THOUGHT LEADERSHIP

InsurTech: Energizing the Shift to Digital Insurance 2.0

It is an unprecedented time in the $7 trillion dollar insurance industry. It is entering its date for disruption, albeit two decades later than banking, retail, travel and music to name a few.

It is an opportunity so compelling that recent institutional and strategic investment is reported to now exceed $22 billion, representing over 1,500 start-up companies in the phenomenon that we now call InsurTech. And the pace is not slowing down. The rise of Digital Insurance 2.0 is simultaneously one of the greatest opportunities, challenges and threats to insurers operating in Insurance 1.0. Capitalizing on its opportunities requires an outside-in approach that begins with entrepreneurial thinking, which was a focus of our 2018 InsurTech survey, co-sponsored by SVIA and GIA.

Insurance must operate differently – and better

InsurTechs are taking customer-based and outside-in view of how the industry could operate differently. The focus is the customer … taking a page from other industry disrupters like Amazon, Apple, Google, Netflix and more.

Minor adjustments will not do

The market is changing too rapidly and opportunities could quickly evaporate. The demand for agility, speed and innovation are at the top of the list.

Hands-On

Improve an industry…and much more

InsurTech has the capability to not only improve corporate bottom line results, but also to improve our businesses, economic foundations, individual lives, and society through reinvention of the insurance business model.

About Majesco

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

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