Competition Level to Step Up in 2015
Robert Regis Hyle | December 16, 2014
The folks at Majesco have been busy lately. There’s been a bevy of announcements coming from the technology solution provider since early fall when they announced the company would change its name from MajescoMastek to simply Majesco, but it turns out that was just the start of things.
It culminated—at least we think it culminated—with the announcement on Sunday that Cover-All Technologies will merge with Majesco with the combined forces rallying under the Majesco name.
This comes after last week’s acquisition of Agile Technologies and dipping into the analyst market to snatch Chad Hersh away from The Nolan Co. and make him an executive vice president in charge of the life & annuity and group & worksite benefits business. Majesco also hired Ed Ossie as its chief operating officer. That’s enough news to satisfy most business over the course of a year, much less a couple of months.
The solution provider market goes through periods like this occasionally, but it’s hard to remember when one company made so many changes in such a short period of time.
Certainly the Cover-All deal is the big one. The merger creates a large player in the insurance technology market. The two companies have a combined 150 insurance carrier customers and revenue of more than $100 million.
As Celent’s Donald Light points out, “Scale has always been a plus in the insurance software business. It speaks to a demonstrated ability to create and maintain insurer relationships. Technology firms with more customers have broader and deeper IP; and more resources to invest in getting better. That said, size alone is no guarantee of success. Smarts and agility and foresight are not correlated with size. Majesco has moved quickly to create a big player with impressive resources. Now comes the harder, but necessary, work of integration, vision, and creating value for current and future customers.”
There is no shortage of competition in the insurance IT market, so other solution providers are unlikely to be scared off by the new look of Majesco, but this certainly juices up the battle for investment dollars coming from insurance carriers. We are still two weeks from 2015, but the New Year already has the makings of an interesting time.
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The Email Chat is a regular feature of the ITA Pro magazine and website. We send a series of questions to an insurance IT leader in search of thought-provoking responses on important issues facing the insurance industry.
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