Our second annual consumer research study 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.
Within the industry there is much discussion about whether or not the many new products and business models are “real” and will succeed. Based on the survey, there is strong indication that many will, intensifying the shift toward Digital Insurance 2.0.
The traditional insurance products, services and processes of Insurance 1.0 do not conform to what the next generation of insurance buyers, Millennials and Gen Z, and even the older generations expect from their interactions with insurers.
Results from this year’s research underscore an acceleration in changing behaviors and interest in using new business models and technologies that are re-shaping insurance.
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