ValueMomentum experienced 31 percent revenue growth in FY 2018
ValueMomentum, Inc, a leading provider of software and services to insurance, health care and financial services firms, today announced unprecedented 31 per cent growth in overall business for its fiscal year ending March 31st, 2019.
Growth was led by digital transformation, cloud adoption, data modernization and core transformation projects at existing and new clients. Notably, clients increasingly entrusted ValueMomentum with end-to-end digital initiatives, including engagement on one end and automation on the other. ValueMomentum’s team grew to approximately 2,500 associates during this period.
ValueMomentum reorganized its team last year to bring sharper focus on its offerings, with a charter to drive increased speed & value to our clients. This reorganization allowed further specialization and the development of targeted solutions for ValueMomentum’s insurance, banking & healthcare markets to drive momentum to our clients’ digital, data & core transformation initiatives.
“Our business model as a specialist providing industry-focused IT services and solutions to the verticals we compete in has played a pivotal role in ValueMomentum’s accelerated growth,” said Kalyan Kodali, ValueMomentum’s Chief Executive Officer.
“Our deep industry experience & technical expertise, and more importantly, our relentless focus on providing the attention and care to each client to ensure they achieve their business goals, together enable us to form deep and lasting partnerships with our clients”, he added.
“Insurers are starting to shift from core to digital, data and security. Plans for cloud deployments are also increasing in 2019. As insurers embark on digital transformation journeys to optimize their IT and bring efficiencies to their operations, vendors that sharpen their capabilities in analytics, digital and speed to market will be better equipped to meet the demands of insurer clients”, said Matthew Josefowicz, President and CEO of Novarica.
Highlights of key wins from 2018 include:
Several large projects with a tier 1 client to migrate their data center to the cloud.
Engagement to develop cloud native applications for a specialty insurance underwriter.
Legacy modernization engagement for a tier 1 insurance carrier’s commercial lines quote & application system for agents, involving a low-code application development platform and API gateway technology for integration with enterprise rating and print engine.
Several API modernization engagements for several mid-tier insurance carriers and an Open Banking API initiative with a mid-tier bank.
Data platform modernization project for a mid-tier property/casualty carrier, including migrating their on-premise data lake to a cloud native architecture.
Data lake implementation engagement with a tier 1 health payer, including a data quality solution for ingestion of data into the data lake.
Several mid-tier insurance client core modernization engagements involving analysis, implementation, integration, testing and application management.
Client recognitions by analysts in 2018 included:
Novarica Case Study Compendium 2018: ERIE Insurance – commercial lines agent portal
Novarica Case Study Compendium 2018: Acuity Insurance Customer Correspondence Automation
Celent Model Insurer Award 2019: ERIE Insurance – commercial account quote & application system (QAS)
Going into 2019, ValueMomentum plans to continue its investment in industry-focused R&D efforts and employee development. The company is hyper focused on advancing the knowledge and skills of its team to deliver value and drive momentum to all existing, new and potential customers in insurance, health care and financial services.
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