{"id":62048,"date":"2021-01-07T14:00:35","date_gmt":"2021-01-07T19:00:35","guid":{"rendered":"https:\/\/staging.majesco.com\/?post_type=press&p=62048"},"modified":"2025-05-21T15:29:39","modified_gmt":"2025-05-21T19:29:39","slug":"majesco-acquires-claimvantage-to-strengthen-and-scale-the-la-and-group-business","status":"publish","type":"press","link":"https:\/\/staging.majesco.com\/?press=majesco-acquires-claimvantage-to-strengthen-and-scale-the-la-and-group-business","title":{"rendered":"Majesco Acquires ClaimVantage to Strengthen and Scale the L&A and Group Business"},"content":{"rendered":"\n

Expands product depth, growth potential and brings strong domain knowledge as insurers seek voluntary benefit growth underpinned by successful digital and business transformation<\/em><\/p>\n\n\n\n

Morristown, NJ \u2013 January 7, 2021 \u2013 <\/strong> Majesco, a global provider of cloud insurance platform<\/a> software, today announced that it has completed the acquisition of ClaimVantage, a global provider of enterprise claims platforms<\/a> as well as absence and accommodation management for the L&A market segment.  The acquisition of ClaimVantage comes just three months after the Thoma Bravo acquisition<\/a> of Majesco. It strengthens Majesco\u2019s strategic vision as a premier provider of next generation insurance software solutions<\/a> that enable insurers to accelerate their digital transformation to meet tomorrow\u2019s demands today. <\/p>\n\n\n\n

\u201cWe\u2019re excited to welcome ClaimVantage\u2019s customers to our community and look forward to helping them build the future of their business,\u201d commented Adam Elster, CEO of Majesco.  \u201cOur acquisition of ClaimVantage expands and complements our key strategic focus in the L&A market segment with both strategic and operational investments in the business and are reflected in the growing market recognition by industry analysts, new and expanding customers and broadening strategic partnerships. Together these enable us to partner with insurers to capture the market opportunities unfolding and accelerate their digital and business transformation and cloud journey.\u201d<\/p>\n\n\n\n

ClaimVantage is recognized as a top life insurance claims management software solution<\/a> for L&A and Group insurance market and a leader in Absence, Accommodation and Integrated Disability Management<\/a> (IDAM) to meet operational and federal and state compliance leaves demands.\u00a0 In addition, many corporate organizations have an increasing need for absence and accommodation management that is not offered by their insurers.\u00a0 ClaimVantage provides a valuable, established enterprise claims solution with the market leading absence and accommodation management capabilities to meet the unique needs for disability income products for over 35 customers including insurers, TPAs and large employers.\u00a0<\/p>\n\n\n\n

\u201cSince inception, ClaimVantage has been committed to building state-of-the-art, cloud-based solutions designed to transform the Life and Health claims insurance space, as well as absence management,\u201d said Leo Corcoran, CEO of ClaimVantage.  \u201cWith Majesco\u2019s market and cloud strength, SaaS expertise, financial strength and growing leadership in the L&A and Group market, we will be able to deliver even greater value to our customers.  We are excited to be joining the Majesco team and look forward to accelerating the industry transformation together.\u201d<\/p>\n\n\n\n

As the L&A industry enters a new decade, many insurers recognize the significant need to improve both operationally and innovatively, and create immediate business results and long-term value by replacing legacy debt in terms of operating models and core systems that support the market demand for employee and voluntary benefit products, particularly an increased interest in disability income insurance.  Robust disability claims with integrated absence and accommodation management is one of the top areas gaining stronger interest by employers for growth that has accelerated during the pandemic, moving down market to smaller insurers and TPAs. <\/p>\n\n\n\n

\u201cThis is a win-win-win move for both Majesco and ClaimVantage, positioning them well to meet the needs of a rapidly evolving industry,\u201d commented Rob McIsaac, EVP of Research and Consulting and practice leader for life\/annuity\/benefits at Novarica. \u201cEnterprise claims opportunities are both increasing and coming \u201cdown market\u201d to meet the expanded demand for disability income and other ancillary products as part of voluntary benefits offerings.  This comes in concert with a growing need for robust absence management capabilities to address a broadening array of state-level requirements, playing directly to a strength of ClaimVantage.  Majesco\u2019s financial strength, recognized leadership position for policy administration, coupled with ClaimVantage solutions, provides group and voluntary benefit insurers with a solution set where the merged entities will be stronger and more compelling than just the sum of the parts\u201d. <\/p>\n\n\n\n

This acquisition advances Majesco\u2019s vision and commitment to our customers, delivering additional value including: <\/p>\n\n\n\n