NEXT GENERATION L&A AND GROUP CORE SUITE DESIGNED FOR A NEW ERA OF INSURANCE … TODAY

As the COVID-19 pandemic has clearly demonstrated, business operating conditions can change dramatically overnight, and life insurance PASs and the infrastructure on which they operate must be scalable, secure and adaptable to change.

Life insurance CIOs should be evaluating their PASs now to determine the degree to which they enable, or are a barrier to, this type of resiliency in the face of disruption.

The insurance industry, because of its relatively low transaction volumes and long contractual liability tails, has always followed technology advances that emerge earlier in places like banking and retail businesses.  Even before 2020 dawned, the pressure was on for the industry to accelerate the adaptation of digital capabilities across the array of channels and value chain participants that support the sale and servicing of critical products.  With the unfortunate arrival of the COVID-19 pandemic, the need to put the digital deployment initiatives into overdrive for many organizations became critical, with many key business processes and operational norms changed almost overnight.  Beyond that, once customers, producers and carriers found themselves in the “deep end” of the digitization pool, many found that they very much liked the experience, fueling the notion that going back to the before (pandemic) times is something that few will opt for in the future.  Core systems modernization is foundational to real digital transformation, given the need to improve operational efficiency and access to real time transactional capabilities.  At Novarica, we now see many carriers refining both budgets and plans to adapt to this new, and rapidly changing, reality.

Our goal is to deliver best-in-class service and tools within our industry. By personalizing the user experience with clearly displayed benefits, features and pricing, we are growing the building blocks which provide a strong pathway for customers to become well informed and to help make the best decisions for themselves and their families.

This new direction provides us with the opportunity to introduce to the market a unique business model unlike any other. The strategy represents innovation in our approach to growth and is a testament to the reality that every company needs to become a technology company in order to survive.

Celent is seeing increased activity in back-office transformations. This release of Majesco’s suite offers a single platform for both individual and group/voluntary, which can simplify an insurer’s environment. Their continued growth in digital capabilities enhances the value proposition.