Morristown, NJ – August 9, 2016 Majesco (NYSE MKT: MJCO), a global provider of core insurance software, consulting and services for insurance business transformation, today published a new thought leadership report, Accelerating Actuarial Processes. The report highlights the expanding role of actuaries in insurance as disruptive forces demand greater analytic-driven decisions, and how to fully leverage the talents of actuaries. The report outlines an approach to overcome existing organizational constraints to effectively prioritize, plan and implement actuarial innovation.
“Insurance has been, and still is, one of the most data intensive industries, and actuaries have a rapidly growing opportunity to help insurers liberate their data and innovate to respond to market opportunities and challenges,” noted Bill Freitag, Executive Vice President, Consulting at Majesco. “With the rapid changes in the insurance market due to changing demographics, expectations, technology, expanding data and emerging new risk, the pressure of changing market boundaries is expanding the contributions and focus of actuaries. Unfortunately, many companies have unintentionally built shackles over the years, such as lack of enterprise data management that impede actuaries to innovate and help companies respond to the market opportunities.”
The report outlines that for many companies, the lack of an overall data strategy and enterprise data management inclusive of consistent data definitions, formats and levels of granularity; cohesive operational data stores and data lakes; and automated processes for extraction and transformation of data are foundational elements for insurers today. Without them, insurers are unable to unlock their data, let alone work with new data sources such as internet of things, telematics, social and more. Breaking down these barriers is much like a reengineering process and must begin with a holistic understanding of the current business architecture and the roles that actuaries play in it
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.
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