforms, announces that it has completed the acquisition of Utilant LLC, a Buffalo, N.Y.-based InsurTech company providing a survey management SaaS product suite for loss control and premium audit surveys and artificial intelligence (AI)/machine learning (ML) data and analytics.
Utilant’s 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, a Majesco statement asserts. The vendor says the acquisition expands its product portfolio and adds over 87 customers in the property/casualty market segment, including global insurance carriers and prominent risk engineering companies.
With the addition of Utilant, Majesco says it is launching a Data and Analytics business unit combining Utilant technology with Majesco’s existing data and analytics solution. Utilant Founder and CEO, Patrick Davis has joined the Majesco Senior Leadership Team and will lead this new business, Majesco report. The vendor characterizes the new offering as advancing its digital capabilities, driving operational value for insurers and ultimately improving customer experience with proactive risk management.
Embedded Data and Analytics
“The recent pandemic has accelerated the timeline for insurers to adopt critical technologies like AI/ML, digital core platforms and data and analytics,” comments 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.”
Raymond James & Associates (St. Petersburgh, Fla.) acted as financial advisor to Utilant. Nomura Securities International, Inc. (New York) acted as financial advisor to Majesco, and Sheppard, Mullin, Richter & Hampton LLP (Costa Mesa, Calif.) acted as legal advisor to Majesco.