New Majesco Report Highlights the Insurance Distribution Transformation Needed to Succeed in a Multi-Channel World

Channel efficiency, optimization and speed to value will transform the market from limited, restricted growth to one with golden opportunities that meet customer expectations

MORRISTOWN, N.J.--()--Majesco (NYSE MKT:MJCO), a global provider of core insurance software and consulting services for insurance business transformation, today published a new thought leadership report, Succeeding in a Multi-Channel World: Channel Efficiency, Optimization and Speed to Value. The report highlights how fluctuations in market dynamics are creating challenges and opportunities for insurers of all sizes and across all lines of business, chief among them expanding, managing and optimizing the distribution channel.

Insurers now recognize that it’s all about the customer, not the product… with the customer in control,” commented Denise Garth, SVP Strategic Marketing, Industry Relations and Innovation at Majesco. “In this perspective, customers want multi-channel options as we found in our consumer and small-medium business research. In this new environment, insurers must have a digital, multi-channel focus—from back to front office, and from an internally-focused business model to one that considers the ecosystem--across the entire distribution network.”

In this new and ever-changing business landscape, this means insurers must rethink distribution-related strategy and execution. Insurers across all lines of business are faced with a new reality: integrating and aligning the right technologies, data and systems to improve existing channel development as well as approaching new channels and partnerships that leverage the insurer’s ability to properly service all stakeholders. Insurers must effectively manage and optimize their growing channel ecosystem, to deliver on the multi-channel opportunity, from the traditional agent and broker channels to working with aggregators, compare sites, and new MGAs to name a few.

In other words, insurers need to be able to offer a host of flexible channels with which to interact and transact business, and support those channels with optimized core systems, the use of analytics, and reliable, secure data that facilitates each and every transaction. For distribution management, this means having the following three key components:

  • A front end that facilitates digital engagement for an array of channels
  • Distribution management tied to core systems for licensing, onboarding, and compensation for a multi-channel environment
  • Sophisticated analytics to optimize the channels

These components enable agents, channel partners, outside parties and customers to interact with their insurers from any channel, any device at any time and in real time. But unless an insurer’s data, analytics and core distribution management system are optimized and aligned, an effective multi-channel strategy will not work. Insurers that are able to adopt this approach to distribution strategy will maintain a competitive advantage by being able to meet the ever-changing and unique needs of the new insurance customer.

The new thought leadership paper, Succeeding in a Multi-Channel World: Channel Efficiency, Optimization and Speed to Value, is available on the Majesco website to download, or you can request a copy via email, info@majesco.com.

About Majesco

Insurance business transformation is a journey of change and revitalization, a renaissance of Insurance. Approximately 150 insurance companies worldwide in P&C, L&A and Group/ Employee Benefits are transforming their businesses with Majesco’s solutions. Our market leading software and consulting 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 presentation. 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.

Contacts

Majesco:
Majesco
Ashwin Rodrigues, +1-973-461-9087
Director — Global Marketing
ashwin.rodrigues@majesco.com

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Contacts

Majesco:
Majesco
Ashwin Rodrigues, +1-973-461-9087
Director — Global Marketing
ashwin.rodrigues@majesco.com