The shift is toward a platform economy across all industries. Insurers are also beginning to innovate new business models based on this platform economy, which enables them to leverage broad ecosystems and technology innovations such as cloud computing, artificial intelligence, machine learning, new data sources and much more, to create a greatly enhanced customer experience.
For an effective digital transformation, it is important that core, data and digital capabilities are decomposed, available as micro-services for integration, and are “fused” together for designing a digital experience. This is digital fusion.
The acceleration in the uptake of digital technologies and cloud foundations is a crucial first step to break into the platform world and the shift to Digital Insurance 2.0.
Digital Insurance 2.0 is silo-less (or silo-reduced) insurance operations, enabled by digital technologies. It is a new business platform that utilizes digital efforts to reconstruct a future-proof model with fewer barriers between systems.
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 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