How a Greenfield Strategy Can Accelerate Insurers’ Shift to Growth and Innovation
Incumbent insurers have a unique opportunity to capture first-mover benefits as the industry shifts to Digital Insurance 2.0
Morristown, NJ – July 5, 2018: Majesco (NYSE AMERICAN: MJCO), a global provider of core insurance platform software and consulting services for insurance business transformation, today announced the release of a new thought leadership report, Greenfields and Start-ups: Accelerating and Paving the Path to Digital Insurance 2.0, which details the opportunity for incumbent insurers to take advantage of, and to shape, the shift to Digital Insurance 2.0 started by InsurTech startups, and lays out a path to do so through a platform-powered Greenfield strategy.
Today’s customers want an experience. They want simplicity, visibility, flexibility and a unique journey that is personalized for them. Meeting and exceeding these rising needs and expectations requires a shift from Insurance 1.0 to Digital Insurance 2.0 in terms of new products, processes, and business models in an era of growth and innovation.
“InsurTech startups, insurers or MGAs, focused on the external market and customers are the first movers who are shaking up the industry. They are focused on gaining a competitive advantage by being first to market, enabling them to establish brand recognition, customer excitement and loyalty, while also giving them the advantage to ‘test and learn’ the new model, products or services,” commented Denise Garth, SVP Strategic Marketing, Industry Relations and Innovation for Majesco. “While InsurTech startups have an early advantage, incumbent insurers are increasingly joining the game by establishing new Greenfield operations to innovate, test and learn and capture the opportunities, leveraging innovative platform solutions. We should look at this unprecedented level of activity and investment as a large-scale test-and-learn period that will lead to a set of new market leaders and winning formulas that work best for the customer, the market and the company.“
While InsurTech startups have an early advantage, incumbent insurers are increasingly joining the game by establishing new Greenfield operations, whether it is a new brand, or a new portfolio of products and services. Some are from well-established market leaders, and others are from smaller mid-market insurers seeking new growth opportunities. These companies are investing capital in their future just like a venture capital firm would invest in startups.
While the disruption is in the early stages and has only begun to scratch the surface of opportunities, the time to participate is now, before the advantages of first-mover status disappear. In this age of rapid change, companies need to be leaders, rather than fast followers or laggards to succeed, let alone survive.
The thought leadership report is available to download on the Majesco website, or you can request a copy by emailing firstname.lastname@example.org.
Insurance business transformation is a journey of change and revitalization, a renaissance of Insurance. Approximately 160 insurance companies worldwide in P&C, L&A and Group / Employee Benefits are transforming their businesses with Majesco’s solutions. Our market leading software, consulting and services uniquely underpin the entire insurance value chain and are designed to empower insurers with the agility, innovation and speed needed to meet their transformation opportunities. Majesco’s solutions include policy management, new business / underwriting, rating, billing, claims management, distribution management, BI / analytics, predictive modeling, digital platform with mobile and portal, testing services, cloud services, bureau and content services, transformation services, consulting services and more. For more details on Majesco, please visit www.majesco.com.
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Director, Market Research and Content Development