New entrants 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. Platform solutions provide them speed to value, unique customer engagement, a test and learn platform for minimal viable products, and value-aligned optimized costs. Their platform solutions also catalyze digital technologies and processes, AI/Cognitive, cloud computing and an ecosystem, into a powerful new force to expand capabilities and reach well beyond those of the traditional Insurance 1.0 model. They are creating new paths, energizing the market and lowering operational costs.
In each sphere of disruption there is one common denominator: Digital strategy and solutions are the keys to insurance business success. Getting out ahead of the curve is more important than ever, before the gap is too large to overcome.
If an insurer hasn’t yet wrestled with the necessity for change, now is the time to wake up and understand the factors, and swiftly take action. Opportunities abound for incumbent insurers who move quickly and decisively to Digital Insurance 2.0.
With cloud platforms increasingly providing the foundation, a new generation of core solutions leveraging a micro-services architecture is rapidly emerging to enable innovative new insurance products like on-demand and micro-insurance offerings.
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