Today’s business environment is characterized by constant disruption, heavy competition and growing market and customer demands. The first wave of Digital Insurance 2.0 business models are emerging and poised for growth using digital platform capabilities and ecosystems that exploit untapped markets and address under- or unmet customer and risk needs that strengthen customer relationships. These companies are developing meaningful, competitive, customer-first advantages by designing and implementing new businesses on a digital platform that enable agility, innovation and speed in a world of continuous change and disruption. In a “winner take all” digital world, rethinking decades-long business assumptions and traditional business models is mandatory. Survival and winning will require architecting and building a Digital Insurance 2.0 business model that will make today’s model obsolete.
The current state of insurance disruptors across people, technology and market boundaries is pressuring insurers to adapt and embrace new business models and opportunities – an example of “digital Darwinism” in the shift to Digital Insurance 2.0.
New fissures are emerging as we rapidly shift to the digital age, represented by the expanding gaps in today’s market reality from multiple dimensions: knowing – doing gap, digital strategy gap, business – IT gap, and large – midsize insurer gap.
The gaps are creating hurdles for many, but opportunities abound for those who embrace the digital age shift in this race to the future of Digital Insurance 2.0. How companies respond will determine whether they are architects or victims of the future.
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