IT service provider Zensar announced on Wednesday it has entered into a definitive agreement to acquire U.S.-based insurtech Cynosure, which focuses on providing Guidewire platform implementation services to Property and Casualty (P&C) insurance carriers. The company reported:
“This acquisition is a critical component of Zensar’s ‘Return on Digital’ strategy that works on creating significant business impact for clients through scalable digital transformation programs. Insurance Companies worldwide are currently evaluating elements of their technology backbone to make their organizations digital ready. Many of them are still on legacy systems that limit their ability to leverage digital opportunities. Most insurers, especially in the P&C space, are moving to modern software platforms, such as Guidewire, as it enables them to not only create new experiences for their customers, but also helps them digitize a large part of their core insurance functions of Policies, Claims and Billing.”
While sharing more details about the acquisition, Harsh Goenka, Chairman of RPG Enterprises and Zensar stated:
“Insurance is one of the focus areas for Zensar. The combined capabilities of Cynosure, with its industry leading Guidewire capabilities in the Property & Casualty Insurance sector and Zensar’s digital expertise will augment the Company’s growth.”
Sandeep Kishore, Chief Executive Officer and Managing Director of Zensar, also commented:
“The digitalization of the insurance sector with reference to its products, sales channels and consumer engagement is increasingly driven by digital technologies. Cynosure is a Guidewire partner, and is well respected in the market place, making them experts in this area. They bring successful implementations, providing core system modernization with rich customer relationships that will serve as a significant value addition to our offerings,” commented
Sid Wadhwa, CEO and Co-Founder of Cynosure Inc., added:
“As part of Zensar, we have the opportunity to offer more robust integrated solutions combined with its digital transformational and infrastructure capabilities. Our expertise in Guidewire platforms have enabled our customers in the Property & Casualty Insurance space to reap long-lasting benefits which is now fortified by this combined entity.”
Zensar also noted that post the acquisition, Cynosure will continue to be managed by the founders led by Wadhwa. The management and team of Cynosure in the US and Bengaluru, India comprising of over 150 experts, will become a part of Zensar’s Insurance vertical.