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Insurers need to realign businesses with consumer needs: Majesco

Personal property and casualty (P&C) and individual life and annuity (L&A) insurers are more vulnerable than other businesses to consumer opinions and the rapidly shifting needs and expectations of the emerging generation of insurance customers, according to Majesco, an insurance software provider.
“It is clear that the current insurance business and customer journey was built for the silent and baby boomer generations, who have adapted to it and are generally content with it, because that’s the way it has always been for them,” noted Denise Garth, senior vice president of Strategic Marketing, Industry Relations and Innovation at Majesco. “However, led by Millennials, Gen Z and increasingly Gen X who sits between them and the older generation, their needs and expectations are rapidly shifting to new products and services, new channels and a robust, intuitive digital experience.”

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