THOUGHT LEADERSHIP

Future Trends 2017: The Shift Gains Momentum

By the end of 2016, we could make a case that it was not only a pivotal and groundbreaking year, but it was historic on the scale of a Renaissance. At no time in the history of insurance can we find one year that includes this many game-changing events and a rapid pace of ongoing advancement.

People, Technology and Market Boundaries, that are rapidly creating new expectations, new innovations, and new competition for the insurance industry. These forces and trends are converging and pushing a slow-to-adapt industry into the digital age, while challenging the traditional business assumptions, operations, processes, and products of the last 30 or more years. The implications for traditional insurance business models are enormous because the models, processes, products, services and systems have all been built for and around traditional assumptions rather than a market with new buyer expectations, new competition and new technology underpinning the shift. in 2017 we expect to see existing insurers and reinsurers increasingly looking for paths to grow their businesses by capturing the next generation of customers with new engagement models, products and services. Rising to the competitive forefront, however, requires companies to rethink their business models and realign them with the customer needs and the expectations of those who will be their customers for the next 10-20 years, not those from the past 10-20 years.

All change is driven by people. Change ignites and takes hold when enough people find the value proposition of a new idea to be compelling enough. The ones who will succeed are the ones who have the best understanding of people – their needs, expectations, behaviors, and the forces that influence them.

Over the last decade or so, many insurers have focused on transforming their businesses by replacing their legacy core systems with modern solutions surrounded by digital and data solutions. But the rise of new customer expectations does not necessarily align with these transformations.

For insurers preparing new insurance models, such as Pay-On-Demand, Pay-As-You- Use, or Pay-As- You-Need, the SaaS Platform model moves the organization toward the place where consumer needs, expectations and demands are heading.

About Majesco

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

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