ITC 2025 – Dare to Imagine a New Era of Insurance

What an achievement — 10 years for ITC Vegas!  Majesco and I have been there for each one, riding the promise of innovation with a wonderland of possibilities!  As is our approach the last 5 years, we leaned into the ITC theme with our booth and our “Mad Hatter” bringing people into a new world of Majesco Intelligent Solutions embedded with AI – including GenAI and Agentic AI.  

Last year it was all about GenAI.  This year it was about Agentic AI. 

While many are talking about and experimenting with AI via pilots, those pilots are rarely implemented and even fewer are actually finding measurable business value. Reinforcing that, a landmark MIT/NANDA study found that only 5% of generative AI pilots deliver measurable financial returns, while a staggering 95% stall without impacting P&L. 

Majesco on the other hand is leading in the implementation and creating REAL business value with GenAI and Agentic AI.  We had it front and center at ITC!

ITC Pre-event – AI Horizons 2030: Provocations and Possibilities

At an exclusive ITC pre-event we sponsored with Sabine Vanderlinden and Alchemy Crew, we had more than 50 top insurance executives, investors and innovators discussing the future of insurance. The theme was bold, and we explored how ubiquitous AI, robotics, and human ingenuity could redefine risk, value, and trust in our industry over the next decade.

It was an insightful event with some provocative statements including:

“The market has completely wrong assumptions about insurance innovation. Everyone expects an ‘Uber of Insurance’ from outside – but actually, the real disruption might come from insiders who leverage partnerships. Innovation isn’t always sexy; sometimes it’s upgrading the plumbing of insurance.”

“If we harness AI responsibly, we can both expand insurance’s reach (e.g., offer coverage in underserved markets) and improve its efficiency dramatically.“

“Our legacy tech is like the spinal cord – if it’s brittle, it doesn’t matter how smart the brain (AI) is.”

My personal bold prediction garnered lots of attention and discussion, because of the operational impact it will create for insurance: 

“By 2030, insurers that have redefined their operations with AI, generative AI and agentic AI will see a 20+‑point expense‑ratio difference, making them more competitive and reshaping industry rankings.”

While it may seem bold, in reality it is more than achievable! 

GenAI and Agentic AI – Truly a Wonderland of Possibilities

Everywhere you turned it was all about GenAI and Agentic AI – a wonderland of AI and intelligence. It is increasingly obvious that the insurance value chain and opportunities to leverage AI, GenAI and Agentic AI are broad and will be a game-changer.  But the difference is in the proof!  As we like to say, “Proof versus promises.” Why?

GenAI and Agentic AI are the new catalysts for enterprise-wide transformation and operational optimization. Every operational activity in insurance can be augmented with agentic AI. It’s not about eliminating people—it’s about improving the quality and speed of their work. GenAI and Agentic AI business value compounds over time as insurers embed them more broadly in workflows across the entire value chain. GenAI and Agentic AI extend business value beyond time and cost savings to include improved decision quality, faster innovation, employee satisfaction, and stronger customer loyalty.

As seen in our Townhall Takeover fireside chat and demos, Majesco is leading the industry into a wonderland of possibilities and proof in the use of AI, GenAI and Agentic AI embedded in all our core solutions across the insurance value chain. It’s not just a technological upgrade. It’s not a bolt-on capability. It is embedded in the entire fabric of our solutions that is helping to break barriers and create a new era of operational excellence. 

As we noted in our recently published thought leadership, we have benchmarked our current GenAI and Agentic AI uses cases that provide a baseline of business value today:

• Majesco P&C Intelligent Core with current use cases based on a single transaction and user could save 98,787 hours annually and the baseline would save the time of 58 people at $4,067,711 across the value chain.
• Using the same assumptions, Majesco Loss Control would save the time of 6 FTEs at $439,923 annually.
• Majesco L&AH Intelligent Core with current use cases based on a single transaction and user could save 35,031 hours per year and the baseline would save the time of 21 people at $1,442,439 across the value chain.
• Or more importantly, these savings could be allocated to other strategic priorities or allow you to do more with the same number of people!

And we are just getting started! Majesco plans on bringing new use cases to our customers monthly, expanding on the baseline business value and accelerating real operational transformation!  

Even more importantly, this level of operational impact with the current use cases we believe could have up to a 5-point decrease in expense ratios. So think about my projection for 2030 of a 20-point decrease … just imagine expanding with additional use cases over the next 5 years!   We will be driving even greater operational efficiencies and productivity … the 20-point decrease is within reach for those with a vision, the right technology partners and a focus on execution. 

It will reduce operational costs, improving expense ratios and profitability. It will improve product pricing due to lower expenses that will create market competitiveness, growth and help close the protection gap. It will help attract, retain and onboard the best talent as we see 40% of the insurance workforce retire. It will improve customer and agent experiences by empowering the front-line with the information they need to deliver quality and consistent service. 

Intelligent Future Limited by Legacy Technology

Unfortunately, we found in so many discussions at ITC, insurers have legacy baggage that limits what they can do. 

Over the last 10-15 years, we saw a major shift in core systems, both in terms of technology and business capabilities within many modernization and transformation programs. However, many of these programs were painful and expensive, running over many years and costing tens to hundreds of millions of dollars due to the high level of customization of the on-premise implementation. Even worse, legacy solutions make it difficult to leverage the data to provide meaningful, actionable insights. And many are stuck on these now-legacy solutions.

Even more shocking is that many of these “modern core solutions,” while they now have a cloud version, are not focused on GenAI and Agentic AI as a foundational element of the core solution. Rather many are looking at “add on” capabilities for a single use case that will have implementation and ongoing costs. This is where embedded GenAI and Agentic AI within the core is so powerful. It offers a multiplier effect that cannot be duplicated with one-off AI use cases.  

As insurers select their vendors, they need to have an AI vision of scaling the business across the entire value chain to achieve measurable and impactful business results. As an example, if your policy and billing solutions have embedded GenAI and Agentic AI, but your Claims solution does not … consider the operational issues that creates – departments that are the haves or have nots, limited overall expense reduction, challenges with employees and differences in customer service. Instead of a well-oiled machine, partial AI capability will challenge operations through inconsistency, imbalance and an inability to capitalize on real AI learning.

In a competitive and fast-evolving market, insurers must select the right partner and embrace GenAI and Agentic AI to redefine what it means to be agile, customer-centric, and future-ready. Is that partner financially and technically able to make the investments?  Many did not make the move to cloud soon enough and fell behind. Today, many are already falling behind with AI. 

The Future of Insurance – It is here and accelerating

Most insurance operating models were crafted over decades around a myriad of constraints and business assumptions and challenges. The operating model evolved to support this legacy construct by layering in technologies over legacy with the hope of optimizing. But the result has been inefficient, unprofitable, and employee-constrained operations with a layered, complex technology foundation that has increased costs rather than decreasing them.

Insurers need to change the economics for loss ratios, expense ratios, risk selection, and risk prevention.  

Transitioning to a new operating model is necessary but is not without risks that must be addressed. The new business model must take advantage of ground-breaking technologies, such as IoT, GenAI, next-gen cloud platforms and others to redefine and optimize new business processes and methodologies. This offers insurers a new paradigm shift, opening the door to a wonderland of possibilities that enable agility, scale, operational optimization, and innovation in a fast-changing market and era of risk.

Insurers must begin with a clear roadmap and the right solution partner who is investing in the core solutions that will deliver broader value. The roadmap would include high-impact use cases where AI can drive immediate value—such as claims triage, underwriting automation, and enhanced customer service. These early wins create momentum, provide critical learning experiences, and address fear or concerns about technology.

As I stated in the pre-event, insurance incumbents can thrive by leveraging their strengths – brand, expertise, capital – if they also embrace change.

It’s about being bold and smart: invest in AI but also invest in your people and core systems. The winners will marry high-tech with high touch.

The question for the almost 10,000 attendees of ITC this year … Will you embrace a wonderland of possibilities to redefine your future in insurance, positioning your company for success? Or will you continue down the rabbit hole of the past?

I think the path to take is clear. We will see who the winners and losers are over the next 5 years as AI reshapes our industry, redefines our financial metrics and creates a wonderland of possibilities for a new era of insurance!