New Majesco Research Clearly Reveals Rising Consumer Expectations for a New Era of Insurance
Leaders will rapidly adapt to what customers want and expect, rather than requiring customers to adapt to the way insurance has always worked
Morristown, NJ – March 26 2019: Majesco (NASDAQ: MJCO), a global leader of cloud insurance software solutions for insurance business transformation, today announced the release of a new thought leadership report, Building a Business Model for the Insurance Customer of the Future, based on its third annual survey of consumers who buy insurance. The report underscores why insurers must rapidly shift to a new era of insurance for growth and retention of customers.
“Customer focus is always a win-win. How insurers make it a win-win is changing due to new technologies, new competitors, new products, new services and new customer expectations,” commented Denise Garth, SVP of Strategic Marketing, Industry Relations and Innovation at Majesco. “Today’s and tomorrow’s insurance customers are shifting across multiple fronts. Understanding how customers make decisions for insurance is critical for insurers as they create strategies for their future. Savvy, innovative companies are redefining the future of insurance from an outside-in perspective, by adapting to these changes.”
All customer generational segments, led by Gen Z and Millennials, actively participate in marketplace trends and use technologies that are driving the demand for new insurance products, services and engagement strategies. Insurers must begin to act on these now if they hope to capture the growth opportunities they offer, let alone retain existing customers who are increasing open to newer offerings.
- Gen Z and Millennials lead as consumers in the Sharing Economy. Gen Z stands out in their use of rideshare services jumping sharply from 45% to over 60% and showing a strong 10% increase in the use of homeshare services.
- Across all generations, fitness trackers and smart speakers are the most heavily used connected devices. Gen Z and Millennials lead in the use of connected home devices, with Millennials doubling their year-over-year use of connected security devices like Ring doorbell.
- Over 20% of all generations have purchased event or single-item insurance, highlighting growing interest in pay-as-you-need insurance products.
Most insightful, is the strong openness by all generations in using new products, services and business models, many already offered or in experimental phase by InsurTech startups, innovative carriers, reinsurers, and MGAs. First-mover status will be critical to win market share ahead of the growing field of competitors capitalizing on these new customer expectations.
- Gen Z and Millennials are most interested in value-added service offerings, indicating they are less indoctrinated into the traditional insurance business model than their older counterparts, and are more open to viewing insurers as partners in their overall well-being.
- Nearly 50% of Millennials and closely followed by Gen Z, would consider eight different insurance pricing models based on new data sources that reflect their desire for personalized rather than “one size fits all” products.
- The purchase of insurance from Amazon, Google or Apple is most likely by Gen Z and Millennials. In contrast, Gen X and Boomers have very little interest in doing so.This stark difference reflects the growing gap between generations that is increasingly taken advantage of by innovative, digital first competitors who are aggressively capturing and establishing loyal next generation customers.
The thought leadership report is available to download on the Majesco website, or you can request a copy by emailing firstname.lastname@example.org.
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, 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 press release. 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.