The digital age shift is top of mind for every leadership team and board because it is extending an organization’s growth and innovation capabilities. Insurers are beginning to innovate new business models based in the API and platform economy, using a new technology platform that enables them to leverage broad ecosystems and technology innovations such as cloud computing, artificial intelligence, machine learning, and new data sources to create a greatly enhanced customer experience.
Customer experience is front and center in differentiating insurers in the digital age. It is a key factor in driving higher customer acquisition and retention, which, in turn, drives growth. Customer experience is much more than offering a better user interface. It is about the customer journey that creates a unique, compelling and engaging experience and makes it “easy to do business” with insurers.
There is an increasing urgency to create new business models based on a new flexible technology platform to capture the tremendous value in terms of the growth and innovation they can deliver. Insurers must be able to do this in weeks or a few months, rather than years.
An ecosystem is the DNA of the platform economy, enabling a business model to exchange and share value between its partners and customers. To meaningfully participate in the platform economy, insurers must embrace ecosystems and be prepared to partner with competitors, other industries and innovative technology-based service providers.
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 and consulting 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 www.majesco.com