The challenge gets even more intense with the rapidly growing new generation of insurance buyers, whose new digitally-driven behaviors and expectations create gaps between what they need and want, and what Insurance 1.0 business models are able to deliver.
These gaps are being closed by a new wave of insurance and benefits products emerging from Digital Insurance 2.0 companies. This report uses a unique framework to break down these new insurance business models into key components, helping to explain the “formulas” behind the innovative products and services they are using to capture a new generation of customers. The framework, combined with key insights from Majesco’s Consumer and SMB research, serves as a tool for insurers to develop ideas for new products, services and business models to add to their growth and innovation pipelines, and create their own unique L&A and Group playbooks for Digital Insurance 2.0.
The L&A and Group industry has experienced a long period of limited innovation, as well as a decline in insurance ownership over the last 30+ years. Think about it: What were the last innovative ideas introduced into the industry before the digital age and the emergence of InsurTech?
Customers, both businesses and consumers, are driving new expectations and defining what they deem as superior experience and value. They are reaching beyond, “Will my family be protected if I die?” and into “What if I could outlive my need for life insurance coverage and maintain a superior quality of life?”
There is a positive sign for L&A and Group insurers. Significant pressures within L&A Insurance 1.0 models are pushing L&A insurers to adopt more strategic approaches (as opposed to tactical efforts) when compared to P&C insurers. This may allow them to more rapidly shift to Digital Insurance 2.0.
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