THOUGHT LEADERSHIP

Strategic Priorities 2017: Knowing vs. Doing

Are we acting upon our knowledge of the insurance industry and market trends? Or, are we simply educated observers?

The answers to these two questions form the crux of Majesco’s second annual Strategic Priorities survey. The responses to the survey reflect an awareness of the pace of change that is unfolding unheralded challenges and opportunities. Unfortunately, turning awareness into doing, with actionable initiatives, is elusive, creating an ever-widening gap between leaders who are taking action and those who are not.

In a world of rapid change, the gap between leaders and fast followers or laggards will at some point become unsurmountable. The path of least risk will include taking some risks. The risk to invest in new business models, new products, and new channels can, at minimum, keep insurers competitive. Even better, taking these risks could allow insurers to leapfrog the competition. Because new competition does not play by the traditional rules of the past, insurers need to be a part of rewriting the rules for the future. There is less risk in a game where you write the rules.

The Digital Age, underpinned by new demographics and technology, is separating the industry into “pre” and “post” business models … The “pre” model generates the revenue today and the “post” model the future. Those who fail to manage both effectively may find the gap insurmountable.

About Majesco

Insurance business transformation is a journey of change and revitalization, a renaissance of Insurance. Approximately 150 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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