New Report Underscores New and Emerging Risks Pushing Insurers to Pivot Risk Management and Technology Strategies
Morristown, NJ – May or June 14th, 2023 – Majesco, a global leader of cloud insurance software solutions for insurance business transformation, today announced the availability of a new thought leadership report, published in collaboration with Capgemini, The Changing World of Risk: Insurers and Brokers at the Center of Risk.
The new report, based on a recent roundtable with P&C leaders facilitated by Majesco and Capgemini, takes a detailed look at the rapidly growing and shifting nature of risk and its impact on the insurance industry. Gone is the predictability of risk, along with its impact and frequency. With rising inflation, property and vehicle prices, materials, and repair costs, many insureds lack sufficient insurance coverage, resulting in a gap and an uptick in financial risk.
“While environmental risks including weather and natural disasters such as wildfires, hailstorms, flooding, or hurricanes have been in the headlines and top of mind, there is a growing set of new risks including societal and technological,” stated Denise Garth, Chief Strategy Officer at Majesco. “The growing complexity of risk requires insurers to rethink risk management and technology strategies from product pricing and underwriting to claims and risk prevention value-added services. Instead of playing defense, insurers must go on offense with a new operational and technology approach and strategy.”
The report assesses the changes in risk, risk assessment strategies, and the implications for underwriting, mitigation, and claims based on the roundtable discussion. Risk has really shifted from looking at it just as a policy level to now looking at it at the portfolio level, determining whether or not you can take on that risk, what’s the impact on portfolio profitability.
An investment in next-gen platform technology is a huge step for insurers to take to keep themselves ahead of the rest of the competition when it comes to risk prevention. Better technology is more responsive to changing risk data, new customer needs, and simulation to predict future risks on the horizon. Data is playing a substantial role in helping customers’ underwriting experience. An enhanced platform will allow insurers to intake data quicker, make faster and better decisions, and provide the right risk profiling for underwriters.
Majesco is the partner P&C and L&AH insurers choose to create and deliver outstanding experiences for customers. We combine our technology and insurance experience to anticipate what is next, without losing sight of what’s important now. Over 350 insurers, from greenfields and startups to some of the world’s largest insurers, rely on Majesco’s SaaS platforms solutions of core, data, analytics, digital, and rich ecosystem of partners to create their next now.
As an industry leader, we don’t believe in managing risk by avoiding change. We embrace change, even cause it, to get and stay ahead of risk. With 900+ successful implementations we are uniquely qualified to bridge the gap between a traditional insurance industry approach and a pure digital mindset. We give customers the confidence to decide, the products to perform, and the follow-through to execute.