The outlook for employee and voluntary benefits is promising, but the market no longer looks like it once did
Morristown, NJ (Jan. 9, 2018) – Majesco, a global provider of core insurance software and consulting services for insurance business transformation, today announced the publication of a new Thought Leadership report, A New Age of Insurance: Growth Opportunity for Employee and Voluntary Benefits Insurance in a Time of Market Disruption. The report outlines the disruption and changes that are creating unprecedented growth opportunities for employee and voluntary benefit insurers. The gig economy, evolving healthcare markets, cost shifting from employer to employee, new behaviors driven by digital companies as well as new technologies, competition for talent, and the growth of small and medium businesses (SMBs) are uniquely at the forefront of this change, creating opportunities for new markets, new customers, and new products and services.
“The employee and voluntary benefits landscape will continue to rapidly transform as workers’ and employers’ needs and expectations shift, health care reform continues to change, marketplaces evolve, new products are introduced, and new competitors emerge from within and outside the industry,” noted Denise Garth, SVP of Strategic Marketing, Industry Relations and Innovation at Majesco. “One of the biggest shifts will be the surge in employee demand for new, innovative voluntary benefits offered by employers to enhance their employer-paid offerings, particularly for the Gen Z and Millennial generations. Voluntary benefits are an increasingly critical element to attract and retain top talent for companies across all industries, particularly as we continue to see unemployment rates decline, boomers retire and the fight for technology talent intensify.”
The report notes that this change is creating an exciting opportunity for new startups as well as existing insurers who want to enter the market. The convergence of technology, changing market dynamics and customer expectations has fueled significant investment by venture capitalists, spawning new market entrants as well as existing insurers entering the market with new offerings.
“Changes and innovations in the employee and voluntary benefit markets should create additional opportunities for carriers,” commented Bill Bade, Consulting Actuary at Milliman. “The carriers best positioned to take advantage of new opportunities will be creative, proactive, and successful in building strategic partnerships and innovative products and plan designs. While market share will be an advantage, the influx and success of new entrants in recent years suggests that the competitive landscape will continue to support the growth of non-traditional carriers.”
To capture this market opportunity, insurers will need to respond with innovative products, plan designs, underwriting and pricing as well as new services, distribution channels and customer engagement approaches enabled by modern digital platforms.
Insurance business transformation is a journey of change and revitalization, a renaissance of Insurance. Approximately 150 insurance companies worldwide in P&C, L&A and Group/ Employee Benefits are transforming their businesses with Majesco’s solutions. Our market leading software and consulting services uniquely underpin the entire insurance value chain and are designed to empower insurers with the agility, innovation and speed needed to meet their transformation opportunities. Majesco’s solutions include policy management, new business / underwriting, rating, billing, claims management, distribution management, BI/ analytics, predictive modeling, digital platform with mobile and portal, testing services, cloud services, bureau and content services, transformation services, consulting services and more.
For more details on Majesco (NYSE MKT: MJCO), please visit www.majesco.com.
SOURCE: MajescoTags: benefits, Majesco, report