Cision PR Newswire | September 21, 2020
Thoma Bravo, L.P, a leading private equity firm focused on the software and technology-enabled services sectors, today announced that it has completed the acquisition of Majesco, a global leader of cloud insurance software solutions for insurance business transformation. As previously announced on August 8, 2020, under the terms of an amended and restated definitive merger agreement, Thoma Bravo agreed to acquire all of the issued and outstanding shares of Majesco common stock for $16.00 per share in cash.
In conjunction with the closing, Majesco's common stock will cease trading before the market opens on Tuesday, September 22, 2020 and the Company will no longer be listed on the Nasdaq stock exchange. Majesco will operate as a privately-held company.
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Cision PR Newswire | October 17, 2020
Equisoft proudly announced today the successful implementation of their SaaS policy administration offering, Equisoft/manage, including their electronic application software, Equisoft/apply, for GCU. The new solution, which is built on the Oracle Insurance Policy Administration (OIPA) platform, was rolled-out for GCU's Final Expense products, creating an enhanced experience for e-applications, new business, automated underwriting, agency compensation, policy changes, billing & payments, claims, workflow, correspondence and operational reports. Located in Beaver, Pennsylvania, GCU is a 128-year-old fraternal benefit society offering innovative Life & Annuity products to their clients in United States. GCU embarked upon this strategic initiative in late 2018 and subsequently entered into a multi-year agreement with Equisoft to upgrade their technology, implement new products, and sunset their legacy PAS by migrating their policies to the Equisoft/manage solution.
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INSURANCE TECHNOLOGY
Carrot General Insurance Corp. | December 27, 2021
Carrot General Insurance Corp. ("Carrot" or the "Company"), one of the fastest-growing South Korean InsurTech announced today that the company recently surpassed 400,000 written contracts for its pay-per-mile auto insurance program. The news follows the announcement made 11 months ago that it had made 100,000 registrations back in January.
"What's remarkable when you consider our accrued number of written policies is that Carrot has been commercially in operation of per-mile auto insurance service for less than two years." he continued, "this milestone validates aspects of customer value that we offer and we will continue to introduce innovative products that are fueled with technology as we move forward."
-Paul Jung, CEO of Carrot
The company says that it has been receiving significant interest from potential investors in wanting to assess the appetite for Carrot's future growth potentials. Carrot's top tier customer retention rate, fast growing revenue and market share, and normalizing loss-ratio may be deemed positive factors to support investments in the company. In terms of the growth in business presence and expansion of its targeted total addressable market, Carrot is eyeing a possible acquisition and South East Asia is one of the geographies under consideration.
"We are well placed to pursue both organic and inorganic growth opportunities. Our digital lines of products, extensive technology development, strong relationships with partners and major distributors, and the supportive market backdrop will enable us to continue to play a key role in driving the evolution of insurance,"
-Paul Jung, CEO of Carrot
He also noted that the company is strengthening an open innovation strategy through active collaborations with external partners to further broaden its service offerings, as well as achieve technology advancements. Accordingly, the company is close to signing a JV agreement whereby it will focus its efforts on advancing Carrot's IoT (internet of things) technologies, expanding its applications while ensuring a sustainable supply of devices. Lately, the company also announced that it has formed a JV with other general insurance peers to offer tech-based claims management services to its customers while realizing efficiencies through process automation.
Considering Carrot's incredible track record and its ambitious future plans, keeping an eye on the company's upcoming executions may be well worth the effort.
About Carrot General Insurance Corp.
Based in Seoul, South Korea, Carrot was formed in 2019 as a JV with some of the big-name investors, including Hanwha, SK Telecom, Hyundai Motor Group, Altos Ventures, Stic Investments. Since its inception, Carrot has been establishing itself as a disruptor and has outpaced its global peers in terms of the speed of acquiring new customers for its pay-per-mile auto insurance. The company's successful footprint owes itself to strong customer value propositions, such as easy and accessible insurance, transparent premiums, AI automated accident registration and help dispatch service and etc. The company is also pursuing business in Pay-As-How-You-Drive auto insurance, which assesses the premiums as per customer's driving patterns through utilization of proprietary telematics technology. In line with the company's open innovation strategy, Carrot has 100+ national & international partnerships, including South Korean government unit.
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