(Image credit: Vantage Group Holdings home page.)
Vantage Group Holdings Ltd (Hamilton, Bermuda), a startup re/insurer founded in 2020, has implemented Majesco Billing for P&C for its insurance segment, with plans to also implement Majesco Policy for P&C and Majesco Digital1st Insurance in its Vantage Cloud as foundational platforms for its business growth strategy, according to a Majesco (Morristown, N.J.) statement.
Backed by $1 Billion of initial capital provided primarily by The Carlyle Group (Washington, D.C.) and Hellman & Friedman (San Francisco), Vantage launched the specialty re/insurance company in December 2020 with a plan to build the business and U.S. insurance platform in 2021 by leveraging advanced technology capabilities to support an increasingly complex global risk environment. The company pitches itself as assertively focused on addressing complex risks with smart technology and robust analytics and have adopted a cloud-first technology strategy.
To pursue its market strategy, Vantage needed a next generation core and digital solution that would adapt and keep pace with risk market shifts and rapid growth plans, according to Majesco. Following a competitive selection process, Vantage selected Majesco Policy for P&C and Majesco Billing for P&C to support their Specialty Lines of Insurance, including Professional Liability, Management Liability, Financial Institutions, Healthcare and Excess Casualty, Political Risk and Credit, the vendor reports.
Majesco says it was able to implement the billing platform within nine weeks. As Vantage continues to expand its offerings, it also plans to bring to market several tailored products, Majesco reports. The vendor says Vantage will tap into Majesco’s Digital1st® Insurance platform, a cloud-native microservices digital insurance platform, for its specialty insurance Digital Underwriting Workbench that will enable insight-driven underwriting decisions and streamlined processes. Majesco’s extensive experience and advanced capabilities across specialty and standard commercial insurance lines in handling both proprietary products and bureau-based products were key factors in the selection.
“Risk has never been more prominent and the need for risk capacity and insightful underwriting is critical,” comments Gail McGiffin, Chief Information and Operations Officer, Vantage Group Holdings Ltd. “By partnering with Majesco we can quickly adapt to increasingly complex market demands with innovative, next-generation core solutions that are easy to use and flexible to configure. This will fuel our ability to bring new products to market quickly, helping us provide our customers and distribution partners with responsive and innovative solutions.”
“We’re honored and excited to welcome Vantage to the Majesco customer community to enable their strategy to deliver innovative insurance products needed in a rapidly changing risk landscape,” says Prateek Kumar, EVP of Americas, Majesco. “Our recognized market leading platforms for the commercial and specialty segment are accelerating our client’s ability to capture new growth opportunities by rapidly adapting to market and customer demands. Our commitment to innovation and technology aligns with Vantage’s strategic vision and we look forward to working with them to create a future of insurance that can stand up to any market change.”