At the heart of these new opportunities are the fundamental changes in the ways in which customers from every insurance sector shop for, purchase and service their insurance needs. Insurers now recognize that it’s all about the customer, not the product… and the customer is in control. In this new and ever-changing business landscape, insurers must rethink distribution-related strategy and execution. Insurers across all lines of business are faced with a new reality: integrating and aligning the right technologies, data and systems to improve existing channel development as well as approaching new channels and partnerships that leverage the insurer’s ability to properly service all stakeholders. Insurers must effectively manage and optimize their growing channel ecosystem, to deliver on the multi-channel opportunity, from the traditional agent and broker channels to working with aggregators, compare sites, and new MGAs to name a few. In other words, insurers need to be able to offer a host of flexible channels with which to interact and transact business, and support those channels with optimized core systems, the use of analytics, and reliable, secure data that facilitates each and every transaction.
Despite the digital age shift, many insurers are stuck in an analog world heavily focused on agents, rather than a multi-channel reality.
Insurers must engage with an array of channels supported by a modern distribution management system, an innovative digital front-end and data analytics to effectively optimize channels.
From the customer’s perspective, insurer channels with an optimized digital front-end that supports their unique customer journey is a growing expectation that can no longer be ignored.
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