Pivot Point: New Majesco Research Provides Insurers a Growth Roadmap to Meet SMB Expectations & Needs with Products, Services & Channels in a World of Expanding Risk
Morristown, NJ – February 21st, 2023 – Majesco, a global leader of cloud insurance software solutions for insurance business transformation, today announced the availability of a new small-medium business (SMB) research report, Resiliency in Times of Change: Rethinking Insurance to Help SMBs Thrive.
This new research showcases the growth opportunity for insurers by providing the right products, value-added services, and experiences to help SMBs navigate market challenges and growing risk to help protect and grow their businesses.
“This new research underscores the significance for insurers to have strategic discussions on how they will plan, prioritize, budget, and manage the changes needed in their business models, products, channels, and technology to support the growing and changing needs and expectations of the SMB market,” stated Denise Garth, Chief Strategy Officer at Majesco. “SMB’s are highly digital and expect insurers to be likewise. SMBs represent an enormous opportunity for the insurance industry to generate new and recurring revenue but will need to do business differently to tap into the opportunity with new strategies and technology.”
Small-medium businesses are the heart and soul of the economy and drivers of new businesses and innovation. They have altered business models, accelerated adoption of digital technologies, and created new risk needs. While traditional products like BOP will continue, new products and value-added services must be provided to meet their rapidly changing world representing a massive market opportunity for insurers.
SMBs continue to adapt to changes like COVID, fight for talent, inflation, and new risks to ensure they thrive today and in the future. This report takes a fresh look at the challenges and opportunities through the eye of SMBs by generational group, with an acute focus on the implications of technology-enabled products, value-added services, and distribution channels. Some key highlights from the report include:
- SMBs are facing 5 important and pressing issues which include inflation, business finances/profitability, talent (retention and attraction), crime, and cyber risk/data security that insurers can address with innovative products and services.
- An increase in the use of independent contractors/gig workers by over 20% for both generational SMB owners, reflects the changing workforce dynamics, demand for talent, and the need for different insurance products for P&C and L&AH group and voluntary benefits.
- Gen Z and Millennial SMBs continue to accelerate acceptance of digital payments including digital wallets like Apple Pay, Samsung Pay, or PayPal and fund transfer services like Venmo or Zelle, putting more pressure on insurers to do the same for premium and claims payments.
- Use of connected devices in commercial property is strong and offers an opportunity for insurers to develop new products that leverage such devices to improve and personalize pricing while helping to monitor and reduce risk through value-added services.
- Gen Z and Millennial SMBs are interested in all distribution channels – consistent with their expectations of a multi-channel world – with a particularly strong interest in embedded insurance options.
Insurance leaders seeking relevance and growth in the SMB market must adapt and step up to provide new risk products, value-added services, and customer experiences all digitally. They must invest in next-gen core, underwriting, loss control, data and analytics, and channel options that can create, launch and service a wider array of products and value-added services that support SMB customers on their terms.
Learn more by downloading Resiliency in Times of Change: Rethinking Insurance to Help SMBs Thrive on majesco.com or by emailing firstname.lastname@example.org. The report’s findings are also featured in our February 23 webinar. A complimentary recording will be available for viewing on our website.
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.
For more information, please visit www.majesco.com and follow us on LinkedIn.