Majesco (NASDAQ:MJCO), a global leader of cloud insurance software solutions for insurance business transformation, today announced the release of a new research report, The Future of Insurance: Future Leaders Setting the Bar in Meeting New Customer Demands and Products in a Multi-Channel World.
Drawing on findings from four recent primary research studies on Consumers and SMBs (Insurance “Buyers”) and InsurTechs and Insurers (Insurance “Sellers”), the report provides unique insights on the alignments and gaps between Buyer expectations and Seller strategies, priorities and investments, revealing which types of Sellers are well positioned to create the future of insurance, and who will be left behind.
“With customers as crucial arbiters of a company’s success, insurance players should aggressively invest in new products, services, business models and technologies that will enable them to align to customer needs and expectations, both today and in the future,” commented Denise Garth, SVP of Strategic Marketing, Industry Relations and Innovation at Majesco.
“The future leaders of insurance are modernizing and optimizing their existing businesses to meet current customer needs, and create profitable operations that fund the design and build of their new, future business. They’re using cloud-based insurance platforms that enable rapid development of innovative new products, services and channels that can be tested and quickly scaled to deliver what their buyers demand. A two-speed strategy consisting of speed of operations and speed of innovation is crucial for future insurance leaders. Majesco is very focused on offering our core and next gen solutions to enable this two-speed strategy to offer both incumbent insurers and InsurTechs a path to the future of insurance,” continued Denise.
The report revealed numerous characteristics and practices that are shaping Sellers’ prospects for future market leadership, including:
- Sellers, both incumbent insurers and InsurTechs, are generally aligned with Buyers for today’s offerings, but significant gaps emerge for future products and business models with Buyers.
- InsurTechs’ outside-in and customer-first approach is highly aligned to Buyers – a winning strategy that all incumbent insurers must rapidly learn and adapt to.
- Incumbent insurer leaders reflect the adaptation, outpacing insurer followers and laggards who are increasingly being left behind.
- Future Buyers, millennials and Gen Z, overtake Gen X and Boomers within the next 7 years, emphasizing the risk of not shifting with future customers demands.
- Adding channels without a multi-channel strategy will likely backfire if Sellers are not aligned to Buyers’ expectations that they can work together seamlessly.
- Incumbent insurers have numerous blind spots around new sources of insurance, including the Tech Giants’ potential to enter the insurance market. This increases their risk of becoming irrelevant and uncompetitive in a new future of insurance.
The report underscores that the rise of InsurTech four or five years ago attracted money, people and marketplace interest, giving InsurTechs an early advantage over incumbent insurers. The good news is that incumbent leaders are rapidly adapting. They have moved from simply knowing about the changes going affecting the industry, to acting on them by leveraging InsurTech strategies and approaches to keep pace or even lead.
But that is not the case for incumbent “followers” and insurance industry “laggards,” who are continuing to fall behind, creating a potentially insurmountable gap if they do not quickly change course.
With both AM Best and the NAIC recognizing the need to support operational optimization and innovation, insurers and InsurTechs need to be prepared to adapt and respond. They need to ask themselves, “What will it take to move from knowing to doing – and do it rapidly?” “How do we modernize and optimize the existing business while we create a new business model for the future?” These questions should be asked out of the realization of the urgency to create the future.
The thought leadership report is available to download on the Majesco website, or you can request a copy by emailing info@majesco.com.
About Majesco
Majesco (NASDAQ: MJCO) provides technology, expertise, and leadership that helps insurers modernize, innovate and connect to build the future of their business – and the future of insurance – at speed and scale. Our platforms connect people and businesses to insurance in ways that are innovative, hyper-relevant, compelling and personal. Over 200 insurance companies worldwide in P&C, L&A and Group Benefits are transforming their businesses by modernizing, optimizing or creating new business models with Majesco. Our market-leading solutions include CloudInsurer™ P&C Core Suite (Policy, Billing, Claims); CloudInsurer™ LifePlus Solutions (AdminPlus, AdvicePlus, IllustratePlus, DistributionPlus); CloudInsurer™ L&A and Group Core Suite (Policy, Billing, Claims); Digital1st Insurance™ with Digital1st eConnect™, Digital1st EcoExchange™ and Digital1st Platform™ – a cloud-native, microservices and open API platform; Distribution Management, Data and Analytics and an Enterprise Data Warehouse. For more details on Majesco, please visit www.majesco.com.
Cautionary Language Concerning Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of management, are not guarantees of performance and are subject to significant risks and uncertainty. These forward-looking statements should, therefore, be considered in light of various important factors, including those set forth in Majesco’s reports that it files from time to time with the Securities and Exchange Commission and which you should review, including those statements under “Item 1A – Risk Factors” in Majesco’s Annual Report on Form 10-K.
Important factors that could cause actual results to differ materially from those described in forward-looking statements contained in this press release include, but are not limited to: integration risks; changes in economic conditions, political conditions, trade protection measures, licensing requirements and tax matters; technology development risks; intellectual property rights risks; competition risks; additional scrutiny and increased expenses as a result of being a public company; the financial condition, financing requirements, prospects and cash flow of Majesco; loss of strategic relationships; changes in laws or regulations affecting the insurance industry in particular; restrictions on immigration; the ability and cost of retaining and recruiting key personnel; the ability to attract new clients and retain them and the risk of loss of large customers; continued compliance with evolving laws; customer data and cybersecurity risk; and Majesco’s ability to raise capital to fund future growth.
These forward-looking statements should not be relied upon as predictions of future events and Majesco cannot assure you that the events or circumstances discussed or reflected in these statements will be achieved or will occur. If such forward-looking statements prove to be inaccurate, the inaccuracy may be material. You should not regard these statements as a representation or warranty by Majesco or any other person that we will achieve our objectives and plans in any specified timeframe, or at all. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. Majesco disclaims any obligation to publicly update or release any revisions to these forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this press release or to reflect the occurrence of unanticipated events, except as required by law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190724005479/en/