Incumbent insurers and InsurTech startups are changing the rules of the insurance business with the powerful capabilities of cloud-based platform businesses
Morristown, NJ – October 15, 2019 – Majesco (NASDAQ: MJCO), a global leader of cloud insurance software solutions for insurance business transformation, today announced the release of a new research report, Insurance Platforms – A Burning Platform for Market Leadership in the Digital Era of Insurance.
The report underscores how visionary leaders are leveraging customer, market and technology trends as a many-fold opportunity for insurance growth by reaching new or underserved markets, creating innovative new products and personalizing the customer experience by using new sources of data and offering compelling experiences. These leaders are forging the path to the future with a cloud-based platform utilizing cloud, microservices, open APIs and API gateway, artificial intelligence and machine learning, and digital ecosystems that will keep them ahead of the trends and the changing competitive marketplace.
“We are in the early stages of the redefinition and value creation revolution for insurance, particularly with the rapid growth of cloud and changing technology foundation coupled with growing ecosystems that provide new data sources, innovative capabilities and interesting services, all of which create a multiplier effect for growth,” commented Denise Garth, SVP of Strategic Marketing, Industry Relations and Innovation at Majesco. “Every aspect of the insurance business is being redefined within the context of the future … not the past. And platforms are the future.”
The report notes an increasing priority and urgency around the technologies underscoring platforms because of the tremendous value and opportunity in terms of the growth and innovation they can deliver. But with so many now using the “platform” word, it is important to note what a platform is not. It is not taking “modern core systems” and implementing them in a hosted environment and calling it “cloud,” lacking all the benefits of an architected solution that leverages cloud capabilities. It is not having a time-consuming, costly upgrade process. It is not creating a marketplace of partners using “accelerators” or point-to-point integrations. It is not having a handful of APIs and stating that you are API-enabled. And it does not use a “portal out-of-the-box.”
“The heart of the insurance platform is an orchestration of next gen technologies including cloud native computing, microservices, APIs, new data sources, and artificial intelligence and machine learning, coupled with an ecosystem of partners,” noted Manish Shah, President and Chief Product Officer at Majesco. “With this unified combination of components, insurers can shift from being the ‘owners of complex core systems’ to become the ‘owners of platform with product agility, digital fluency, innovation and speed to value’ required in today’s pace of change.”
The report details each component of the insurance platform and gives examples that illuminate how companies, both startups and incumbents, are creating new products and business models built on insurance platforms, helping them accelerate innovation, dynamically plug into ecosystem capabilities and deliver speed to market. The report notes how the early platform players are broadening their ability to penetrate existing and new markets through their ability to “plug and play” into other ecosystems, such as mobility, housing or transportation/logistics.
Time is of the essence because the future of insurance is picking up speed. Insurers must proactively adjust to customer demands, needs and demographics, to the changing risk environment, to shifting market boundaries and to the accelerating advances and adoption of technology. Platforms, with their technology and ecosystems, offer a unique opportunity for the industry to reinforce its relevance to customers.
The thought leadership report is available to download on the Majesco website, or you can request a copy by emailing email@example.com.
Majesco (NASDAQ: MJCO) provides technology, expertise, and leadership that helps insurers modernize, innovate and connect to build the future of their business – and the future of insurance – at speed and scale. Our platforms connect people and businesses to insurance in ways that are innovative, hyper-relevant, compelling and personal. Over 200 insurance companies worldwide in P&C, L&A and Group Benefits are transforming their businesses by modernizing, optimizing or creating new business models with Majesco. Our market-leading solutions include CloudInsurer® P&C Core Suite (Policy, Billing, Claims); CloudInsurer® LifePlus Solutions (AdminPlus, AdvicePlus, IllustratePlus, DistributionPlus); CloudInsurer® L&A and Group Core Suite (Policy, Billing, Claims); Digital1st Insurance™ with Digital1st eConnect™, Digital1st EcoExchange™ and Digital1st Platform™ – a cloud-native, microservices and open API platform; Distribution Management, Data and Analytics and an Enterprise Data Warehouse. For more details on Majesco, please visit www.majesco.com.
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