A framework-driven approach greatly improves likelihood of success and value
Morristown, NJ – September 27, 2016 Majesco (NYSE MKT: MJCO), a global provider of core insurance software, consulting and services for insurance business transformation, today published a new thought leadership report, Transformation Framework: Arrive Successfully at Your Future State Using a Framework-Driven Business Transformation Approach, that highlights the significant business value of a framework-driven transformation process. The report provides insights on the complexities and risks inherent in large-scale transformation projects, and offers field-tested advice on how to mitigate those risks and ensure success.
The report highlights that while business leaders must continuously monitor their environments and make course corrections to remain competitive, the relentless changes in technology, people’s expectations and market boundaries are making it increasingly necessary to entertain larger scale, organization-wide change. While necessary to ensure future competitiveness, these transformation initiatives carry a high degree of risk which can contribute to the failure to achieve the transformation objectives.
Furthermore, the report notes a range of factors that contribute to potential failures, with a tendency to frame business transformation in technology terms only, and underestimating the importance of the company’s people and culture in embracing and implementing the transformation.
“Insurance has always had a heavy reliance on technology and procedures to consistently process hundreds of thousands of detailed transactions,” noted Bill Freitag, Executive Vice President, Consulting at Majesco. “With the rapid changes in the insurance market, it’s clear to many that their aging technology can no longer enable the agility and flexibility needed to be competitive. This makes it tempting to think of transformation as all about new technology. But company leaders need to instead think first of how the business needs to transform, then how their people will make this happen and, finally, how technology will support the business and its people.”
This new report provides a business transformation process that can help companies overcome these and other barriers to successfully plan and implement their transformations.
The new thought leadership paper, Transformation Framework: Arrive Successfully at Your Future State Using a Framework-Driven Business Transformation Approach, is available on the Majesco website to download, or you can request a copy via email, email@example.com.
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, 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.