PCMI Corporation, Equality Asset Management | January 21, 2021
PCMI (Policy Claims Management International), a main supplier of administration software for the automotive, consumer and industrial warranty and service management markets reported its first equity investment from Boston-based growth equity firm, Equality Asset Management, and Chicago-based, First Analysis. Financial terms were not revealed.
PCMI offers a cutting edge set-up of software answers for policy administration, claims management, risk management and the financial management of insurance products. PCMI's clients incorporate driving unique hardware makers, outsider heads, self-overseers and guarantors who offer and oversee warranties, service contracts and other account and insurance products. Since beginning, PCMI's software has been utilized to direct in excess of 50 million strategies and cycle in excess of 23 million claims.
"In 2012, I saw the opportunity to introduce a modern, purpose-built software to a market that was underserved. Since then, we have worked tirelessly on our mission to build the most comprehensive administration platform in the market. Our passion for technology and commitment to continuous improvement has led us to become a leader in our industry," said Mark Nagelvoort, President & CEO of PCMI. "Equality Asset Management has a track record of investing in SaaS based companies within high growth markets and can provide operational expertise that will allow us to accelerate our growth initiatives. Their support will be invaluable as we continue to make innovations on our platform and expand product capabilities to meet the evolving business needs of our customers. I'm thrilled we have them as a trusted partner as we enter this exciting new phase of our journey."
"Mark and the leadership team and employees of PCMI have built a remarkable company. Their focus on product, deep understanding of their customers and markets and culture of innovation have been core to their success," said Jeff Del Papa, Co-Founder and Managing Director at Equality Asset Management. "The market for warranty administration software is in an attractive upgrade cycle and PCMI is very well positioned with a complete, modern platform. We're excited to work alongside this experienced team and to support PCMI's expansion."
"PCMI is the demonstrated category leader, consistently delivering essential, high value solutions to customers. As consumer demands evolve, the need for flexible software will continue to increase across the F&I value chain," added Oscar Loynaz, Vice President at Equality.
With this investment, PCMI will proceed with its emphasis on item extension and client acquisition in North America and internationally.
About PCMI Corporation
PCMI offers a modular package of software solutions for the administration of F&I Products, Service Contracts, and Extended Warranties. PCMI's SaaS platform, Policy Claim and Reporting Solutions™ (PCRS), supports and automates the full lifecycle of all aftermarket products and provides the most flexible environment for administrators, insurers, OEM's, agents, and dealers to launch new products. Our global team enables continuous around-the-clock innovation and customer-focused support.
About Equality Asset Management
Equality Asset Management is a growth-focused private equity firm. Equality provides equity capital and strategic and operating support to companies with long-term growth potential in the technology and tech-enabled healthcare sectors. With decades of investment experience and operating experience, the firm has earned a reputation for value-creation, serving as steadfast partners to Founders and CEOs. Equality is based in Boston.
First Analysis went about as the elite financial advisor to PCMI for the exchange. Winston and Strawn LLP went about as legal advisor to PCMI. Goodwin Procter LLP went about as legal advisor to Equality Asset Management.
Majesco | September 03, 2021
Majesco, a global leader of cloud insurance software solutions for insurance business transformation, today announced the launch of Majesco Digital Underwriter360 for P&C, a next-gen insight driven underwriting workbench for commercial and specialty lines. Majesco Digital Underwiter360, powered by Majesco Digital1st® Insurance is an intelligent, insight-driven cloud-native SaaS, that enhances underwriting efficiency and profitability, drives underwriter productivity and profitability, and creates greater transparency and collaboration with brokers.
“In order for insurers to elevate the customer experience, they must make the underwriting processes more efficient, profitable and responsive,” says Manish Shah, President and Chief Product Officer for Majesco. “Built on Majesco Digital1st® Insurance no code/low code platform, Majesco Digital Underwriter360, leverages today’s leading technology to increase efficiencies and effectiveness, maximize underwriter’s expertise and improves collaboration between underwriters and brokers. Our relationship with KPMG to develop and deliver another next-gen digital solution built with the customer in mind brings a new level of innovation and capability to the industry.”
SMA research highlights the expectations of insurance executives regarding the magnitude of changes coming… 80% of insurance executives expect underwriting to be significantly different than it is today within 5 years and 94% expecting significant change in 10 years. The expected changes expose the gaps between today’s capabilities and those required in the future and which Majesco Digital Underwriter360 addresses.
"The potential for underwriting transformation in P&C is tremendous,” stated Deb Smallwood, Senior Partner at Strategy Meets Action. “Our research indicates significant recognition that this will take a new solution and set of technologies separate from policy management solutions. To make this great leap forward, insurers need new thinking on roles and processes coupled with a new digital platform that is advanced beyond the portals and workbenches of the past. Majesco Digital Underwriter360 represents an innovative new solution that will help revolutionize underwriting.”
Majesco engaged KPMG LLP in the experience centric design and development of the solution using Majesco Digital1st® Insurance, a no code / low code platform with robust insurance content. This new, innovative solution focuses on better insights, increased productivity, and driving more seamless interactions for the underwriter.
Some of the key capabilities include:
Insight driven: Multi-level risk view, across the portfolio and line of business for digitally optimized risk assessment and management.
Just in time, relevant information: Data and information pushed to the underwriter’s fingertips at the exact moment they need it to optimize underwriting.
Intelligent data ingestion and extraction: Refine rules and leverage technologies like AI to collect, automate and analyze the data to provide a full picture of the exposures for a given submission.
Portfolio Optimization: Prioritize, assess, and reinforce risk appetite across the portfolio of business through the use of data and a holistic view of risk.
Broker Collaboration: Increased and predictable collaboration between broker/agent and underwriter creating full transparency and speed for quote.
Streamline underwriter workflow and improve risk assessment: Automated, efficient workflow, routing and case management capabilities to optimize underwriting and improve risk assessment leading to better outcomes.
Automated data prefills: Using a growing array of structured and unstructured data sources from InsurTech and traditional third-party data providers to optimize the underwriting process and maximize underwriter’s knowledge.
Underwriting control and oversight: Using authority management to monitor and manage underwriting limits, risks and more to align to company guidelines and strategy.
Core Integration: Pre-integrated with Majesco Core Suite for P&C and can easily be integrated with any other core solutions.
“We're seeing a lot of activity in digital underwriting as a lynchpin component of modernization and transformation efforts,” stated Jeanne Johnson, Principal at KPMG LLP. “Leveraging a platform solution that connects insights across the underwriter’s interactions, and more easily integrates a rich mix of relevant data offers a path to more sustained value. Productive data, alongside digital enablement, machine learning, and Underwriter360, can address some longstanding pain points to better equip the underwriter talent - to better segment, predict, service, and deliver profitable growth that will continue to be a competitive differentiator.”
As insurers continue to adopt the latest digital technologies, tedious and time-consuming underwriting processes still make it difficult to quickly respond to customer needs and expectations. Without a holistic and unified view, underwriters cannot access risk information to facilitate quick and calculated underwriting management. Majesco Digital Underwriter360, digitally enables technology and data proliferation that transforms how underwriters collect risk data, analyze it, perform multi-level risk assessment, and make decisions resulting in reduction of underwriter’s administrative workload.
The increased efficiency and effectiveness in the underwriting process enables underwriters more time to be utilized in making key decisions and increase collaboration with distributors as opposed to spending time in core processes due to technologically challenged systems. It delivers a profitable underwriter process through centralized digital solutions that provide aggregation and mediation of business as well as system services, so underwriters don’t have to depend on multiple sources of disparate data. Underwriter360 is currently available for commercial and specialty lines with other lines of business to be considered in the future.
Majesco is the leading software partner to both the P&C and L&A insurance markets to modernize, optimize and innovate their businesses at speed and scale. Over 330 insurers, from greenfields, start-ups and MGAs to the largest insurers, reinsurers and brokers use Majesco’s next generation SaaS platform solutions of core, data and analytics, digital, distribution, absence management and a rich ecosystem marketplace of established and InsurTech partners to build the future of insurance. Our technology, expertise and leadership help insurers innovate and connect to build the future of their business. With over 825 successful implementations and over 65% of our customers on Cloud with Majesco platform solutions, together we have an amazing track record of innovation and real-world results.
C&J Financial | October 15, 2021
GoodTrust and C&J Financial are excited to announce a new partnership that helps pre-need and at-need families easily and securely take care of their digital legacy.
"Grieving families shouldn't need to worry about preserving the priceless online content of their loved ones, We also want to allow any C&J clients to plan ahead so their legacy is treated according to their wishes."
- Rikard Steiber, CEO and founder of GoodTrust, the leading digital legacy and end-of-life planning platform.
The partnership offers all new and existing C&J Financial clients, at no cost, the GoodTrust Premium Plan for 3 months with a free will-maker-tool and VIP service to take care of accounts like Facebook and LinkedIn after someone passes away.
GoodTrust also makes it possible for anyone to secure their online life with a digital vault. Users can also create their will for free in less than 15 minutes and share stories and memories like animated photos or Future Messages.
"We are thrilled to be partnering with GoodTrust to help our clients take care of this important need in today's connected world by ensuring their digital legacy,"
- Jamie Meredith, Executive Vice President, C&J Financial.
Funeral homes will be able to activate this offer for their families starting on Oct. 20 at the 2021 National Funeral Directors Association (NFDA) International Convention and Expo in Nashville, TN.
About C&J Financial
Founded in 1996, C&J has become the largest provider of insurance assignment funding in North America. For a quarter of a century, C&J and it's affiliates have been providing financial and administrative solutions to the funeral industry and have funded 735,000+ funerals providing more than $4.4 billion in assignments to thousands of funeral homes and cemeteries. C&J currently funds in excess of 56,000 funerals and provides $415,000,000+ in assignments to more than 3,000 funeral homes and cemeteries annually.
GoodTrust is the leading digital legacy and end-of-life planning platform. It allows anyone to manage memories and digital assets for the "afterlife," designate who should have access, and create innovative ways to connect the stories of the past with the future. GoodTrust also helps families who have lost someone take care of the deceased person's digital assets through memorialization, asset management or shutting down accounts. The GoodTrust will-creation tool is free and only takes 15 minutes.