Smart insurers are developing growth strategies around Small-Medium Businesses (SMBs – those with less than 500 employees). Representing the vast majority of all U.S. businesses, they promise huge potential for insurers to cover both traditional and new, emerging risks. However, a one-size-fits-all approach delivered by legacy thinking, systems and processes will no longer work. With new risks and expectations driven by changes in demographics, technology and market boundaries, commercial and specialty insurance is entering a new era — Digital Insurance 2.0.
Our second annual research study on SMB insurance customers can help your company create strategies to capture a share of this market. The report builds on the insights uncovered last year by assessing year-on-year behavior changes and diving deeper into the disruptive implications of expectations, innovations and competition for new insurance products and business models that have emerged into the market.
Business models of the past 50+ years have been based on the products, processes, and channels for the generations who built traditional small-medium businesses (SMBs) such as flower shops, retail, automotive repair, and more. As Millennials and Gen Z mature, we see the next generation of SMB owners whose influence is growing and intensifying.
New technologies, demographics, and behaviors will fuel the growth of new businesses and industries over the next 10 years. This SMB growth will create unprecedented expansion opportunities for commercial, specialty and group / voluntary benefit insurers.
Within the industry, there is much discussion and debate about whether or not the many new products and business models will succeed. Based on our survey, there is strong indication that many will succeed, and intensify the momentum toward Digital Insurance 2.0.
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