Seven years ago, Majesco began our annual research on the challenges facing insurers and their current and planned strategic initiatives for growing their businesses. Looking back at the beginning to today’s results, the impact of three distinct eras becomes clear.
In 2015, InsurTech was new and booming, causing some hesitance and a wait-and-see attitude in the industry. A couple of years later the second era began with the industry’s outlook shifting and optimistic, driving a wave of technology and business model digital transformation. We are now nearing the end of the third era due to COVID disruption, reflecting strong signs of resurgence and resilience by insurers.
Throughout these seven years, the rising importance and adoption of advances such as platform technologies, APIs, microservices, digital capabilities, new/non-traditional data sources and advanced analytics capabilities are now crucial to industry leadership. Market trends like the gig/sharing economy and the rise of ecosystems and partnerships, and much more, are driving innovations in new products, services, and distribution channels.
However, the different levels of awareness of these developments and the strategic responses to them have defined the industry players into three categories: Leaders, Followers and Laggards. The size of the gaps between them continues to change, but Leaders continue to accelerate the pace that sets them apart from Followers and Laggards.
Is your company a Leader, Follower or Laggard in the future of insurance? Be sure to join us for this webinar to see how the industry has changed through three distinct eras in seven short years and what today’s leaders are doing to power their companies through the eras yet to come.
Denise Garth, Chief Strategy Officer - Majesco
Glenn Westlake, VP, Strategic Marketing - Majesco