THOUGHT LEADERSHIP

Insurance in the Digital Age: Transforming from Outside-In

Digital engagement expectations are set by companies outside insurance like Apple, Amazon and others. An Outside-In digital strategy and customer journey mapping are critical to defining a roadmap that avoids a tactical, piecemeal, or fast-follower approach that can lead to irrelevance.

To successfully compete and meet rapidly changing customer expectations, insurers must have a digital vision and a full view of the customer journey. Defining and developing the customer’s entire journey – not just parts of it – is critical to customer satisfaction. Taking advantage of specific opportunities in the value chain is valuable as long as general principles for the user experience are followed and the projects are the building blocks of an overall digital strategy. But the time to act is now — the pace of change is accelerating and the gap between customer expectations and insurer capabilities is widening, becoming harder and harder to bridge. Those who do not take immediate action risk being left behind.

Insurance customers demand the same simplicity, transparency, intuitiveness and ease of use they get from other businesses and industries.

Road Map

Insurers need an overarching digital strategy, one that is developed jointly between business and IT that provides a roadmap to guide their priorities and investments.

Sales, marketing and distribution are where a significant number of InsurTech startups have focused. But other areas like enrollment, claims, product development and policy issue and service are gaining priority as impactful digital initiatives.

About Majesco

Insurance business transformation is a journey of change and revitalization, a renaissance of Insurance. Approximately 150 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

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