2016 Strategic Priorities: Impactful Pace of Change study reveals optimism for the future but also blind spots to the impact of specific trends and emerging technologies
Morristown, NJ (Jan. 13, 2016) – Majesco, a global provider of core insurance software, consulting and services for insurance business transformation, has published a new research report, 2016 Strategic Priorities: Impactful Pace of Change.
In late 2015, Majesco surveyed its North American customer base to assess and understand the strategic issues they were facing today and over the next three years along with their plans for overcoming challenges and turning them into opportunities. Four overall themes emerged from the survey responses. First, there is a clear recognition of the shift with the customer in control and the importance of being customer-driven. Second, there are significant barriers and limitations on current business capabilities that must be overcome to grow and compete, starting with transformation of legacy systems that were built around products rather than customers. Third, there are some potential blind spots about customer expectations, technology and competition that are lurking around the corner in the not too distant future, creating impactful disruption. And fourth, the pace and impact of change has intensified the need for agility, speed and innovation to compete.
While progress is being made, significant work is necessary to compete in a customer-driven age. At the same time, the world is rapidly changing, and new expectations, risks, technologies, competitors and innovations threaten to significantly disrupt and change the insurance business landscape. Insurance companies must adroitly do two things at simultaneously: modernize and optimize the current business while reinventing it for the future. While generally aware of the pace of change going on in these areas, many respondents indicated they were engaged in relatively low levels of activity in response to specific outside trends and technologies and trends, creating a potentially devastating blind spot.
“Most customers are focused on business optimization through modernization of their core systems, and they expect to be introducing new products, new channels and potentially new business models over the next three years,” commented Denise Garth, Senior Vice President Strategic Marketing for Majesco. “While this optimism outlook is encouraging, most companies are challenged with these priorities and are not staying abreast of the disruptive changes going on both inside and outside the industry, creating a potentially devastating blind spot. As part of Majesco’s client-centric mission, we are committed to partnering with our customers to help them understand these trends and find ways for taking advantage of the opportunities they present.”
“Many insurers – even market leaders – are increasingly challenged to have broad-based strategy insights and skills to rapidly adapt and respond to the fast-paced changes impacting their growth, relevance and competitive position,” commented Bill Freitag, EVP Majesco Consulting. “We are working with our customers to help them enable their strategies from digital, data, IT and testing to ensure a clear path from their challenges today to their opportunities for tomorrow.”
The research report, 2016 Strategic Priorities: Impactful Pace of Change is available on the Majesco website to download, or you can request a copy via email — [email protected].
Majesco enables insurance business transformation for approximately 140 insurance customers by providing solutions which include software, consulting and services.
Our customers are insurers, MGAs 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.