There are three segments of insurers taking different paths to the future: Leaders, Followers and Laggards. Leaders are laser-focused on modernizing and optimizing their existing business while at the same time creating a new business for the future. Followers are not that far behind the Leaders — a good thing, given the pace of change. However, Laggards are significantly behind, focusing primarily on modernizing their business with minimal optimization underway, placing their business at significant risk given the pace of the Leaders and Followers.
When it comes to incorporating specific marketplace trends, technologies or capabilities into their business models or offerings, insurers are currently focusing on a very limited set of opportunities.
Insurers in pursuit of the future and its potential opportunities need to move rapidly from knowing to planning and doing around three paths: modernization, optimization and creation of a new business model.
Reinventing the business in the face of dramatic industry change requires making bold moves that require leadership, confidence and expertise.
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