Majesco webinars Archives

Untapped Market Opportunities for Group and Voluntary Benefits with Diversified Plays, Open Ecosystems and Next-Gen Platforms

It’s no longer simply about providing life and disability insurance for employees. Employers want and expect a broader range of services for their employees. Employees too want a relationship that feels relevant to them and one that addresses their needs beyond solely insurance. And, for the bits they really like and value, they also don’t want to be tied to their current employer to keep them when they venture off to new pastures.

For Group and Voluntary Benefits insurers, there exists a largely untapped market in diversified plays. Core medical and retirement services remain an anchor product in the employer/employee decision set and must be considered when shaping their strategy for products, partners, and an ecosystem. Benefits purchasing across all categories are converging as players attempt to integrate choice across product types. Most employee benefit plans extend beyond insurance to provide more holistic wealth, health, life, and wellness services. Increasingly, these services promote wellbeing, reward loyalty, and serve to increase the employee’s purchase power.

The challenge and strategic question faced by traditional Group and Voluntary insurers is how best to position themselves for these new diversified plays. Insurers active in Group & Voluntary are therefore presented with a clear choice. Are they content to continue being an expert product manufacturer in someone else’s ecosystem, or do they want to position themselves more centrally with both the employer and employee to have a better chance of building a fruitful long-term relationship?

Group and Voluntary Benefits players have the opportunity to extend their reach through new, broader diversified plays that align to a new generation of employees and employers, but it will take Next-Gen Platforms across the core, digital and data along with an ecosystem that can deliver what this new generation demands and expects. In this webinar, industry experts from Celent, Capgemini, and Majesco will shine a light on these untapped market opportunities and the path forward to thrive and lead in the new, growing, and exciting world of Group and Voluntary Benefits.

Speakers
Denise Garth – Chief Strategy Officer, Majesco
Seth Rachlin – Executive VP, Global Insurance Industry Leader, Capgemini
Jamie McGregor – CEO London, United Kingdom, CELENT

The Next Competitive Frontier: Commercial Underwriting Innovation and Transformation

Underwriting in insurance is essential to performance excellence. It has evolved from heavily manual, paper-based workflows to digitized, automated processes leveraging business rules engines in next-generation core systems. Once again, it is poised for further evolution! SMA research indicates a gap between what insurers do today and what is needed today and in the future. In fact, 81% of insurance executives expect underwriting roles to be significantly different than they are today. Insurers will need to evolve underwriting to embrace industry change, new data, and technologies and most importantly, meet the needs and expectations of customers today and tomorrow.

This new evolution will be powered by a next-generation underwriting workbench that leverages a digital no code / low code platform, AI and machine learning, innovative models and predictive analytics, new communication and collaboration tools, data ingestion capabilities for policy, loss control, third-party, public and new sources of data. It is starting with small commercial and rapidly moving to mid-large commercial business.

To help insurers begin this journey of underwriting digital transformation, this webinar will discuss the evolving shift in underwriting, the crucial elements of the next-generation underwriting workbench, and why insurers must begin now to remain competitive in the commercial lines market. It will include a demo of a next-generation underwriting workbench and how it will deliver a better customer, broker, and underwriter experience and ultimately profitability and performance excellence!

Speakers
Denise Garth – Chief Strategy Officer, Majesco
Deb Smallwood – Senior Partner, Strategy Meets Action
Lulu O’Leary – Partner Financial Services, KPMG
Jeanne Johnson – Principal U.S. Advisory Practice, KPMG
Nishit Shukla – VP Product Management, Majesco

New Normal: The Catalyst for Cloud Adoption

2020 was the year of upheaval, disruption and powerful transformation, where the COVID-19 pandemic became a catalyst for cloud adoption. While SMA reported that 84% of new core systems were deployed in the cloud in 2019, the pandemic forced insurers to evaluate their current infrastructure for the flexibility, agility and security required to support remote working and to continue to best serve customers.

As the pandemic subsides, a new normal is emerging, changing the face of the insurance industry. Cloud is a fundamental requirement in this digital world and insurers are looking to technology enhancements to position themselves competitively to meet the changing needs of society, including tech-savvy customers and the modern workforce. In today’s world, customers expect unique, on-demand digital experiences that on-premise solutions simply can’t deliver.

With 64% of employees now having the option to work remotely, according to Gartner, the demand for digital technology has never been higher and insurance companies are reviewing policies, tools and approved machines to better mitigate risks. With 91% of new core systems now being deployed in the cloud, according to SMA’s newest research, insurers are accelerating previous timelines of moving to the cloud. The security, scalability and reliability of core systems built on cloud-based platforms are being evaluated to ensure these systems are flexible enough to meet ever-changing market needs.

Today, Cloud is the choice.

This webinar will discuss the perceived barriers to cloud adoption, how to overcome these barriers, the benefits of cloud and why digital transformation of insurers requires a cloud platform today and for the future.

Speakers
Ravi Krishnan – SVP & CTO, Majesco
Melis Carroll – VP, Product Marketing, Majesco
Jonathan M. Silverman – Industry Solutions Executive, US FSI Insurance, Microsoft

Customer360 – Creating an Enriched Digital Customer Experience

With digital demands from insurance customers seemingly often outpacing the engagement capabilities of many insurers, the industry has arrived at a time of reckoning – and the stakes are high!

Along with long-time customers pressing for enhanced levels of service along with customized product and service solutions, insurers also are confronted with an emerging generation of “digital-native’’ customers. These are customers who demand personalized, integrated, richer experiences. But questions remain about whether the many industry participants are up to the task. The challenges involve insurers’ talent, technology capabilities, availability of actionable data, business- and operating-models maturity, as well as a culture and willingness to accept change.

Firms in other industries have evolved their customer experience across multiple channels to become omni-channel and digital to meet rapidly shifting and intensifying customer expectations, setting a bar for insurance. P&C insurance must adapt by delivering a digital experience that creates a new customer experience that drives post-purchase engagement, trust, and loyalty. What will it take for insurers to meet this new bar of customer experience?

Hallmarks of a great digital customer experience include choice, speed, and convenience. Perhaps more critically, a great digital experience also delivers an experience that is rich with value-added features that increase customer engagement, which could in turn increase loyalty and retention.
The technology required to deliver a great digital customer experience is wide-ranging, but the one constant for a successful delivery must be an intuitive customer engagement experience that goes beyond the traditional portal.
This new experience portal must be well-integrated with a carrier’s foundational core system as well as any third-party partners that can provide any digital enhancement as well as value-added services. Unlike other firms that offer a digital experience, insurers mostly offer a disjointed service experience rather than a holistic experience that allows customers to engage when and how they want.

In an attempt to bring clarity to an industry facing uncertainty about steps to take on the road to digital innovation, this webinar will discuss this significant challenge facing insurers, the need to deliver a better customer experience (ideally, one that is digital), what that experience should look like, and profile an innovative approach in building that experience.

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 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