To help close these gaps, this report presents a unique new framework that breaks down new insurance business models into key components, helping to explain the “formulas” that innovative new Digital Insurance 2.0 products and business models are using to capture a new generation of insurance 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 playbooks for Digital Insurance 2.0.
Virtually every insurance company is talking about transforming their business for the Digital Age, moving from Insurance 1.0 to Digital Insurance 2.0. Unfortunately, our research shows a knowing – doing gap remains, indicating little action in building for the future.
Every company likely has a playbook today, reflecting their strategy and plan that shapes their current business model, products, and market segments. Unfortunately, these traditional playbooks do not work well in today’s rapidly changing marketplace, which is quickly filling with new customer expectations, new innovations and new competition.
As you develop your own new products and business models, use the framework in this report to see how your “plays” stack up against the competition. Also take advantage of our 30 research-tested insurance attributes across 6 value chain categories to spark your innovation.
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