The employee and voluntary benefits landscape will continue to rapidly transform as workers’ and employers’ needs and expectations shift, health care reform continues to change, marketplaces evolve, new products are introduced, and new competitors emerge from within and outside the industry. One of the biggest shifts will be the surge in employee demand for new, innovative voluntary benefits offered by employers to enhance their employer-paid offerings.
The change and disruption is creating a once in a lifetime opportunity for insurers to redefine the market and competitive landscape. To capture this market opportunity, however, insurers will need to respond with innovative products, plan designs, underwriting and pricing as well as new services, distribution channels and customer engagement approaches enabled by modern digital platforms.
Voluntary benefit products are taking advantage of technologies such as wearables, real-time data sources, microservices architectures and more, in order to fuel growth.
Changes and innovations in the employee and voluntary benefit markets should create additional opportunities for carriers. The carriers best positioned to take advantage of new opportunities will be creative, proactive, and successful in building strategic partnerships.
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