Morristown, NJ – June 23, 2016 Majesco (NYSE MKT: MJCO), a global provider of core insurance software, consulting and services for insurance business transformation, today published a report, Greenfields, Startups and Incubators … Innovation in Insurance Products, Channels, Services and Business Models. The new report outlines de novo options and platform solution needed for companies to rapidly seize growing market opportunities due to change and disruption. Case studies highlight the market potential and impact of these approaches.
While much of the attention in this space has been focused on the hundreds of new startups backed by venture capital funding, the report reveals that significant, if quiet, activity has also been occurring among established insurance companies in the forms of startups, Greenfields and incubators.
“We saw something similar in the 2000’s, shortly after the Internet had really taken off, with companies like Progressive, Geico and esurance pioneering e-business as a new way of selling and servicing insurance,” noted Denise Garth, Senior Vice President of Strategic Marketing, Industry Relations and Innovation at Majesco. “But this time is different with the rapid pace, breadth and number of new models being introduced rapidly into the market, disrupting the industry. Those taking a de novo approach to grab a share of the changing insurance market, will need a platform based solution with pre-built content, data sources, channel options and best practices that can jump start the new business within weeks to months, not years.”
Majesco recently announced launch of Majesco CloudInsurer, an out-of-the-box repeatable, scalable cloud platform with broad appeal for all insurers from greenfields, new start-ups and incubators to mid-market and tier one insurers.
The thought leadership paper, Greenfields, Startups and Incubators … Innovation in Insurance Products, Channels, Services and Business Models, is available on the Majesco website to download, or you can request a copy via email, email@example.com.
Majesco enables insurance business transformation for approximately 150 insurance customers by providing solutions which include software, consulting and services. Our customers are insurers, MGA’s and other risk providers from the Property and Casualty, Life, Annuity and Group insurance segments worldwide. Majesco delivers proven software solutions, consulting and services in the core insurance areas such as policy, billing, claims, distribution management, BI/ analytics, digital, application management, cloud and more. For more details on Majesco, please visit majesco.com.
Director — Global Marketing
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