In many ways, it is similar to the now famous story of the Oakland A’s in the book Moneyball: The Art of Winning an Unfair Game by Michael Lewis. Similar to insurers stuck in centuries-old business assumptions, Moneyball shows that the centuries-old collective wisdom of baseball insiders, including players, managers, coaches, scouts and the executive office was subjective, flawed and did not keep up with a 21st century reality.
New Greenfield and startup competitors are the Oakland A’s of the insurance industry. They are capturing the post-digital age business opportunities of the next generation of buyers by leveraging new sources of data and using sophisticated analytics to reinvent insurance.
Insurers are challenged by staff capability, the ability to source new talent, and management bias toward traditional business practices that restrict all but the largest insurers from leveraging new data opportunities.
In today’s new insurance age, data is the fuel for innovation. New technologies, demographics, and behaviors are driving the explosion of data and will power the growth of new businesses and industries over the next 10 years.
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