Majesco, a global leader of cloud insurance software solutions for insurance business transformation, today announced the availability of a joint report from Majesco, Distribution Management: A Path to Maturity. This report highlights the importance of Distribution Management transformation and key areas carrier’s need to focus on to climb the maturity curve.
With growing pressure for shelf space from a growing array of distributors and channels, demand for flexible and agile compensation, and cost cuts to allow for continued competitive compensation, carriers are increasingly looking to transform Distribution Management as way to optimize business operations and remain competitive. Like other core transformation endeavors, carriers must first understand how value will be delivered. This report by Majesco identifies three key areas Distribution Management transformation delivers value:
- Improved productivity and next-gen distribution experience
- Increased operational efficiency and effectiveness
- Improved ability to adapt to change
Distribution Management is no longer an organization silo but rather spans the distributor life cycle and focuses on empowering channel and sales teams. Carriers deliver value for their customers and clients through a combination of operations team members and hands-on relationship management with key distribution partners. The real value of Distribution Management transformation is dependent on a carrier’s ability to offer customers’ differentiating capabilities and climb a maturity curve that encompasses five distinct stages. The report defines these stages, helps carriers determine where they stand on the curve, and provides advice on how to find, and move to, the optimal position for their company.
“We are at the beginning of the redefinition and value creation revolution for insurance, particularly with the growing ecosystems that provide access to new channels and innovative capabilities which create a multiplier effect. As a result, we’ve seen an irrevocable change to risk markets, the insurance value chain, and product definitions,” says Denise Garth, Chief Strategy Officer. “In order to meet new expectations and stay competitive, insurance companies must reinvent themselves as technology-forward companies that provide customized products and personalized services.”
Carriers have a significant opportunity to differentiate themselves in the marketplace by stretching for capabilities higher-up on the maturity curve and using these capabilities to steer their transformation visions going forward. These capabilities will give your organization tangible goals to achieve as a part of your efforts and provide measurable results as the backbone of any business case for change.
Learn more by downloading Distribution Management: A Path to Maturity from the Majesco website or by emailing info@majesco.com.
About Majesco
Majesco is the leading software partner to both the P&C and L&A insurance markets to modernize, optimize and innovate their businesses at speed and scale. Over 330 insurers, from greenfields, start-ups and MGAs to the largest insurers, reinsurers and brokers use Majesco’s next generation SaaS platform solutions of core, data, and analytics, digital, distribution, absence management and a rich ecosystem marketplace of established and InsurTech partners to build the future of insurance.
Our technology, expertise and leadership help insurers innovate and connect to build the future of their business. With over 825 successful implementations and over 65% of our customers on Cloud with Majesco platform solutions, together we have an amazing track record of innovation and real-world results. For more details on Majesco, please visit www.majesco.com.
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