THOUGHT LEADERSHIP

Digital Insurance 2.0: Reshaping India's Insurance Sector

Just like other geographies, changes and disruption are sweeping across India’s insurance sector. There is a tremendous competitive pressure on insurance carriers to develop digital strategies that leverage highly connected ecosystems, digitize customer engagement and enhance the entire insurance value chain.

Innovative incumbents and new entrants are rewriting the rules of business, and with it, redesigning organizational and business model structures, and how products and services are defined and delivered. They are using digital technology and data and analytics to better understand, underwrite and service their customers with tailored products and services shifting them to Digital Insurance 2.0.

People are Driving the Need for Change

Just like every other geographic market, the changing demographics of India’s population―the target customers of insurance carriers― are influencing the way insurance products are designed, packaged, marketed, bought and serviced.

Mapping

Platform Business Models are Enabling the Shift

Each of the numerous new InsurTech business models emerging over the past few years is serving a different market, has different products and services and uses different strategies. Yet all of them are rapidly changing the business assumptions, business models and go-to-market approaches for insurance through the use of a platform solution as the catalyst.

Indian Carriers are Making the Shift to Digital and Mobile

Increasingly, Indian insurance carriers are considering digital strategies inclusive of mobile for their entire consumer-facing process―from sales to policy issuance to payments, claims and ongoing engagement.

About Majesco

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

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