The acquisition of InsPro Technologies will strengthen Majesco’s domain depth in voluntary groups, voluntary benefits and worksite markets
Majesco has agreed to acquire InsPro Technologies, a company offering software services for life and annuity insurance market, for $12m.
The Philadelphia, Pennsylvania-based InsPro Technologies has a workforce of over 50, with experience in accident and health, long term care, medicare supplement, life and annuity market segments.
The company offers its InsPro Enterprise platform, which is an insurance administration and marketing system supporting group and individual business lines. The platform is claimed to provide efficient processing of agent, direct market, worksite and website generated business.
InsPro claims to process more than 15 million policies for major blue chip insurance carriers and third party administrators in the US, including customers who process more than a million policies each.
Majesco’s acquisition of InsPro could strengthen and expand its domain depth across voluntary, group, voluntary benefits and worksite markets where it could bring digital transformation for insurers.
Majesco CEO Adam Elster said: “The InsPro team brings years of experience and amazing talent to the global Majesco team. Together, we’ll focus on bridging customers to the new world with continuous software innovation that help them take advantage of the market growth opportunities in today’s insurance experience with cloud and digital transformation.”
The deal is expected to be closed this April
Majesco said that the deal, subject to customary closing conditions, is expected to be closed this April. The company intends to finance the deal through available cash.
InsPro Technologies customer delivery leader John Heidelberger said: “We are delighted to join the Majesco family. We looked long and hard for a partner that shared our view of the digital future for group and individual insurance lines.
“As a former insurance industry CIO and long term practitioner, I’m confident our line of business policy processing experience coupled with Majesco’s significant investments in digital solutions will allow us to offer our combined customer base a wider selection of solutions while providing even greater career opportunities for our committed team.”