Utilant
Information technology company providing insurance inspection management services.
| Date | Investors | Amount | Round |
|---|---|---|---|
| investor | €0.0 | round | |
N/A | Acquisition | ||
| Total Funding | 000k | ||
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Utilant, founded in 2005 by Patrick Davis, operates within the InsurTech sector, providing specialized software solutions for the property and casualty (P&C) insurance industry. The company's core offering is the Loss Control 360 platform, a Software-as-a-Service (SaaS) product designed to manage and streamline the loss control and premium audit survey processes for insurers. This platform facilitates the collection and analysis of underwriting and risk management data, enabling insurance carriers to make more informed policy decisions.
The business serves a client base that includes global insurance carriers and risk engineering companies, helping them to automate workflows and improve the accuracy of risk assessments. Utilant's revenue model is based on the subscription to its SaaS solutions. The Loss Control 360 platform supports commercial, personal, and specialty lines of business and is engineered to connect insurance core systems, inspection firms, and other InsurTech services, creating a comprehensive workflow for the global insurance industry. In response to changing market needs, the company also developed products like Guide Stream 360 to enable self-service and virtual inspections.
A significant milestone in the company's history was a Series A investment from Aquiline Technology Growth in January 2019, which was aimed at funding global expansion and enhancing the Loss Control 360 platform with artificial intelligence and data analytics capabilities. Subsequently, in January 2020, Utilant acquired IMTI Systems to further solidify its position in the loss control market. A major turning point occurred in May 2021, when Majesco, a global provider of cloud insurance software, acquired Utilant. This acquisition led to the creation of a new Data and Analytics business unit within Majesco, led by Utilant's founder, Patrick Davis, who joined Majesco's Senior Leadership Team. The integration of Utilant's technology aimed to enhance Majesco's offerings with advanced data analytics, AI, and machine learning models to improve underwriting profitability and accelerate digital transformation for its clients.
Keywords: loss control software, premium audit, insurance survey management, P&C insurance technology, underwriting software, risk management solutions, InsurTech, SaaS platform, insurance analytics, inspection software, Patrick Davis, Loss Control 360, Majesco, risk engineering, underwriting data, policy risk, insurance workflow automation, virtual inspections, contributory database, claims management