Majesco webinars Archives

Distribution Management Maturity – Where are You and Where do you Need to Be?

Industry forces are reshaping distribution management, from shifting customer expectations to driving reach and scale in a multi-channel world. For decades, agents and brokers have been the channel of choice for P&C and L&A insurers. While they remain important, the channel landscape is rapidly expanding and changing, driven by a number of factors, but especially customers and partner ecosystems. These factors together are pressuring distribution management operations to change and leverage technology to achieve a new level of capability and maturity.

What we have found is that there are 5 distinct archetypes into which Distribution Management Maturity – Where are You and Where do you Need to Be? Carriers fall for distribution management maturity. These include:

Current State Chaos – Legacy systems and spreadsheets with manual processes require heroic efforts. Distribution strategy is largely disconnected from the overall business strategy.
Developing Operational Efficiency – Some business processes are automated, but the business is still embroiled in triaging issues, making time consuming changes. Leadership is only focused on traditional agency/broker channel given technical limitations.
Operational Efficiency Achieved – Critical business processes are automated with a focus on continuous improvement. Incremental progress is being made to tie distribution strategy to operational priorities such as expanding into new channels.
Anticipating Customer Needs – Automated reporting and business processes allow users to proactively service distributors. Leadership is starting to tie measurable outcomes to the distribution strategies implemented, incentivizing channels based on target markets.
Predictive Analytics and AI – All critical business processes are driven off event-based triggers, and real-time integrations; there is clear definition and integration of customer and distributor data for data-driven decision making. Distribution strategy is informed and tuned according to what the data is saying, enabling nimble operations.

Channels are expanding, shifting and, in some cases, evaporating. The combination of technology and customer expectations is directly impacting insurance by altering the traditional distribution channel of agents and brokers – who, yes, are still relevant – to a multi-channel world optimized around distribution, digital and data to achieve a new level of maturity to compete in this new era of insurance. Where are you now and where do you want to be on that maturity curve?

In this webinar, our expert panel will discuss in more detail the distribution management maturity curve and how to accelerate where you are today to where you want to be. You’ll also hear first-hand from Craig Welsh on Westfield Insurance’s journey down the maturity curve and the insights they have learned along the way.

Speakers
Denise Garth – CSO, Majesco
Craig Welsh – Chief Distribution Officer, Westfield Insurance
Brad Denning – Advisory Services Principal, PwC

Big 2021 Trend! Group Insurance Customers Growing Demand for Integrated Disability and Absence Management

This BIG trend offers Group Benefit Insurers a great opportunity for growth and expanded customer relationships! The growing and complex regulatory changes and shift of employees working from home, either permanently or in a hybrid model, accelerate the demand for integrated disability and absence management to ensure compliance that helps reduce operational and legal risks. This value-added service from insurers’ formal integration between federal and state medical leave laws and related disability and health programs establishes them as leaders while differentiating them in a rapidly shifting marketplace, just as The Standard has done.

Managers’ lack of knowledge and understanding of employee leave regulations reflected in our most recent report, 2021 FMLA Knowledge Gap, create serious operational and business risk for them and their companies. Specifically, only 11% of managers fully understand FMLA and only 17% understand PFL, including whether they live in a state currently offering PFL. As such, more and more employers are turning to their insurance company partners who are already managing their disability programs to expand support to also manage their employee medical leave administration. Hence the rising demand in integrated disability and absence management as a “value-added service” to insurer’s employer customers.

But to offer this to their customers, insurers need a next-generation solution with robust capabilities that manage these complex processes in a cost-effective, yet customer-centric manner that delivers an improved employee experience.

This webinar will discuss the growing market demand, The Standard’s approach in elevating corporate programs with this highly valued service offering, and the software platform that underpins this opportunity.

Speakers
Denise Garth – Chief Strategy Officer, Majesco
Ella Luce – Absence Management Consultant, The Standard
Lincoln Dirks – Senior Compliance Analyst for Absence Management, The Standard
Stacy Varney – VP Sales, Majesco

Acceleration of Digital Businesses and the Rise in Commercial, Specialty and Cyber Insurance Demand

While specialty and cyber insurance had seen growth the last few years, the disruption of 2020 has accelerated that demand. All businesses, both large and small, are accelerating their digital transformation by changing their business models, products and services to meet new customer expectations. Just look at the rise in online shopping in the last year. In a post-COVID world, many businesses and industries are poised for growth, including e-Commerce retailers, e-Learning, virtual events and meetings, IOT-based products and businesses, virtual restaurants and much more. These businesses will need insurance coverages that may not fit with traditional commercial products, needing specialty and cyber insurance coverages instead. In particular, businesses are looking for cyber insurance solutions to provide protection to their business in a technology and competitive market that is changing faster than ever before.

In this rapidly changing insurance market, new competitors don’t play by the traditional rules of the past. They are looking at innovative new products, expanding channel reach, new partnerships and ecosystems to provide solutions to meet the changing market demand … with speed to market, implementation, and revenue accomplished in weeks or a few months rather than years. As 2021 unfolds, insurers should consider a mix of offensive and defensive plans to position themselves in providing new specialty products and services to meet a new digital business world and capture the opportunity for growth.

Hear from this panel about the unfolding market and growth opportunities and how Hartford Steam Boiler is poised to capture it with new innovative products – in particular cyber insurance – as well as new channels and partners, by leveraging a next generation platform that delivers speed to value.

Speakers:

Denise Garth, Chief Strategy Officer – Majesco
Andrea Ezerins – SVP and CUO of Custom Accounts Division – Hartford Steam Boiler
Prateek Kumar, Executive Vice President, Americas – Majesco

Strategic Priorities 2021: The Insurance Industry Shift Hits Hyper-Acceleration for Digital Business Models

For the past six years Majesco has conducted a comprehensive survey of insurers to gain insights into the top challenges and opportunities facing the industry and their alignment to insurers’ priorities. The research has consistently revealed there are Leaders, Followers and Laggards when it comes to awareness of these issues, development of plans to respond to the issues, and actually implementing those plans.

Every year, the research has shown an acceleration of the pace of change driven by customer expectations, new technology, and the blurring of industry boundaries. And every year, the gaps between the Leaders, Followers and Laggards has grown, highlighting bright futures for those willing and able to adapt to the pace of change and market shifts with fresh thinking and adoption of digital business models and processes, but uncertainty for those who are still taking a wait and see approach, or ignoring the shifts altogether.

Between last year’s and this year’s surveys, the world has been rocked by COVID-19, which has moved the shifts into a hyper-accelerated pace to create digital business models. Who will be the Leaders, Followers and Laggards in this new world? Watch this webinar to find out!

Speakers
Denise Garth, Chief Strategy Officer at Majesco
Glenn Westlake, VP of Strategic Marketing at Majesco

Drive Your Innovation and Growth Strategy with Majesco’s Version 11 R2 for P&C and L&A and Group Platforms

Tremendous changes are on the horizon for the insurance industry. While many insurers implemented modern core systems on-premise over the last two decades, the shift to next-generation core systems that embrace platform technologies – including cloud, APIs, microservices, artificial intelligence or machine learning and ecosystems – is crucial to compete in today’s new digital era of insurance. At Majesco we continue to be at the forefront of this industry change in providing our customers with solutions to meet their customers’ ever-changing needs.

We are excited to announce the market launch of Version 11 R2 of the Majesco L&A and Group Core Suite and the Majesco P&C Core Suite platforms. During this webinar, we’ll be sharing some of the forward-thinking, innovative capabilities that enable our customers to thrive! This release highlights Majesco’s continued strategic investment in our core systems to enable our customer’s transformation and shift to the future of insurance.

Join industry analyst Martina Conlon of Novarica, as she provides insight on the crucial shift and acceleration in adoption of platforms for the industry as core capabilities continue to be “table stakes” while SaaS, cloud deployment models, microservices, API-enabled capabilities, data, digital, and emerging tech move to the forefront. Sameer Karode and Arun Kalyanaraman will provide highlights on the new versions and how they will help insurers make the shift to the future of insurance with speed and agility.

Mark your calendars and make your way to the future of insurance.

Speakers:
Denise Garth – Chief Strategy Officer, Majesco
Martina Conlon – Executive Vice President of Research and Consulting, Novarica
Arun Kalyanaraman – Senior Vice President Product Management – L&A and Group Benefits, Majesco
Sameer Karode – Senior Vice President Product Management – P&C, Majesco

Digital Transformation Tipping Point: Digital Platforms Redefining a New Era of Leaders

The pace of change and both the operational and strategic need for digital transformation is accelerating across all areas of insurance. The pace is gathering speed and dominating C-level discussions and planning for today and next year. Future market leadership and success will be defined by a new digital foundation and business model that embraces customer, technology and market boundary changes with vision, energy and speed. Leaders are separating from the pack. In our Strategic Priorities report, we found that forward-thinking leaders are digitally transforming their business creating a gap between them and others by over 60% in the next three years!

Unfortunately insurance still embraces decades of legacy business assumptions and technologies that are roadblocks on the path to digital maturity and growth. KPMG’s research, compiled from various studies, found that that digitally mature organizations out-perform less mature organizations. How? Digitally mature organizations had 25% higher revenue growth and 31% higher EBIDTA over the last 3 years, 11% higher net promoter score and higher speed to market by 17 months! Digitally mature organizations not only operate more effectively, they are obsessed with their customers and with defining, unlocking and preserving value for both the customer and their business.

Digital platforms are the new strategic investment for advancing today and positioning for the future. Are you ready to accelerate your insurance digital transformation? Join us to hear how Majesco and KPMG are helping insurers on their digital transformation journey – enabling delivery of insights and outcomes, interactions and experience across the insurance enterprise through rapid Integration models and low code technology!

Speakers:
Denise Garth, Chief Strategy Officer at Majesco
Jeanne Johnson, Principal at KPMG

The Power of the Insurance Niche Market: Program and Affinity Business is Hot Hot Hot!

Growth is a top strategic priority for every company in the insurance industry. And one of the hottest strategies is program / affinity business! The growth opportunity has never been more promising. Why?

The demand for more personalized coverages. Large gaps in uninsured risks. Emerging new risks. Demand for new, innovative products – parametric, on-demand and more. The ability to create new products and services that are customized for unique groups by using next generation digital platforms, data and analytics allows companies to meet the unique expectations and risk needs of these groups – providing a profitable platform for growth.

The growth potential of these market segments is made even greater with the advent of ecosystems. Insurers, MGAs, brokers and agencies who partner and integrate with other companies to fulfill buyers’ holistic needs and preferences for ecosystems like mobility, dwelling, lifestyle and health/wellbeing and wealth will have a tremendous advantage over their competitors who don’t choose this path. The partner and ecosystem expands reach, leverages other entities trust and brand loyalty, and offers an opportunity to meet the customer needs on their terms. An ecosystem partner will always be squarely in their customers’ activity and purchase paths, in a context where thoughts about insurance come naturally – not forced – and it is easy and advantageous for the customer to buy. Today’s customers increasingly want to buy insurance this way.

Majesco and PIMA recently partnered on a primary research study to gauge the current activities and future plans of the key players in the program & affinity space and contrasted that with Majesco’s recent customer research on how they want to buy insurance — including from ecosystem partners. Watch this webinar to learn what customers are expecting, which market segments are hot, how companies are responding to customer expectations and the growth opportunities to customers in new and creative ways – opening the door to new, innovative partners and ecosystems.

Speakers
Denise Garth – SVP, Strategic Marketing at Majesco
Ann Dieleman – Growth Strategist | Leadership Advisor | Board Member at Ann Dieleman Consulting, LLC

Planning and Preparing for Tomorrow – Today: What you Need to Focus on for the Future of Insurance

Five years ago InsurTech emerged, creating a major shift combining people, technology and market boundary changes that are reshaping the insurance industry. And the events of 2020 including the AM Best Innovation Ratings and COVID-19 pandemic continue to accelerate this shift.

Insurers, reinsurers, MGAs and brokers must think and operate as technology-led companies, rather than insurance-product companies. They must adopt new, emerging and maturing technologies to provide digitally-savvy customers with the product they want and need, recognizing that a product today must include the customer experience, risk coverage and services. Like it or not, the “Amazon experience” is now the benchmark for all businesses, including insurance, by providing personalized, instant digital engagement seamlessly across products and channels — for existing, underserved and unserved markets.

Leaders are emerging. Leaders connect their current and future visions to the markets and opportunities that lie ahead. Leaders grasp how speed to market is influenced by decisive thinking. Leaders identify and assess how people, technology and market boundaries must drive the organization forward with urgency and determination. These leaders are not just modernizing, optimizing and innovating their businesses. They are disrupting their business by rethinking and reimagining the future as a digital-first insurer. Rather than holding onto decades of operational tradition built into their current business systems, processes and cost structures, they are shifting their technological and administrative weight to improve today’s business, while also creating tomorrow’s for growth, relevance and success.

Tremendous changes are still on the horizon. This is an exciting and pivotal time for the insurance industry. It is a time of limitless possibilities. It is a time to be bold and visionary. It is a time to rethink and reimagine a future that extends and expands the value of insurance to our customers. As you plan and prepare to enter 2021, leadership and focus on what is needed for the future of insurance will be defined by the customer experience, business innovation, and technological leadership.

To help you prepare for your future and 2021, this webinar and thought leaders will provide insights, ideas and consideration to help you plan for your future of insurance … because leadership, innovation and speed matter.

Speakers
Denise Garth – Majesco
Rob Galbraith – Author of “The End Of Insurance As We Know It”
Bryan Falchuk – Founder and Managing Partner of Insurance Evolution Partner and Author of “The Future of Insurance: From Disruption to Evolution”

The Future of Distribution Management – A 3D View

A New Digital Insurance Window for Agents and Brokers

While many insurers are focused on how they can develop next-gen products and modernize for flexible customer engagement, they shouldn’t take their eyes off of the sales and distribution process itself. The rapidly changing market boundaries are creating challenges and opportunities for insurers to reach customers in new ways. In this new and ever-changing business landscape, insurers must rethink distribution-related strategy and execution; namely to one that requires a 3D strategy – digital, distribution and data – to build, manage and optimize a multi-channel network —from front to back office.

With the proliferation of new channels and the consolidation of agent and broker channels, insurers must meet the unique needs of these diverse channels with more innovative, forward-looking channel management, compensation and on-boarding capabilities on a distribution management platform that brings digital, distribution and data to optimize and grow their business.

To better understand the vital role of distribution management platform strategy, this webinar will discuss distribution management and how these 3-D pillars, Digital, the core functions of Distribution, and Data through Majesco solutions of Distribution Management, Digital1^st® and Data & Analytics is cohesively accelerating their journey to the Future of Distribution Management.

Speakers

Denise Garth, Senior Vice President, Strategic Marketing, Majesco
Eric Bustos, Vice President, Digital 1st & Distribution Management Practices, Majesco
Dianne Aycock, Vice President, Administrative Operations, American Public Life Insurance Company
Craig Welsh, Chief Distribution Officer, Westfield Insurance