To close the gap and avoid extinction on a pre-digital island, the insurance business models of the past will need to quickly chart a course toward next generation risk needs and expectations. These new models will be a new generation of Greenfields and startups backed by venture capital, and also, increasingly by existing insurers or reinsurers. These new business models do not follow the same path of the past with traditional multi-year, multi-million dollar, on-premise custom configurations. Rather, the businesses are launched into the market with a fraction of the time and cost, leveraging integrated content, data sources, and innovative capabilities from InsurTech technology companies on a cloud platform that enables speed to value.
A growing number of insurers are looking for growth strategies to capture the opportunities of InsurTech and the opportunities of the post-digital age.
It’s not hard to conceive a scenario where new entrants can assemble all of the necessary components needed to operate a truly customer focused and digitally enabled insurance company.
A key component of many successful Greenfield, startup or incubator companies in today’s digital age is a modern cloud business platform, where technology levels the playing field for the new breed of competitors.
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