Majesco Acquires the DRC Business Bringing Market Leading Enterprise Rating and Complementary Core Platform for the Rapidly Growing MGA, MGU and Smaller Insurer P&C Market
Press Release
Acquisition advances Majesco P&C Insurance Software Solutions by delivering crucial technologies that accelerate growth strategies, innovation, and speed to market to meet rapidly changing risk and market demands
Morristown, NJ – January 3rd, 2024 – Majesco, a global leader of cloud insurance software solutions for insurance business transformation, today announced the acquisition of the Decision Research Corporation (DRC) business, a SaaS-based insurance software company delivering market-leading enterprise rating, a reinsurance solution, and core for the P&C insurance market. Majesco will add over 20 P&C customers to their growing customer community.
DRC designed and delivered a market leading enterprise rating for large insurers with complex rating demands and the core platform for the rapidly growing MGA/MGU market and unique demands for smaller insurers in a rapidly changing marketplace. The DRC acquisition expands the breadth and depth of solutions to improve operational optimization, innovation, and speed to market for all parties within the P&C market. The announcement furthers Majesco’s customer-centric growth strategy and reinforces its commitment to making insurance faster, easier and better for all.
“We’re thrilled to welcome DRC’s customers to our community and look forward to working with them to fast-track their growth, innovation and customer excellence strategies,” said Adam Elster, Majesco CEO. “DRC’s market leading solutions complement and extend our cutting-edge solutions for the P&C insurance segment, offering a portfolio of some of the most robust and innovative solutions in the market. We are excited to have the talented DRC team bring their extensive knowledge and market experience in these crucial and growing market segments and support our growing customer base.”
“DRC is excited to be joining the Majesco team; we believe that the acquisition will expand market opportunities and provide accelerated adoption and implementation of our solutions for our customers” said Karen Yamamoto, CEO of DRC. “The combined value of our products will deliver unmatched capabilities and value to the evolving P&C industry while expanding our ability to deliver specialized solutions for niche segments of the market.”
The P&C segment is experiencing significant change and innovation in insurance products that are market segment specific, risk specific, or behavior based, as well as focus on managing rates more frequently and efficiently to enable easy and fast updates that achieve speed to market. The DRC enterprise rating engine externalizes the rates, rules, and logic associated with rating to work with multiple policy systems to ensure consistency in rating changes, flexibility, and speed to market. The rating solution will be pre-integrated with Majesco Policy for P&C and will continue to integrate with other policy solutions as needed by customers.
At the same time, the P&C segment continues to see the rapid growth in the MGA/MGU market, as they select core platforms that meet the hybrid needs of both an insurer and MGA. The DRC core platform is specifically built to address these unique needs including out of the box capabilities and integration for business placement into the Lloyds and London market that can be implemented quicker and cost-effectively, which is of critical value for this increasingly price sensitive segment.
“The acquisition of DRC by Majesco is a significant move that will undoubtedly add to Majesco’s market momentum and leadership in the industry,” said Karlyn Carnahan head of Celent’s North American insurance practice. “With this acquisition, Majesco will be able to extend and complement its product portfolio by adding capabilities in the rapidly growing area of standalone rating. It will also act as a force multiplier to drive growth in MGA/MGUs and specialty insurers. The financial strength and R&D commitment of Majesco will help accelerate investment and innovation in these areas where DRC has been a front-runner. Overall, this acquisition is a smart strategic move that will benefit both companies and the industry as a whole.”
Sheppard, Mullin, Richter & Hampton LLP acted as legal advisors to Majesco. Fox Rothschild LLP served as legal advisors to DRC.
Majesco's products have received recognition from industry experts such as Celent, Gartner, Aite-Novarica, Forrester, Quadrant Solutions, Everest Group, and ISG. In addition, Majesco was ranked #1 in both P&C and L&AH in Quadrants’ Spark Matrix, recently earned a top 100 spot in IDC’s 2023 FinTech Rankings, named to FinTech Globals’ Top 100 InsurTech companies for 2023 and ranked 23rd in the 2023 Software Top 100 Companies.
About Majesco
Majesco is the partner P&C and L&AH insurers choose to create and deliver outstanding experiences for customers. We combine our technology and insurance experience to anticipate what is next, without losing sight of what’s important now. Over 350 insurers, from greenfields and startups to some of the world’s largest insurers, rely on Majesco’s SaaS platforms solutions of core, data, analytics, digital, and rich ecosystem of partners to create their next now.
As an industry leader, we don’t believe in managing risk by avoiding change. We embrace change, even cause it, to get and stay ahead of risk. With 900+ successful implementations we are uniquely qualified to bridge the gap between a traditional insurance industry approach and a pure digital mindset. We give customers the confidence to decide, the products to perform, and the follow-through to execute.
For more information, please visit www.majesco.com and follow us on LinkedIn.