Majesco publishes new thought leadership paper indicating the insurance industry needs to escape the limitations of legacy systems, data and processes
Morristown, NJ (Feb. 14, 2016) – Majesco, a global provider of core insurance software, consulting and services for insurance business transformation, has published a new thought leadership paper, Reinventing Insurance: Leveraging the Power of Data, Analytics and Cloud Core Systems.
In 2014, BCG and Morgan Stanley envisioned a worst case scenario for traditional insurance companies, where many new competitors, leveraging consumer frustration with their insurance experience and using new data sets to better evaluate and price risk emerge as competitors to the traditional model. Given the level of activity in investments and startups in the financial/insurance technology space it would appear that this scenario is coming true.
Many insurance companies are keenly aware of this change, and a handful of large and innovative insurers have invested in new business models, direct to consumer and data driven business models to prepare for the potential of such a scenario. However, most other insurance companies and even many of the large companies are held back by legacy business assumptions, systems, processes and thinking, including a lack of ability to make use of the data they have as well as other data that’s available from external sources.
“Changing customer behaviors, non-traditional competition and internal operational constraints are putting many traditional insurance companies, at risk from a retention and growth perspective,” noted Denise Garth, Senior Vice President, Strategic Marketing at Majesco. “If insurers are not able to overcome the barriers created by their legacy business models, outdated systems, siloed data and limited analytic capabilities, they run the risk of being supplanted by the new, attractive options being offered to consumers by well-funded startups who come to the game without any of this baggage to hold them back.”
The thought leadership paper describes an innovative model that leverages, core insurance software, robust analytics and cloud that can enable insurers to overcome barriers and take advantage of the burgeoning new opportunities in the market. The paper includes a case study example of a company that used the new approach to significantly increase sales and profitability in one of its key lines of business.
“The Elagy-Majesco solution is the perfect way to leapfrog the barriers of legacy systems and ineffective data and analytics,” said Rick Madock of Elagy. “Insurers will be able to quickly realize the benefits of higher quality leads with much better conversion potential, decreased underwriting expenses and cycle time, insights for new product development and expansion of markets and distribution opportunities.”
The thought leadership paper, Reinventing Insurance: Leveraging the Power of Data, Analytics and Cloud Core Systems, is available on the Majesco website to download, or you can request a copy via email, [email protected].
Elagy provides solutions to monetize analytics insights in insurance markets. Elagy removes the insurers’ traditional constraints around data, distribution, technology and product innovation. Elagy’s insurance-as-a-service unlocks customer markets by leveraging a cloud-based technology platform and new distribution channels. Typical results are 2-3x in sales conversion rates, 5-10% growth and 15-20% in combined ratio improvement.
Elagy’s foundation is an analytics and insights platform that combines an industry-leading data set, which includes premium, loss, and profitability data across insurers combined with public and proprietary customer data. Elagy’s state-of-the art data science techniques provide insights and opportunities around insurer’s businesses and their markets. These opportunities can be monetized through Elagy’s insurance-as-a-service platform.
Learn more about Elagy at elagy.com.
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.
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