Majesco recently completed a consumer research project designed to capture the views and expectations of today’s consumers in the midst of the disruption and change rapidly unfolding in the insurance industry. This research was conducted as a part of a larger Majesco research platform that encompasses dozens of industry trends and hundreds of impact points. This introduction walks through those larger themes in order to set the stage for understanding the consumer research results.
A powerful shift is unfolding due to the converging “tectonic plates” of people, technology and market boundary changes that are disrupting and redefining the world, its industries and its businesses — including insurance. Our Future Trends: A Seismic Shift Underway report provides details on these three key factors driving this shift and how it is leading to a realignment of the fundamental elements of the insurance business, which will require much more than minor adjustments.
Instead of transforming the insurance business using age-old assumptions and traditional business approaches, insurers must look to reinvent the business model to operate and succeed in a new business paradigm. They must embrace this shift by understanding changes at play and accept that everything we have known about insurance was good for yesterday, but not good enough for today or tomorrow. It requires a new business paradigm in how we define and think about insurance. This paradigm will hold onto the business components that work in the new context of people, technology and market boundaries, but it will discard the pieces that are outmoded or irrelevant.