Players across the range of insurance industry segments are being confronted with deep-seated change in consumer behavior, employee expectations, rapidly evolving technology and a quickening of the business environment. Opportunities will increasingly need to be ‘discovered’ since technology alone does not constitute a strategy nor is it plug and play in the sense that a new tech overlay cannot compensate for a fundamental legacy infrastructure – whether mindset, technology or organizational.
Change is being forced on insurers, whether they like it or not, as several of the orthodoxies traditionally underpinning the industry are being challenged and disrupted.
Structures and processes within the organization must address the key problems insurers face, from customer experience to technology and new business models.
Existing IT departments may not have the expertise or time to handle the sizeable technical aspects of digital transformation. Insurers could therefore look to partner or invest in third parties with relevant expertise.
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