Insurers must create a new playbook for a new digital age focused on growth and innovation
Morristown, NJ – May 31, 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, Digital Insurance 2.0: Playbooks for L&A and Group Insurers to Win in the Digital Age. The report details the strategic gaps facing L&A and Group insurers operating with a traditional Insurance 1.0 business model, and provides guidance on developing playbooks to close the gaps and shift to a Digital Insurance 2.0 business model.
The report notes that while most customers understand the basic value of insurance, the product and process complexity of Insurance 1.0 has made it difficult to create meaningful engagement with customers, causing many to view insurance as something they need but do not necessarily want. For discretionary products like life insurance and voluntary employee benefits, this is a particularly vexing issue as the next generation of insurance buyers, led by Gen Z and Millennials, represents the future and growth opportunities for the insurance industry. Insurers need to develop new Digital Insurance 2.0 playbooks to capture this next generation of customers or face irrelevance and decline in their market leadership.
The L&A and Group industry has experienced a long period of limited innovation, as well as a decline in insurance ownership over the last few decades. “Think about it: What were the last innovative ideas introduced into the industry before the digital age and the emergence of InsurTech?” commented Denise Garth, SVP Strategic Marketing, Industry Relations and Innovation for Majesco. “Many of the things we thought were innovative at the time – like variable universal life and critical illness for products, straight-through processing and online portals for operations, and bancassurance and comparison sites for channels – in reality are iterations within our traditional industry orthodoxies.”
A new wave of Digital Insurance 2.0 business models and products are emerging that are using cloud, data and digital technologies, and ecosystems to create simpler, more customized and tailored offerings with simplified processes that are directly attacking the weaknesses of Insurance 1.0.
Majesco’s new report highlights a unique framework to assess these new innovative business models and how they are assembled into fresh new playbooks for success in the new era of Digital Insurance 2.0. These innovative models are transforming insurance from a confusing ordeal that must be sold, to a more transparent, simple and engaging experience that is bought. By analyzing their business models with a consistent framework, insurers at all stages in their innovation journeys can identify their own unique, competitive plays for their Digital Insurance 2.0 playbooks.
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.
Cautionary Language Concerning Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of management, are not guarantees of performance and are subject to significant risks and uncertainty. These forward-looking statements should, therefore, be considered in light of various important factors, including those set forth in Majesco’s reports that it files from time to time with the Securities and Exchange Commission and which you should review, including those statements under “Item 1A – Risk Factors” in Majesco’s Annual Report on Form 10-K, as amended by Majesco’s Quarterly Report on Form 10-Q.
Important factors that could cause actual results to differ materially from those described in forward-looking statements contained in this press release include, but are not limited to: integration risks; changes in economic conditions, political conditions, trade protection measures, licensing requirements and tax matters; technology development risks; intellectual property rights risks; competition risks; additional scrutiny and increased expenses as a result of being a public company; the financial condition, financing requirements, prospects and cash flow of Majesco; loss of strategic relationships; changes in laws or regulations affecting the insurance industry in particular; restrictions on immigration; the ability and cost of retaining and recruiting key personnel; the ability to attract new clients and retain them and the risk of loss of large customers; continued compliance with evolving laws; customer data and cybersecurity risk; and Majesco’s ability to raise capital to fund future growth.
These forward-looking statements should not be relied upon as predictions of future events and Majesco cannot assure you that the events or circumstances discussed or reflected in these statements will be achieved or will occur. If such forward-looking statements prove to be inaccurate, the inaccuracy may be material. You should not regard these statements as a representation or warranty by Majesco or any other person that we will achieve our objectives and plans in any specified timeframe, or at all. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. Majesco disclaims any obligation to publicly update or release any revisions to these forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this press release or to reflect the occurrence of unanticipated events, except as required by law.