“A 2D Strategy: Distribution and Digital for High Performance” details the need to optimize the front-end and backend for Insurance Distribution
Morristown, NJ (Dec. 11, 2015) – Majesco, a global provider of core insurance software, consulting and services for insurance business transformation, has published a new insights thought leadership report on distribution management, A 2D Strategy: Distribution and Digital for High Performance. The report analyzes the key external and internal forces that are impacting insurance distribution and recommends a two-pronged strategy for transforming distribution management to meet these challenges. The report incorporates perspectives from C-level executives who participated in a Majesco roundtable on distribution management in late June.
The insurance industry finds itself in a position of catching up to the expanding array of channels and digitally-driven distribution capabilities of other industries, like retail, that are setting customer expectations for researching, buying, servicing and using products and services. The expansion of channel options beyond the traditional agent channel, from comparison sites to digital agencies and non-insurance brands that use their affinity and reach to offer insurance to their customer bases, is rapidly changing the market landscape.
While the objective of expanding digital capabilities and channel options is to make things easier and better for consumers, getting to this state is a complex endeavor for insurance companies. To overcome these challenges, the industry must focus on two concerted efforts:
- First, it requires optimizing the front-end with a digital platform that orchestrates customer engagement across multiple channels.
- Second, this multi-channel environment must be supported by an optimized back-end that effectively manages the growing array and complexity of multiple distribution channels beyond the traditional agent channel.
“Orchestrating the wide variety of channel options – new and traditional – you must offer to your customers has become too complex for legacy channel management processes. Distribution management systems are no longer considered back office systems; they are front office enablers in today’s radically changing marketplace,” commented Denise Garth, Senior Vice President Strategic Marketing for Majesco. “Building an integrated digital distribution framework within a foundation of modern distribution management capabilities can provide insurers new efficiencies, new opportunities and additional fuel for growth.”
The insights report, A 2D Strategy: Distribution and Digital for High Performance, and its companion report, A Path to Insurance Distribution Leadership: New Channels and New Data for Innovative Outcomes, are available on the Majesco website to download.
Majesco (NYSE MKT: MJCO) enables insurance business transformation for approximately 140 insurance customers by providing solutions which include software, consulting and services.
Our customers are insurers, MGA’s and other risk providers from the Property and Casualty, Life, Annuity and Group insurance segments worldwide. Majesco delivers proven software solutions, consulting and services in the core insurance areas such as policy, billing, claims, distribution management, BI/ analytics, digital, application management, cloud and more. For more details on Majesco, please visit www.majesco.com.
SOURCE: Manulife Financial Corporation