The Rise of the Platform Economy
A shift toward a platform economy is underway.
Innovative new business models that leverage broad ecosystems and technology innovations including cloud computing, artificial intelligence, machine learning, and new data sources are creating greatly enhanced customer experiences … including Insurance.
But a gap is growing between the business model of the past, Insurance 1.0, and the business model of the future, Digital Insurance 2.0.
Successful companies leverage technologies such as mobile, social and cloud to make better decisions, automate processes, strengthen the connection with customers, partners, channels, and pursue innovation, all at an increasingly rapid pace, positioning them as “digital first” companies focused on growth and innovation.
For an effective digital transformation, it is important that core, data and digital capabilities are available as micro-services for integration, and are “fused” together for designing a compelling, unique digital experience and enables rapid innovation cycles and speed to market demands that adapt to market changes.
Since the beginning of automation, the insurance industry has seen fundamental design, architecture and technology shifts in insurance core software solutions. Today’s transition is moving from product to platform focus underpinned by three key digital attributes: ecosystem friendly, customer experience and cloud computing.
Transitioning from Products to Platforms
- Sharable API / Micro-services
- Ecosystem Integration Hub
- Diverse Partner Ecosystem
- Data, AI / ML, Digital
- Beyond Portals
- Engagement vs. Transactions
- Customer Journeys
- Technically designed to scale
- Cloud-native architecture
Insurance companies must re-invent and transform their business to Digital Insurance 2.0 built on a new generation of digital insurance platforms.
Speed to value
Customer engagement & loyalty
New world products & services
Test & learn platform
Next generation core capabilities
Digital & AI capabilities
Digital Insurance 2.0 platform is built on next generation core capabilities, digital and artificial intelligence (AI) capabilities, cloud computing and a partner ecosystem.
The path to Digital Insurance 2.0 will enable insurers to:
Accelerate digital transformation to become digital era market leaders
Optimize the customer journey with deeper, personalized engagement
Accelerate innovation with new business models and products
Accelerate ecosystem opportunities and value
Avert disruption or extinction by new competition within and outside the industry
Majesco’s platform strategy brings together powerful platforms to create your path to Digital Insurance 2.0.