Small-Medium Businesses (SMBs) find insurance complex and confusing relative to the other products and services they need to run their businesses. Current insurers are not meeting needs or expectations such as the ability to create customized products available from a range of options rather than lowest price and through multiple channels, reflecting the increasing demand for personalization across the customer journey. The result is a view of insurance as a low-loyalty, low net-promoter score commodity that opens a window of opportunity for new business models and InsurTech start-ups that could rapidly shift market leadership.
The current commercial and group/employee benefit insurance business models are set up to serve larger businesses with agent/ broker distribution networks, providing knowledgeable assistance and guidance on the increasingly complex needs of larger organizations.
The research clearly shows that insurance is not “easy to do business with” across the entire process for all three SMB segments. It further reveals that digital companies and capabilities are rapidly reshaping and influencing customer behaviors and expectations — creating digital customers with a wide range of expectations.
Increasingly, small business customers are demanding a personalized experience, representing the shift from mass standardization of insurance to the micro-personalization of insurance, requiring broader data and sophisticated analytics to truly understand and respond to small businesses.
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