New Majesco Report Highlights the Insurance Distribution Transformation Needed to Succeed in a Multi-Channel World
Channel efficiency, optimization and speed to value will transform the market from limited, restricted growth to one with golden opportunities that meet customer expectations
Morristown, NJ – June 1, 2017: Majesco (NYSE MKT: MJCO), a global provider of core insurance software and consulting services for insurance business transformation, today published a new thought leadership report, Succeeding in a Multi-Channel World: Channel Efficiency, Optimization and Speed to Value. The report highlights how fluctuations in market dynamics are creating challenges and opportunities for insurers of all sizes and across all lines of business, chief among them expanding, managing and optimizing the distribution channel.
“Insurers now recognize that it’s all about the customer, not the product… with the customer in control,” commented Denise Garth, SVP Strategic Marketing, Industry Relations and Innovation at Majesco. “In this perspective, customers want multi-channel options as we found in our consumer and small-medium business research. In this new environment, insurers must have a digital, multi-channel focus—from back to front office, and from an internally-focused business model to one that considers the ecosystem–across the entire distribution network.”
In this new and ever-changing business landscape, this means insurers must rethink distribution-related strategy and execution. Insurers across all lines of business are faced with a new reality: integrating and aligning the right technologies, data and systems to improve existing channel development as well as approaching new channels and partnerships that leverage the insurer’s ability to properly service all stakeholders. Insurers must effectively manage and optimize their growing channel ecosystem, to deliver on the multi-channel opportunity, from the traditional agent and broker channels to working with aggregators, compare sites, and new MGAs to name a few.
In other words, insurers need to be able to offer a host of flexible channels with which to interact and transact business, and support those channels with optimized core systems, the use of analytics, and reliable, secure data that facilitates each and every transaction. For distribution management, this means having the following three key components:
- A front end that facilitates digital engagement for an array of channels
- Distribution management tied to core systems for licensing, onboarding, and compensation for a multi-channel environment
- Sophisticated analytics to optimize the channels
These components enable agents, channel partners, outside parties and customers to interact with their insurers from any channel, any device at any time and in real time. But unless an insurer’s data, analytics and core distribution management system are optimized and aligned, an effective multi-channel strategy will not work. Insurers that are able to adopt this approach to distribution strategy will maintain a competitive advantage by being able to meet the ever-changing and unique needs of the new insurance customer.
The new thought leadership paper, Succeeding in a Multi-Channel World: Channel Efficiency, Optimization and Speed to Value , is available on the Majesco website to download, or you can request a copy via email, email@example.com.
Insurance business transformation is a journey of change and revitalization, a renaissance of Insurance. Approximately 150 insurance companies worldwide in P&C, L&A and Group/ Employee Benefits are transforming their businesses with Majesco’s solutions. Our market leading software and consulting 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.
Director, Market Research and Content Development