TMCnet News
Vantage Selects Majesco Billing for P&C, Policy for P&C and Digital1st® Insurance as Foundational Platforms for Fueling Insight-Driven UnderwritingMajesco, a global leader of cloud insurance software solutions for insurance business transformation, today announced that 2020 startup, Vantage Group Holdings Ltd. (Vantage) is now live with Majesco Billing for P&C for its insurance segment, with plans to also implement Majesco Policy for P&C and Majesco Digital1st® Insurance in their Vantage Cloud as foundational platforms for their business growth strategy. Backed by $1 Billion of initial capital provided primarily by Carlyle and Hellman & Friedman, Vantage launched the specialty re/insurance company in December 2020 with a plan to build the business and US insurance platform in 2021 by leveraging advanced technology capabilities to support an increasingly complex global risk environment. They are proudly focused on addressing complex risks with smart technology and robust analytics and have adopted a cloud-first technology strategy. Vantage needed a next generation core and digital solution that would adapt and keep pace with risk market shifts and rapid growth plans. Following a highly competitive selection process, Vantage selected Majesco Policy for P&C and Majesco Billing for P&C to support their Specialty Lines of Insurance, including Professional Liability, Management Liability, Financial Institutions, Healthcare and Excess Casualty, Political Risk and Credit. Majesco was able to implement the billing platform in only 9 weeks. As Vantage continues to expand its offerings, they will also bring to market several tailored products. Vantage will tap into Majesco's Digital1st® Insurance platform, a cloud-native microservices digital insurance platform, for its specialty insurance Digital Underwriting Workbench that will enable insight-driven underwriting decisions and streamlined processes. Majesco's extensive experience and advanced capabilities across specialty andstandard commercial insurance lines in handling both proprietary products and bureau-based products were key factors in the selection. "Risk has never been more prominent and the need for risk capacity and insightful underwriting is critical," says Gail McGiffin, Chief Information and Operations Officer at Vantage Group Holdings Ltd. "By partnering with Majesco we can quickly adapt to increasingly complex market demands with innovative, next-generation core solutions that are easy to use and flexible to configure. This will fuel our ability to bring new products to market quickly, helping us provide our customers and distribution partners with responsive and innovative solutions." Market leaders understand that digital, next generation underwriting, policy, and billing solutions are essential to growth, profitability, and responsive customer service. It is important to Vantage to accelerate the build of their digital platform to allow generation of meaningful underwriting and analytical insights to address clients' risks. Majesco's recognized market leading solutions provide a proven, scalable platform complete with rich, broad capabilities, "ready to use" content, and out-of-the-box functionality. Its next-generation, cloud-native platform solutions help technology-focused companies like Vantage stay at the leading edge of change and market opportunity. "We're honored and excited to welcome Vantage to the Majesco customer community to enable their strategy to deliver innovative insurance products needed in a rapidly changing risk landscape," stated Prateek Kumar, EVP of Americas at Majesco. "Our recognized market leading platforms for the commercial and specialty segment are accelerating our client's ability to capture new growth opportunities by rapidly adapting to market and customer demands. Our commitment to innovation and technology aligns with Vantage's strategic vision and we look forward to working with them to create a future of insurance that can stand up to any market change." About Majesco 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 (News - Alert) 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. For more details on Majesco, please visit www.majesco.com. About Vantage Vantage Group Holdings Ltd. (Vantage) is a re/insurance partner designed for the future. Driven by relentless curiosity, our team of trusted experts provides a fresh perspective on our clients' risks. We add creativity to tech-enabled efficiency and robust analytics to address risks others avoid. For more information, please visit www.vantagerisk.com/.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210914005169/en/ |
