THOUGHT LEADERSHIP

Transformation Framework: Arrive Successfully at Your Future State Using a Framework-Driven Business Transformation Approach

Business leaders must continuously monitor the market landscape and their operational environments to make course corrections to remain competitive. The relentless changes in technology, people’s expectations and market boundaries are making it increasingly necessary to entertain larger scale, organization-wide change. A business framework-driven approach greatly improves the likelihood of achieving success and value from these initiatives.

Insurance has always had a heavy reliance on technology and procedures to consistently process hundreds of thousands of detailed transactions. With the rapid changes in the insurance market, it’s clear to many that their aging technology can no longer enable the agility and flexibility needed to be competitive. This makes it tempting to think of transformation as all about new technology. But company leaders need to instead think first of how the business needs to transform, then how their people will make this happen and, finally, how technology will support the business and its people.

Transformation should not be viewed as a technology initiative, but rather a business initiative that leverages technology.

Using a proven transition-state-based approach, the Transformation Framework provides an approach to plan, define and document transition states, and develop a comprehensive roadmap to manage the organization during the states of change.

Because change and new technology options continue to rapidly emerge, insurers need a framework that will allow them to effectively manage these in terms of the business strategy and transformation.

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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