Insurers Must Shift from Report-Driven to Data-Driven Strategy to Succeed in Digital Insurance 2.0

A solid data foundation built on an Enterprise Data Warehouse that easily consumes traditional internal data and new external data sources is critical to drive insights and innovation

Morristown, NJ (Aug. 1, 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: Building your Future on a Robust Data Foundation, which details the opportunity, and provides a roadmap, for insurers to fully leverage the power of data – from internal and external sources – to fuel innovations across the insurance value chain and shift to the new world of Digital Insurance 2.0.

The report notes that while insurers know they need to make investments in data-related initiatives and technologies, their pace of planning and doing is not matching their level of awareness, resulting in a widening gap between them and emerging new market leaders in the age of Digital Insurance 2.0.

“In Digital Insurance 2.0, data is a source of competitive advantage for identifying unserved or underserved markets, identifying profitable niches, reducing or eliminating risk, driving channel optimization, enhancing service and improving customer experiences,” commented Denise Garth, SVP – Strategic Marketing, Industry Relations and Innovation for Majesco. “Consuming data from traditional internal and new external sources can improve the richness of information used to make a wide array of business decisions that are accelerating and widening the gap between Insurance 1.0 and Digital Insurance 2.0.”

Fortunately, research shows that many insurers realize the importance of getting their foundation in place so they can progress to more advanced analytic techniques and applications that leverage the data.  The report details a data foundation roadmap to follow.

“In today’s new insurance age, data is the fuel for innovation,” commented Ben Moreland, VP – Data Analytics & Enterprise Architecture at Majesco. “But while users across the enterprise may be impatient to access and start using the data, a disciplined approach must be followed to ensure the full value of all data sources is realized, and to avoid the painful need to backtrack and re-do foundational steps that may have been skipped or compromised.”

More than ever, data and analytics are the foundation of a data-driven organization and the shift to becoming a digital insurer in the age of Digital Insurance 2.0. Insurers that stick to the traditional, pre-digital age formula of relying on internal, historical data used only for pricing, underwriting and reporting, will put their businesses at risk, both in terms of retaining profitable customers and capturing new markets and customers.  The time for putting a data-driven strategy and foundation into in place is now, before the gap becomes insurmountable.

Download the Report

The thought leadership report is available to download on the Majesco website: Digital Insurance 2.0: Building your Future on a Robust Data Foundation.

Or you can request a copy by emailing [email protected].

About Majesco

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, consulting and 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

Cautionary Language Concerning Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of management, are not guarantees of performance and are subject to significant risks and uncertainty. These forward-looking statements should, therefore, be considered in light of various important factors, including those set forth in Majesco’s reports that it files from time to time with the Securities and Exchange Commission and which you should review, including those statements under “Item 1A – Risk Factors” in Majesco’s Annual Report on Form 10-K.

Important factors that could cause actual results to differ materially from those described in forward-looking statements contained in this press release include, but are not limited to: integration risks; changes in economic conditions, political conditions, trade protection measures, licensing requirements and tax matters; technology development risks; intellectual property rights risks; competition risks; additional scrutiny and increased expenses as a result of being a public company; the financial condition, financing requirements, prospects and cash flow of Majesco; loss of strategic relationships; changes in laws or regulations affecting the insurance industry in particular; restrictions on immigration; the ability and cost of retaining and recruiting key personnel; the ability to attract new clients and retain them and the risk of loss of large customers; continued compliance with evolving laws; customer data and cybersecurity risk; and Majesco’s ability to raise capital to fund future growth.

These forward-looking statements should not be relied upon as predictions of future events and Majesco cannot assure you that the events or circumstances discussed or reflected in these statements will be achieved or will occur. If such forward-looking statements prove to be inaccurate, the inaccuracy may be material. You should not regard these statements as a representation or warranty by Majesco or any other person that we will achieve our objectives and plans in any specified timeframe, or at all. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. Majesco disclaims any obligation to publicly update or release any revisions to these forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this press release or to reflect the occurrence of unanticipated events, except as required by law.

SOURCE: Majesco

Tags: , ,