The disruption and changes that are reshaping industries, and the businesses within them, are creating unprecedented growth opportunities for commercial and specialty insurers
Morristown, NJ – June 20, 2017 New risks, new markets and new customers are fueling demand for innovative new commercial and specialty products and services, according to a new thought leadership report published today by Majesco (NYSE MKT: MJCO), a global provider of core insurance software and consulting services for insurance business transformation. The report, A New Age of Insurance: Growth Opportunities for Commercial and Specialty Insurance in a Time of Market Disruption, highlights how changing trends in demographics, customer behaviors, technology, data and market boundaries are creating a dramatic shift from traditional commercial and specialty products to the new, post-digital age products redefining the market of the future.
“The disruption and changes that are reshaping industries and the businesses within them, are creating unprecedented growth opportunities for insurers who can capture the opportunities in terms of new risks, new markets, new customers, and the demand for new products and services. Cloud-first strategies are the foundation for these insurers in a fast-paced world where a new generation of start-ups, launch of new products and expansion into new market segments is creating new age of insurance,” noted Denise Garth, SVP Strategic Marketing, Industry Relations and Innovation at Majesco. “The insurers that succeed in capturing the opportunity will be those that show strategic courage and forward thinking to redefine their business models, processes, products, services and channels to grow in this new age of insurance.”
New technologies, demographics, behaviors, and more, will fuel the growth of new businesses and industries over the next 10 years. Many of these businesses will grow within completely new industry types, setting the stage for new insurance market expansion. Commercial and specialty insurance provides a critical role to these businesses and the economy by protecting businesses and the economic system from failure by assuming the risks inherent in the production and delivery of goods and services.
Industry statistics for the “traditional” commercial marketplace don’t yet reflect the potential growth from these new markets that may still need traditional insurance, but also may need new types of insurance. It is a diverse group that embraces new technologies, social shifts, demographic shifts, new economies, and more, focused on narrow segments that will increasingly demand niche, personalized products and services. Many do not fit neatly within pre-defined categories of risk and products for insurance, creating opportunities for new commercial insurance products and services.
For insurers looking to take advantage of these new opportunities, adopting a modern cloud business platform is nearly mandatory. Cloud-based technology enables insurers to break down traditional boundaries, age-old business assumptions, and IT constraints, to rapidly develop new products and services and capture the opportunities for commercial and specialty risk. In this new age of insurance, the focus is on speed to value, which includes:
- Speed to implementation – get up and running in weeks or a few months versus years
- Speed to market – rapidly develop and launch new products or enter new markets
- Speed to revenue – rapidly enable business growth with minimal upfront cost
A new generation of insurance buyers with new needs and expectations creates both a challenge and an opportunity. Insurers that can see and respond to the changes and opportunities for commercial and specialty lines will set themselves apart from those that do not.
The new thought leadership report, A New Age of Insurance: Growth Opportunities for Commercial and Specialty Insurance in a Time of Market Disruption, is available on the Majesco website to download, or you can request a copy via email, firstname.lastname@example.org.
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 majesco.com.