The shift is intensifying and realigning fundamental elements of the insurance business, requiring us to erase the idea that we can ease our organizations into this new era with minor adjustments: Majesco report takes a look back and forward on the disruptive forces transforming the future of insurance
Morristown, NJ (Dec. 4, 2019) – Majesco, a global leader of cloud insurance software solutions for insurance business transformation, is pleased to announce the release of a new research report, Future Trends – Looking Back and Leaping Forward.
The report takes a retrospective view from the first Future Trends report published nearly four years ago that discussed a major shift due to the converging “tectonic plates” of people, technology and market boundaries. These changes are disrupting and redefining the world, industries and businesses — including insurance — to where the industry is today and where it needs to leap forward for tomorrow. Underscored within the report are the dramatically different demands of agility, speed and innovation as we enter 2020, compared to where they were in 2015. To succeed in the future of insurance, which is coming faster than most realize, insurers must lay the groundwork of a new digital insurance business model that embraces customer, technology and market boundary changes with vision, energy and speed.
“The pace of disruption and dramatic changes in the key trends of people, technology and market boundaries were in the early stages of development and experimentation in in the first Future Trends report, but their adoption and expansion have accelerated rapidly within the industry today,” commented Denise Garth, SVP of Strategic Marketing, Industry Relations and Innovation at Majesco. “With so much disruption and change – technological revolution, fast-changing customer needs and expectations, regulatory changes such as the AM Best innovation rating and shifts to an on-demand, sharing, Gig and platform economy – the next generation of insurance leaders are aggressively adapting and responding to reinvent themselves before someone else does it for them. The leaders creating the future of insurance are connecting current and future visions to the markets and opportunities that lie ahead.”
Tremendous changes are still on the horizon. As we enter 2020, the future of insurance is intensifying and shifting. Future market leadership and success will be defined by focusing on the customer experience, business innovation, and technological leadership. Insurers must think and operate as technology-led companies, rather than insurance-product companies by leveraging new, emerging and maturing technologies to provide digitally-savvy customers with the product they want and need, recognizing that a product includes the customer experience, risk coverage and services.
These future leaders are not just innovating their business, they are disrupting their business by rethinking and reimagining the future as a digital insurer. Rather than holding onto decades of operational tradition built into their current business systems and processes, they are shifting their technological and administrative weight using a two-speed strategy – Speed of Operations and Speed of Innovation – for growth, relevance and success. With evolving changes in regulations, from the introduction of sandbox environments to the new AM Best innovation rating, innovation barriers are being lowered and innovation is now a must-have for survival.
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. Over 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.
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SOURCE: MajescoTags: disruption, Majesco, outlook / predictions, report, Transformation, trends