Insurers must create a new playbook for a new digital age focused on growth and innovation
Morristown, NJ (May 31, 2018) – Majesco, a global provider of core insurance platform software and consulting services for insurance business transformation, today announced the release of a new thought leadership report, Digital Insurance 2.0: Playbooks for L&A and Group Insurers to Win in the Digital Age. The report details the strategic gaps facing L&A and Group insurers operating with a traditional Insurance 1.0 business model, and provides guidance on developing playbooks to close the gaps and shift to a Digital Insurance 2.0 business model.
The report notes that while most customers understand the basic value of insurance, the product and process complexity of Insurance 1.0 has made it difficult to create meaningful engagement with customers, causing many to view insurance as something they need but do not necessarily want. For discretionary products like life insurance and voluntary employee benefits, this is a particularly vexing issue as the next generation of insurance buyers, led by Gen Z and Millennials, represents the future and growth opportunities for the insurance industry. Insurers need to develop new Digital Insurance 2.0 playbooks to capture this next generation of customers or face irrelevance and decline in their market leadership.
The L&A and Group industry has experienced a long period of limited innovation, as well as a decline in insurance ownership over the last few decades. “Think about it: What were the last innovative ideas introduced into the industry before the digital age and the emergence of InsurTech?” commented Denise Garth, SVP Strategic Marketing, Industry Relations and Innovation for Majesco. “Many of the things we thought were innovative at the time – like variable universal life and critical illness for products, straight-through processing and online portals for operations, and bancassurance and comparison sites for channels – in reality are iterations within our traditional industry orthodoxies.”
A new wave of Digital Insurance 2.0 business models and products are emerging that are using cloud, data and digital technologies, and ecosystems to create simpler, more customized and tailored offerings with simplified processes that are directly attacking the weaknesses of Insurance 1.0.
Majesco’s new report highlights a unique framework to assess these new innovative business models and how they are assembled into fresh new playbooks for success in the new era of Digital Insurance 2.0. These innovative models are transforming insurance from a confusing ordeal that must be sold, to a more transparent, simple and engaging experience that is bought. By analyzing their business models with a consistent framework, insurers at all stages in their innovation journeys can identify their own unique, competitive plays for their Digital Insurance 2.0 playbooks.
Insurance business transformation is a journey of change and revitalization, a renaissance of Insurance. Approximately 160 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: MJCO), please visit www.majesco.com.
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SOURCE: MajescoTags: Digital Insurance, Majesco, Millennials, playbook, strategy, Transformation