Founded in 2000, ValueMomentum serves 10 of the top 25 P&C insurance groups and over 75 P&C (property and casuality) insurers in the US, placing them in the top 10 IT service providers in this segment. Since its inception, the company has grown organically to nearly 5,000 associates in 2022.
“We support our insurance customers in their ongoing journeys to transform their technology from product-centricity to customer-centricity, achieving segmentation strategies, and forming or participating in ecosystems that protect their target segments from operational risk in addition to financial risk. While supporting their growth initiatives, we help build their enterprise digital platforms with modern core, personalised experiences, modern data platforms, intelligent automation and infusing speed & agility in their IT,” says Jim Carlucci, Executive Vice President of the insurance business unit.
“We relentlessly focus on customer needs and success above all else, endeavouring to add value to every initiative with relevant skills, experience and advice, which we leverage from our experiences of hundreds of engagements with insurers.
“Focusing exclusively on the needs of insurers, we’ve achieved higher reuse and utilisation of our knowledge, skills, and assets,” he adds.
Reaching the top five most valued technology service providers in insurance
Carlucci insists ValueMomentum is well positioned to achieve their goal to be regarded as one of the top five most valued technology service players in the industry.
In addition, they've developed competencies that differentiate them from most vendors, which places them in an exclusive group of just a handful of providers who can serve the insurer's needs.
“Some examples include an in-depth understanding of commercial lines and the intricacies involved in implementing those lines.
“We've developed mastery over how insurers leverage bureau-provided advisory loss costs, rules, and forms – often underpinning commercial insurance products, insurance, and segmentation strategies, as well as how these are transacted.
“We're also adept at enabling the creation of unique experiences for micro segments. Our deep skill and experience with technology enables omnichannel experiences at scale, while also adding agility to departments that could benefit from continuous development, deployment and end-to-end testing.
“Plus, we help insurers to leverage data – whether it's internal, external, structured, or unstructured – with the skill and experience required to effectively ingest, master and consume that data in order for them to make informed data-driven decisions,” adds Carlucci.
Future proofing to meet the needs of the customer
ValueMomentum is investing in deepening its core competencies that differentiates it from its competitors, strengthening & refreshing suite of service offerings, investing in research & development with emerging technologies and capabilities and deepening its alliances & partnerships.
Carlucci adds that the organisation’s “focus is on driving high productivity to help clients deliver more rapidly, by automating functional and IT processes and leveraging data.”
In addition to modernising client’s core policy, claims and billing systems, rationalising products, expanding new geographies, and deploying intelligent automation across the customer lifecycle, we aim to help insurers realise an enterprise-wide, connected digital platform that enables their transformation efforts,” according to Carlucci.
Major partnership with Pekin Insurance
ValueMomentum’s relationship with Pekin began in 2015, at the start of Pekin’s comprehensive transformation journey.
“We’ve worked with them on numerous initiatives involving digital, data, and core modernisation. As one of our critical customers, we're very proud to have them, and serve as a strategic IT partner, not just an execution partner.”
As Pekin expands into new geographies, ValueMomentum will continue to facilitate Pekin’s upgrading of core platforms and systems to the cloud.
“We're fortunate to execute against a cohesive strategy, positioning them for the digital age, achieving product specialisation, speed, agility, and the support of their customers, alongside ongoing growth,” says Carlucci.