Incumbent insurers and InsurTech startups are changing the rules of the insurance business with the powerful capabilities of cloud-based platform businesses
Morristown, NJ (Oct. 22, 2019) – Majesco, a global leader of cloud insurance software solutions for insurance business transformation, has announced the release of a new research report, Insurance Platforms: A Burning Platform for Market Leadership in the Digital Era of Insurance.
The report underscores how visionary leaders are leveraging customer, market and technology trends as a manifold opportunity for insurance growth by reaching new or underserved markets, creating innovative new products and personalizing the customer experience by using new sources of data and offering compelling experiences. These leaders are forging the path to the future with a cloud-based platform utilizing cloud, microservices, open APIs and API gateway, artificial intelligence and machine learning, and digital ecosystems that will keep them ahead of the trends and the changing competitive marketplace.
“We are in the early stages of the redefinition and value creation revolution for insurance, particularly with the rapid growth of cloud and changing technology foundation coupled with growing ecosystems that provide new data sources, innovative capabilities and interesting services, all of which create a multiplier effect for growth,” commented Denise Garth, SVP of Strategic Marketing, Industry Relations and Innovation at Majesco. “Every aspect of the insurance business is being redefined within the context of the future … not the past. And platforms are the future.”
The report notes an increasing priority and urgency around the technologies underscoring platforms because of the tremendous value and opportunity in terms of the growth and innovation they can deliver. But with so many now using the “platform” word, it is important to note what a platform is not. It is not taking “modern core systems” and implementing them in a hosted environment and calling it “cloud,” lacking all the benefits of an architected solution that leverages cloud capabilities. It is not having a time-consuming, costly upgrade process. It is not creating a marketplace of partners using “accelerators” or point-to-point integrations. It is not having a handful of APIs and stating that you are API-enabled. And it does not use a “portal out-of-the-box.”
“The heart of the insurance platform is an orchestration of next gen technologies including cloud native computing, microservices, APIs, new data sources, and artificial intelligence and machine learning, coupled with an ecosystem of partners,” noted Manish Shah, President and Chief Product Officer at Majesco. “With this unified combination of components, insurers can shift from being the ‘owners of complex core systems’ to become the ‘owners of platform with product agility, digital fluency, innovation and speed to value’ required in today’s pace of change.”
The report details each component of the insurance platform and gives examples that illuminate how companies, both startups and incumbents, are creating new products and business models built on insurance platforms, helping them accelerate innovation, dynamically plug into ecosystem capabilities and deliver speed to market. The report notes how the early platform players are broadening their ability to penetrate existing and new markets through their ability to “plug and play” into other ecosystems, such as mobility, housing or transportation/logistics.
Time is of the essence because the future of insurance is picking up speed. Insurers must proactively adjust to customer demands, needs and demographics, to the changing risk environment, to shifting market boundaries and to the accelerating advances and adoption of technology. Platforms, with their technology and ecosystems, offer a unique opportunity for the industry to reinforce its relevance to customers.
The thought leadership report is available to download from Majesco.
Majesco (NASDAQ:MJCO) provides technology, expertise, and leadership that helps insurers modernize, innovate and connect to build the future of their business – and the future of insurance – at speed and scale. Our platforms connect people and businesses to insurance in ways that are innovative, hyper-relevant, compelling and personal.
More than 200 insurance companies worldwide in P&C, L&A and Group Benefits are transforming their businesses by modernizing, optimizing or creating new business models with Majesco. Our market-leading solutions include CloudInsurer™ P&C Core Suite (Policy, Billing, Claims); CloudInsurer™ LifePlus Solutions (AdminPlus, AdvicePlus, IllustratePlus, DistributionPlus); CloudInsurer™ L&A and Group Core Suite (Policy, Billing, Claims); Digital1st Insurance™ with Digital1st eConnect™, Digital1st EcoExchange™ and Digital1st Platform™ – a cloud-native, microservices and open API platform; Distribution Management, Data and Analytics and an Enterprise Data Warehouse. For more details on Majesco, please visit www.majesco.com.
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: MajescoTags: Cloud, Digital Insurance, Majesco, platform, Transformation