InsurTechs see themselves as allies of the industry to reimagine the insurance customer experience through technology-driven partnerships and ecosystems
Morristown, NJ (Jan. 16, 2019) – Majesco, a global provider of cloud insurance platform software for insurance business transformation, has announced the release of a new thought leadership report, InsurTech: Energizing the Shift to Digital Insurance 2.0, based on new primary research Majesco conducted jointly with Silicon Valley Insurance Accelerator (SVIA) and Global Insurance Accelerator (GIA). The report provides an inside look into how leaders from InsurTechs, insurers, MGAs and solution providers see the opportunities and challenges in moving insurance innovation forward, particularly around their investments and ability to partner with incumbent insurers.
The report details the views of two distinct InsurTech segments: Insurer/MGAs, which focus on the entire insurance value chain, and Solution Providers, which provide specialized solutions or services for specific value chain areas. The research covered a wide range of issues to reveal how InsurTechs are helping shape the future of insurance.
“The research uncovered insights into why incumbent insurers’ futures depend on innovating their business models, processes, products and services, and why partnering with InsurTech can accelerate this,” remarked Denise Garth, SVP – Strategic Marketing, Industry Relations and Innovation for Majesco. “By understanding the experiences, viewpoints, priorities, successes and failures of InsurTech innovators, we found potential opportunities for incumbents, including partnerships, unique solutions to complex operational issues, access to new customers and markets, and more.”
A key finding is the importance both segments place on partnerships and ecosystems, albeit with slightly different emphases: InsurTech Insurer/MGAs have higher involvement with other industry segments and Reinsurers, while Solution Providers are significantly more engaged with incumbent insurers and other InsurTechs. The involvement with other industry segments is an area that most incumbent insurers are not focused on and could place them at a competitive disadvantage.
“A key success factor in Digital Insurance 2.0 is the recognition that it’s no longer desirable or optimal to ‘go it alone in a rapidly growing platform economy,” noted Brian Hemesath, Managing Director of GIA. “No individual company has all of the resources, time or capabilities required for success in this new era of insurance. Ecosystems provide a multiplier effect for growth.”
To succeed in a new digital era of insurance, incumbent insurers must aggressively begin to define their vision and path to Digital Insurance 2.0, leveraging the ideas and innovations of the InsurTech universe to reinvent their business model, products and services for a new era of insurance.
“Every insurance leader must become intimately familiar with the models, solutions and trends being driven by InsurTechs,” commented Mike Connor, CEO and Co-founder of SVIA. “Though not perfected yet, they are the shape of the customer centric, digitally connected ecosystem that the industry is to become.”
The thought leadership report is available on the Majesco website.
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 www.majesco.com.
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SOURCE: MajescoTags: Digital Insurance, InsurTech, Majesco, Silicon Valley Insurance Accelerator (SVIA)