New Majesco Research Underscores Three Paths to the Future of Insurance
Leaders are more responsive to technology and marketplace trends, placing them on a path of future success
Morristown, NJ – February 7, 2019: Majesco (NYSE American: MJCO),a global provider of cloud insurance platform software for insurance business transformation, today announced the release of a new thought leadership report, Strategic Priorities 2019: Accelerating the Paths to the Future of Insurance, based on its fourth annual survey of insurers across all sizes and lines of business.
The research underscores the contrast between insurance leaders who are embracing disruption to modernize and optimize their existing business while focusing on their customer and the external market by creating new business models, products and services – compared to “fast-followers” and laggards who are focused on internal operational improvements for legacy business models.
The results from the survey provide a strategic lens into the insurance industry with regard to the distinctly different views and approaches being taken by insurers. The report makes clear that when it comes to leadership in an industry facing ongoing, rapid change and disruption, speed and responsiveness matter.
In particular, the trends and initiatives tracked over the last four years reveal three distinct paths that have significant implications to growth and future relevance. The three paths include:
- Modernize Existing Business: Replace legacy systems in a private or public cloud to keep and grow today’s business.
- Optimize Business Today:Create new digital capabilities to protect and grow today’s customer base.
- Create New Business for Tomorrow: Build new business models for a new generation of customers and products.
“Reinventing the business in the face of dramatic industry change demands bold moves that require leadership, confidence, expertise and speed,” commented Denise Garth, SVP of Strategic Marketing, Industry Relations and Innovation at Majesco.“The result is the elimination of what we term the ‘knowing – doing’ gap and the acceleration of growth. We see this with ‘early movers’ who are pathfinders experimenting with new business models, products and services that are capturing customer and market attention and growth opportunities. In contrast, fast followers and laggards will have dwindling options. Speed and leadership matter in a fast-changing market.”
Analysis of the survey reveals three segments of insurers that align to these three paths: Leaders, Followers and Laggards. Leaders are laser-focused on modernizing and optimizing their existing business while at the same time creating a new business for the future. Followers are somewhat behind Leaders — but yet have a gap that has not made progress, placing them at risk given the pace of change. Laggards are significantly behind, placing their business at risk given the pace of change in the industry and the growing gap to Leaders and Followers.
This report will help insurance leadership ask critical questions about which path their company is taking to the future. Are they a leader, a fast follower or laggard? Do they have a knowing – doing gap? What bets are they making? Are they modernizing, optimizing or creating the future? Are they clearly focused on the future or overstretched and preoccupied with today?
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.
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