Morristown, NJ – May 3, 2016 Majesco (NYSE MKT: MJCO), a global provider of core insurance and employee benefit software, consulting and services for insurance business transformation, today published a insights report, Riding the Wave of Change in Group and Employee Benefits.
As sales of individual life products continue to face challenges, the group and voluntary employee benefits market offers new opportunities. Unprecedented changes in the market are leveling the playing field – creating openings for existing insurers to enter the market and opportunities for new startups, and challenging established players to adapt with new products, services, technology, and business models.
“Increasing costs, impacts of the PPACA, trends in retirement benefits and other factors have been causing employers to push more responsibility for choosing and paying for benefits to employees. This is making voluntary benefits is a hot new space, as they allow employers to offer more attractive benefits options to employees, all at low or no cost to them.” said Todd Eyler, Vice President/Client Partner at Majesco.
“At the same time, changes in demographics, expectations and technology are creating new challenges as well as opportunities that have never been seen before in this market,” added Denise Garth, Senior Vice President, Strategic Marketing. “To take advantage of this disruption and change, insurers must adapt, innovate and focus on speed from developing new, innovative products, new channels and new services to respond to the new needs and customer experience expectations, ahead of the competition. Incumbents saddled with legacy systems and processes will quickly find themselves at a disadvantage.”
Recognizing that change and disruption are swiftly reshaping the business landscape, insights from the report suggest that sustainable long-term success for insurers in the digital age requires leveraging technology, data, consumer expectations and creative business model design to make core insurance products simpler, integrated into other products or businesses, and easy to access through any or all channels.
The thought leadership paper, Riding the Wave of Change in Group and Employee Benefits, is available on the Majesco website to download, or you can request a copy via email, firstname.lastname@example.org.
Majesco enables insurance business transformation for approximately 146 insurance customers by providing solutions which include software, consulting and services.
Our customers are insurers, MGA’s and other risk providers from the Property and Casualty, Life, Annuity and Group insurance segments worldwide. Majesco delivers proven software solutions, consulting and services in the core insurance areas such as policy, billing, claims, distribution management, BI/ analytics, digital, application management, cloud and more. For more details on Majesco, please visit majesco.com.
Director — Global Marketing
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