THOUGHT LEADERSHIP

Strategic Priorities 2018: The Digital Insurance 2.0 Gap

This year’s Strategic Priorities survey results clearly show that insurers know and recognize the industry is changing. And while there appears to be more planning and doing compared to last year, the Knowing-Doing Gap remains relatively unchanged. At the same time, new gaps have emerged as well, placing insurers at risk by putting them in a “holding pattern” rather than in a “forward moving” fast-paced race to the future.

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.

Current Knowing-Planning-Doing Gaps

growth strategies

Pressure to Adapt is Increasing

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.

Strategy Enablement

New Gaps are Emerging

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.

Opportunities are Abundant

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.

About Majesco

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

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