In the age of Digital Insurance 2.0, customer expectations and requirements are driving insurers’ strategies and decisions. Why? Because customer expectations for digital engagement are rapidly evolving due to their experiences with other industries. The demands and expectations for new, innovative products and services such as on-demand, parametric, telematics, value added services, and much more, are moving billing to front and center in the shift to Digital Insurance 2.0. These new products and services require distinctive billing and payment capabilities, compared to traditional billing and payment processes of Insurance 1.0. And this is the reason so many insurers are once again looking at new enterprise billing solutions with afuture-focused approach, rather than a legacy replacement and transformation approach.
The focus of traditional billing capabilities is anchored in the Insurance 1.0 world. They do not take into account the rapidly emerging new and innovative requirements needed to support new products and services, and leverage new technologies such as Amazon Echo, Google Home, IoT, and more, in a Digital Insurance 2.0 world.
With the rise of new, non-traditional offerings, the usual insurance billing methods simply might not work. And even the most innovative new insurance product or service will fail if insurers can’t seamlessly bill for it or customers can’t easily pay for it.
Insurers will succeed in the era of Digital Insurance 2.0 by differentiating themselves well beyond improved billing and payments capabilities by placing billing at the core of their future business model.
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