Innovative products and business models, from both existing and new entrants, are rewriting the rules of business. They are 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 that are more personalized than ever and meet the under- or unmet needs of a rapidly changing market.
Sometimes a big market shift isn’t easy to spot and often it’s too late once it is noticed. We have seen the results of this phenomenon in many industries where the leading brands are no longer relevant or are just surviving and, for some, are no longer in existence. Could a major insurance company be the next to stumble?
As a result, growth and innovation through Greenfields, startups and InsurTech has moved to the top of mind for CEOs and Boards of nearly every insurer and reinsurer as they try to understand how to leverage the shift and develop strategies and plans to respond.
Fortunately, there is an opportunity for incumbent insurers to shape the change started by InsurTech, but only if they get in the game and begin the journey to Digital Insurance 2.0. While the disruption is in the early stages and has only begun to scratch the surface of opportunities, the time to participate is now.
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