Cognizant has snapped up Adaptra, one of the major IT service providers in Australia’s insurance sector.
The acquisition further props up Cognizant’s healthcare and financial services vertical, which together account for nearly 70% of its revenue.
Sydney-based Adaptra works with five of the top ten insurers in Australia and New Zealand, and employs more than 100 professionals.
This is Cognizant’s second major purchase in the healthcare IT sector after it acquired Colorado-based TriZetto for $2.7 billion. TriZetto provided a connection with 245,000 healthcare providers, representing more than half of the insured population in the United States.
“Adaptra’s high-end business transformation and Guidewire expertise will complement our deep digital business, operations and systems capabilities, and further enhance our integrated solutions spanning the insurance life cycle,” says Jayajyoti Sengupta, Cognizant’s head in Asia Pacific.
Some of the technology platforms that Adaptra offers are said to be designed to meet these needs of insurers. Adaptra, founded in 1998, also offers program management and implementation services.
“With our shared commitment to helping insurers navigate the shift to the digital economy, we can drive future diversification and deliver high-value solutions based on our combined strengths,” said Peter Overton, Managing Director of Adaptra.
Insurance companies are reportedly finding it increasingly difficult to create a favorable customer experience, largely due to a lack of touch points they can use to engage with their customers. Therefore, they are counting on digital technology to remain agile and competitive.
In addition, they need digital technology to simplify critical processes relating to policies, claims and billing. An analysis of these processes, they believe, can get them an insight into customers’ needs and their own operational efficiency.