Insurers must make transformation to Digital Insurance 2.0 a priority in order to reenergize their organizations through innovation and growth strategies
Morristown, NJ – May 2, 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 P&C Insurers to Win in the Digital Age, which details the strategic gaps facing current Insurance 1.0 companies and provides guidance on developing a playbook to traverse the gaps to move their business to Digital Insurance 2.0.
The combination of multiple factors within the macro trends of people, technology and market boundaries have resulted in gaps that are separating traditional Insurance 1.0 business models from Digital Insurance 2.0 models which are being built for a new generation of insurance customers whose needs, behaviors, and expectations are dramatically different. Furthermore, additional gaps were found in the 2018 Strategic Priorities research that must be overcome to shift to Digital Insurance 2.0.
To help close these gaps, the report includes a unique new framework that breaks down new insurance business models into key components, helping to understand the “formulas” that innovative new Digital Insurance 2.0 products and business models are using to capture a new generation of insurance customers. The framework, combined with key insights from Majesco’s recent Consumer and SMB research, serves as a tool to develop ideas for new products, services and business models to add to their growth and innovation pipelines, creating their own unique playbooks for Digital Insurance 2.0.
“Playbooks, and the play calling that goes with them, are critical for insurers as we rapidly shift from Insurance 1.0 to Digital Insurance 2.0,” commented Denise Garth, SVP Strategic Marketing, Industry Relations and Innovation for Majesco. She added, “They provide strategic direction that fits with changing market shifts. When strategists within the business examine their industry, its market segments, competitors and demographic trends, they can apply their plays more effectively to capture new or additional market opportunities to for growth and innovation. Those without playbooks and plays will find themselves scrambling from priority to priority, instead of confidently executing their strategies to win in a vastly changing marketplace.”
The first wave of Digital Insurance 2.0 business models is emerging and poised for growth. They are using digital platform capabilities and ecosystems that exploit untapped markets and address under or unmet customer and risk needs that strengthen customer relationships. By analyzing their business models with a consistent framework, insurers at all stages in their innovation journeys can identify their own unique 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 email@example.com.
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 majesco.com.
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