The traditional business parameters that defined commercial and specialty insurance – from the products offered to the channels and processes customers use to research, buy and service them – are changing in the new age of insurance. The industry statistics for the “traditional” commercial marketplace don’t reveal – yet – the potential growth from new industries, new economies and innovative business ventures that may still need traditional insurance, but also may need new types of insurance. It is a diverse group that embraces new technologies, social shifts, demographic shifts, new economies, and more, focused on narrow segments that will increasingly demand niche, personalized products and services. These changes are unfolding an unprecedented opportunity for growth. But to capture the opportunity, insurers must be able to define and reach new niche segments, develop new products and services that are simplified and personalized, and deliver it all through a digital, multichannel environment.
New technologies, demographics, behaviors, and more, will fuel the growth of new businesses and industries over the next 10 years.
The growth of the Millennial generation is reshaping the population and labor force, putting them in a position to drive a revival of American entrepreneurship.
As new businesses break out of traditional molds, they will be naturally seeking to have their unique attributes covered.
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