New thought leadership from Majesco underscores how the insurance industry is at a crossroads for their operating model and technology foundation
Morristown, NJ (May 23, 2024) – Majesco, a global leader in cloud insurance software solutions for insurance business transformation, is pleased to announce the availability of a new thought leadership report, Realignment in Insurance: Business Models, Products, Value-Added Services, based on primary research with a cross-section of insurers.The survey results underline the importance for insurers to have a strategy to transform their operating model and technology foundation to remain relevant and growing in the face of continuous change.
The report reflects that many insurers recognize the compelling need to improve, both operationally and innovatively, to create immediate business results and long-term value with a deep focus on the customer. They are realizing that current operational business models are falling out of synch, and the technologies that provided their foundation must be re-tuned or replaced. Current business and technology frameworks no longer meet the challenges, demands, and opportunities of today’s dynamic and fast-changing world, let alone tomorrow. The impact of legacy debt in terms of old operating models underpinned by legacy systems, technology architectures, and antiquated business processes hinders insurers’ ability to execute a profitable growth strategy, improve operationally, rapidly respond to market opportunities, and innovate with new products and services, let alone have a customer-centric view.
“Most insurer’s operating models were crafted over decades around a myriad of constraints and business challenges from redundant systems to workarounds necessitated by legacy technology and teams locked into their current culture and ways of operating. The result is an accumulation of legacy technology debt as an off-balance-sheet burden of work to be addressed in the future that is now constraining insurers business results and competitive position,” said Denise Garth, Chief Strategy Officer at Majesco. “Our business operating models and technology foundation of the past cannot support the demands of today or the future. Competing in today’s marketplace mandates speed to market for new products, channels, and experiences; a decrease in operational costs and total cost of ownership of technology; continuous innovation; and seamless and quick technology upgrades to keep the company at the leading edge. It requires an investment in the future, not the past.”
Insurers who reshape their business model and technology foundation, can achieve real optimization and drive innovation. However, elevating the business operation with a next-gen, intelligent technology foundation constructed on a robust cloud-native architecture is a must-have to compete in today’s marketplace. Managing the transition across a new flexible and scalable operating model and technology foundation requires leadership and fortitude to challenge the old ways of doing business.
Access the report: Realignment in Insurance: Business Models, Products, Value-Added Services.
About Majesco
Majesco (NASDAQ:MJCO) is the partner P&C and L&A insurers choose to create and deliver outstanding experiences for customers. We combine our technology and insurance experience to anticipate what’s next, without losing sight of what’s important now. Over 350 insurers, from greenfields and startups to some of the world’s largest insurers, rely on Majesco’s SaaS platforms solutions of core, data, analytics, digital, and rich ecosystem of partners to create their next now. As an industry leader, we don’t believe in managing risk by avoiding change. We embrace change, even cause it, to get and stay ahead of risk. With 900+ successful implementations we are uniquely qualified to bridge the gap between a traditional insurance industry approach and a pure digital mindset. We give customers the confidence to decide, the products to perform, and the follow-through to execute. For more information, visit www.majesco.com.
SOURCE: Majesco
Tags: Core Systems Modernization, legacy system replacement, legacy systems, Majesco, survey, Transformation
