It is clear that the current insurance business and customer journey was built for the silent and baby boomer generations, who have adapted to it and are generally content with it, because that’s the way it has always been for them. However, led by Millennials, Gen Z and increasingly Gen X, their needs and expectations are rapidly shifting to new products and services, new channels and a robust, intuitive digital experience. Loyalty is now influenced by how well insurers meet their needs and expectations for products, engagement and value, opening the door to new competitors and the potential shift in market leadership over the next 5-10 years as these generations overtake the previous ones.
The research reveals that, compared to other businesses with which consumers interact, insurance ranks consistently near the bottom, reflecting the lack of ease to research, buy and service insurance.
While traditional sources and methods/channels remain dominant for the buying and renewing of insurance products today, nearly 40% indicate they would be likely to try non-traditional ways of obtaining insurance in the next 3-5 years.
Insurers’ lack of progress in narrowing the gap between insurance and other industries provides the fuel for innovative companies from within and outside the industry to disrupt insurers and reinvent the customer experience.
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