CORE INSURANCE

Majesco Acquires Utilant LLC

Majesco | June 17, 2021

Majesco Acquires Utilant LLC
Majesco, a global leader in cloud insurance software solutions platforms, announced today the completion of its acquisition of Utilant LLC, a U.S.-based InsurTech company that offers the industry-leading survey management SaaS product suite for Loss Control and Premium Audit surveys, as well as artificial intelligence (AI)/machine learning (ML) data and analytics.

Utilant's cutting-edge SaaS solutions, contributory database, and AI/ML models provide the required next-generation technology to address important insurance trends and keep up in today's digital race. This acquisition broadens Majesco's extensive product offering and adds approximately 87 new clients in the P&C sector, including global insurance carriers and top risk engineering companies.

Majesco is launching an innovative Data and Analytics business unit with this acquisition, merging Utilant technology with Majesco's current, market-leading data and analytics offering. Patrick Davis, Founder and CEO of Utilant has joined the Majesco Senior Leadership Team and will lead this new business. With proactive risk management, the new service expands Majesco's digital capabilities, creates operational value for insurers, and ultimately enhances customer experience.

According to Adam Elster, CEO of Majesco, "the recent pandemic has pushed the timeline for insurers to implement essential technologies like AI/ML, digital core platforms, and data and analytics." "We are excited to provide our customers with advanced, embedded data and analytics capabilities, as well as next-generation insurance SaaS products that can provide them with a competitive edge, improve underwriting profitability, and accelerate their digital transformation journey."

Utilant's financial advisor was Raymond James & Associates, whereas Majesco's financial adviser was Nomura Securities International, Inc., and Majesco's legal advisor was Sheppard, Mullin, Richter & Hampton LLP.

About Majesco
Majesco is the leading software partner for the P&C and L&A insurance industries, helping them to modernize, optimize, and innovate at scale. 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 are used by over 330 insurers, ranging from greenfields, start-ups, and MGAs to the largest insurers, reinsurers, and brokers, to build the future of insurance.

Our technology, expertise, and leadership assist insurers in innovating and connecting to create their business's future. We have an incredible track record of innovation and real-world results, with over 825 successful installations and over 65% of our clients on Cloud with Majesco platform solutions.

Spotlight

PwC's Global Insurance Leader, Stephen O'Hearn discusses the recent developments in the insurance industry.

Spotlight

PwC's Global Insurance Leader, Stephen O'Hearn discusses the recent developments in the insurance industry.

Related News

INSURANCE TECHNOLOGY

Branch Insurance Partners with Snapsheet Claims Platform to Accelerate the Claims Experience

Snapsheet | August 18, 2021

Snapsheet, the pioneer of virtual appraisals and an emerging leader in cloud-native claims management software, today announced that Branch Insurance, the first insurer to offer instantly-bundled home and auto insurance, selected Snapsheet Claims software to deliver the modern claims experience to its rapidly-growing community. By leveraging innovative technology, Branch has made the insurance-buying process quicker and easier than ever before. Using just a few pieces of information, Branch created a way to instantly bundle home and auto insurance. This technological superpower enables the insurtech to provide a frictionless experience and even offer insurance through its partners in the mortgage, home building, auto, and home security industries. Branch now looks to extend that same ease, speed, and convenience to its claims process, with the goal of delivering a seamless, digitally-driven member experience. "We recognize that our members increasingly prefer digital-first experiences. With Snapsheet's technology, we are providing our members with enhanced capabilities, increased transparency into the claims process, and, above all, a delightful claims experience," said Charlie Wendland, Head of Claims at Branch. "The automation and flexibility powered by Snapsheet's software provides our claims team with tremendous efficiency and relieves them of administrative tasks so they can spend more time helping our members when they need us most." Snapsheet's SaaS platform provides all the tools required for fully digitized, end-to-end claims management in one system—from the automated assignment of work, to optimized digital communications to effective workload management to digital payments and settlement—driving speed and results for insurers. With Snapsheet Claims, customers can harness the true power of data and automation to make better, faster claims handling decisions, improve agility and increase profitability. Snapsheet Claims software seamlessly integrates with modern, legacy, or multiple core systems with business line configurations to support multiple brands. "A fast-growing startup and a pioneer in bundled insurance, Branch Insurance is part of a new class of digital insurance companies that leverages innovative tech to enhance the customer experience," said Andy Cohen, President and Chief Operating Officer of Snapsheet. "We are proud to equip Branch Insurance, along with our clients across the globe, with a platform that allows them to build a claims operating model for the digital world." About Snapsheet Snapsheet is the pioneer in virtual appraisals and a leader in cloud-native claims management software, enabling the most innovative claims organizations to deliver the best experiences for customers. With a focus on engagement, digitization, and intelligent automation, Snapsheet provides unmatched software and processes to improve customer experience, drive greater organizational agility, and deliver transformational benefits through its Snapsheet Cloud software suite and Appraisal Services offerings. Snapsheet leads the industry in claims innovation including the deployment of the fastest digital auto insurance claims process in the United States. As a trusted innovation partner, Snapsheet works with more than 125 clients, including many of the largest insurance carriers, third-party administrators, MGAs, insurtechs and sharing economy disruptors. About Branch Insurance Branch Insurance is on a mission to make insurance more accessible and affordable for everyone by tapping into the power of community. Utilizing innovative technology, Branch has made bundling home and auto insurance online quicker and easier than ever before. Branch was founded in 2017 by insurance veteran Steve Lekas and tech entrepreneur Joe Emison, and is headquartered in Columbus, Ohio. Branch is underwritten by the Branch Insurance Exchange and General Security National Insurance Company (GSNIC) and backed by SCOR SE, all A-rated insurance entities.

Read More

RISK MANAGEMENT

Sun Life partners with Teledentistry.com to bring 24/7 dental provider access to members

Sun Life | January 06, 2022

Sun Life U.S. has partnered with Teledentistry.com to bring members 24/7 virtual access to dental providers, whenever, and wherever they are. The service is automatically incorporated into members' dental coverage, and provides a safety net for those who need dental care in emergencies, while traveling, or at night or on weekends. "Oral health is part of overall health, and we are committed to helping our members get the right care when they need it, whether for regular preventive care visits or emergencies, We are thrilled to partner with Teledentistry.com to make dental benefits and urgent dental care more accessible, and meet our members where they are." -Joi Tillman, vice president of Voluntary, Dental and Vision at Sun Life U.S. With easy-to-navigate virtual access, members who need a dental consultation can get one quickly from a Teledentistry.com dentist, and get referred for definitive care if necessary. Consultation results are communicated to the member's dental provider for follow-up care. By accessing a Teledentistry.com dental professional any time virtually, members can get the care they need at the right time and may reduce their costs, especially in cases of emergency when the only alternative may be an ER visit. "Teledentistry.com is dedicated to improving access to dental care, Our team of dentists is ready to help with a virtual consultation, prescribe medications as appropriate and refer patients to a local in-network dentist for regular care. We are proud to partner with Sun Life to help support their members with a virtual dentist anytime they need one." -Dr. Vilas Sastry, CEO of Teledentistry.com. About Sun Life Sun Life is a leading international financial services organization providing insurance, wealth and asset management solutions to individual and corporate Clients. Sun Life has operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of September 30, 2021, Sun Life had total assets under management of C$1.39 trillion.

Read More

Marsh Joined Forces with AXA XL to Launch Marsh DeliveryPRO Insurance Solution

Marsh | June 08, 2020

Marsh announced the launch of Marsh deliveryPRO that enables businesses to meet the increased demand for same-day delivery of their products more efficiently. Marsh has collaborated with AXA XL and mobility data and analytics company Arity to create Marsh deliveryPRO. With deliveryPRO, Marsh clients can purchase a minimum of $500,000 in exclusive third-party bodily injury and property damage auto liability capacity from AXA XL. Marsh, the world’s leading insurance broker and risk advisor, today announced the launch of Marsh deliveryPRO, a customizable insurance solution that enables US businesses to meet the increased demand for same-day delivery of their products more efficiently. Many grocers, delivery network companies, retailers, restaurants, and other businesses are using individual drivers as employees or in a “gig” independent contractor capacity to meet the surge in demand for delivery during the COVID-19 pandemic. In these cases, the drivers’ own vehicle is used. Current commercial auto liability insurance for such delivery can be difficult to secure and is often based on outdated models like prior year revenues, resulting in inefficient pricing. Read More:Insurtech Leaders Partner To Provide Independent Agents With Tailor-Made Business Solutions To address these issues, Marsh has collaborated with AXA XL and mobility data and analytics company Arity to create Marsh deliveryPRO, an innovative usage-based, price-by-mile insurance solution that allows businesses to pay only for the coverage they need. With deliveryPRO, Marsh clients can purchase a minimum of $500,000 in exclusive third party bodily injury and property damage auto liability capacity from AXA XL in excess of a minimum $500,000 self-insured retention for their hired and non-owned delivery exposures. Read More: FCA Probes 500 Insurance Policies In Test Case Preparation The policy acts as primary auto coverage when the driver is on an active delivery, as tracked by the deliveryPRO platform powered by Arity or other existing technology. Premiums are based on the number of miles driven for the delivery, allowing insurance costs to scale with a business’ growth. Pay-per-claim third-party claims administration services and claims consulting also are available. Many businesses have had to ramp up their existing delivery services or convert from in-person sales to on-demand deliveries overnight as a result of the global pandemic. Even when the crisis is over, last-mile delivery will likely continue to grow, With Marsh deliveryPRO, businesses can access usage-based insurance, pay only for what they need, and meet the surge in demand for delivery. - Robert Bauer, Head of Marsh’s US Sharing Economy and Mobility Practice. Chris Kopser, AXA XL President of Global Risk Management, said: “AXA XL is committed to providing tailored solutions that address emerging risks, particularly in the sharing economy and mobility space. Our relationship with technology innovators and strong distribution firms like Arity and Marsh respectively, empower us to help address the evolving needs of our clients.” Our expertise in mobility data analytics enables us to understand how someone behaves while behind the wheel, whether it’s for a delivery or personal use. This gives businesses greater control and the ability to work with and employ delivery drivers directly. Arity is proud to play a part in providing groundbreaking solutions that allow businesses to quickly adapt and effectively manage their insurance costs while giving individual drivers protection when making deliveries with their vehicles. - Gary Hallgren, President of Arity. About Marsh Marsh is the world’s leading insurance broker and risk adviser. With over 35,000 colleagues operating in more than 130 countries, Marsh serves commercial and individual clients with data driven risk solutions and advisory services. Marsh is a business of Marsh & McLennan Companies (NYSE: MMC), the leading global professional services firm in the areas of risk, strategy and people. With annual revenue approaching US$17 billion and 76,000 colleagues worldwide, MMC helps clients navigate an increasingly dynamic and complex environment through four market-leading businesses: Marsh, Guy Carpenter, Mercer, and Oliver Wyman.

Read More