Majesco, a provider of cloud insurance software solutions for the insurance industry, has acquired SaaS-based InsurTech Global IQX.
Global IQX delivers solutions to insurers designed to streamline, automate and transform how they do business.
The acquisition will see Global IQX be pre-integrated with Majesco Policy for the Life and Accident/Health (L&AH) segment and will continue to integrate with other policy solutions as needed by customers.
Majesco said the L&AH segment is prioritising and shifting to a more robust, AI driven underwriting workbench.
The company explained that the combined solution portfolio of Global IQX and Majesco will elevate underwriting and enrollment capabilities, with AI capabilities that give insurers a competitive edge both strategically and operationally.
The Global IQX solutions include Underwriting Workbench for quoting and rating, proposals, and renewals; Enrollment Suite with onboarding, employee self-service portal, individual medical underwriting, quoting, and rating, proposal, and renewal; Intelligence Suite using AI with AI census scrubber, new plan design recommender, workload recommender and lead scoring.
Mike de Waal, CEO of Global IQX, said, “We are excited to be joining the Majesco team to capture the growing market opportunities and accelerate the implementation of our solutions to our customers. The combined value of our products will deliver unmatched capabilities and value to the L&AH industry while delivering more sophisticated new business and underwriting value and results, creating significant competitive advantage.”
Karlyn Carnahan, head of Celent’s North America insurance practice, added, “By bringing together the strengths of the IQX and Majesco products, Majesco is able to offer a strong portfolio of solutions that is well tuned for the goals of the North American market. We see this acquisition as a major step in Majesco’s North American strategy and market positioning.”
Earlier this year, Majesco partnered with CyberCube to support growing demand for cyber insurance products.
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