Majesco, a global leader of cloud insurance software solutions for insurance business transformation, today announced the availability of a new thought leadership report based on primary research with insurers, Game Changing Strategic Priorities Redefining Market Leaders.

The new report takes a comprehensive look at insurers’ strategic priorities and responses to the intensification of market shifts, macro-economic challenges and shifting risks – creating potential headwinds to insurer digital business transformation strategies and plans. Because times like these can be problematic and precarious for the future, it is more important than ever for insurers to rethink their priorities and approach, turning headwinds into a tailwinds to leap ahead. The old proverb, "Necessity is the mother of invention" gains new relevance.

“Insurers must accelerate their digital business transformation because technology and new operating models provide a foundation to adapt, innovate and deliver at speed --- helping to create a tailwind and path forward,” stated Denise Garth, Chief Strategy Officer at Majesco.

“The rising importance and adoption of platform technologies, Cloud, APIs, microservices, digital capabilities, new/non-traditional data sources, and advanced analytics capabilities are now crucial to growth, profitability, customer engagement, channel reach, and workforce changes. Given the pace and multi-faceted nature of digital transformation, leading insurers are focusing on their strategic priorities and investments by being nimble, creative and bold, leaping forward from the competition.”

Strategic discussions on how you prepare and manage the changes needed in your business models, products, channels, and technology is more important than ever because new signals will continue to emerge adding further fuel to the pace of change. Today’s question is, “Can we afford to ignore the business and technology trends that are re-imagining the value proposition for insurance and the future business model?” The answer is no…because pausing or holding back now will only create a widening competitive gap, placing insurers’ businesses at risk. Key strategic priorities that influence market leadership and growth include:

• Legacy Replacement with next-gen Cloud platforms that reshape the business focus from policy to customer, from process to experience, from static to dynamic pricing, from point-in-time underwriting to continuous underwriting, from a historical view of data to a predictive and prescriptive view, from traditional products to new, innovative products, and so much more.
• New Products that embrace personalization and rewrites the customer experience to humanized experiences that demand a shift from product-centric to customer-centric design and implementation.
• New Business Models expand with a stronger focus on initiatives instrumental to creating expanding distribution channels, entering new markets, adding value-added services, and developing new products by leveraging technology as a foundation and catalyst for innovation.
• Expanding Channels that enable insurers to play across a broad distribution spectrum of channel options including embedded, extend reach to customers when, where, and with whom they want to buy insurance.
• Reallocating Resources influence and drive if and how the organization is future-ready and sustainable for the long-term.

Learn more by downloading Game Changing Strategic Priorities Redefining Market Leaders. on the website or by emailing info@majesco.com. The report’s findings are also featured in our webinar, Game Changing Strategic Priorities Redefining Market Leaders. A complementary recording is available for viewing on our website.

About Majesco

Majesco is the partner P&C and L&AH insurers choose to create and deliver outstanding experiences for customers. We combine our technology and insurance experience to anticipate what is 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, please visit www.majesco.com and follow us on LinkedIn.

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