New Majesco Report Highlights Changes Being Forced on Insurers as Several Orthodoxies Traditionally Underpinning the Industry are Challenged

Those without strong leadership structures in place will be challenged in a new age of insurance

MORRISTOWN, N.J.--()--A new thought leadership report sponsored and published by Majesco (NYSE MKT:MJCO), a global provider of core insurance software and consulting services for insurance business transformation, titled Changing Insurance for the Digital Age, was co-written with David Smith, CEO of Global Futures and Foresight (GFF). The report provides GFF’s view on the disruption and change within the global insurance market, with Majesco points of view highlighted. Mr. Smith is the keynote at Majesco’s upcoming customer conference, Convergence 2017, on October 1-3, 2017 and will be discussing the content in more detail along with action steps each insurer can take.

“Structures and processes within the organization must address the key problems insurers face, from customer experience to technology and new business models,” commented David Smith, CEO of Global Futures and Foresight. “There is little evidence – across all industries – that structures supporting future leadership are in place; whilst the future is digital, only 5 percent of organizations possess a strong digital leadership development program, 65 percent have no such program, and 30 percent admit to having a weak or very weak leadership pipeline. Existing IT departments may not have the expertise or time to handle the sizeable technical aspects of digital transformation. Insurers could therefore look to partner or invest in third parties with relevant expertise.”

The report notes that players across the range of insurance industry segments are being confronted with deep-seated change in consumer behavior, employee expectations, rapidly evolving technology and a quickening of the business environment. Opportunities will increasingly need to be ‘discovered’ since technology alone does not constitute a strategy nor is it plug and play in the sense that a new tech overlay cannot compensate for a fundamental legacy infrastructure – whether mindset, technology or organizational.

Furthermore, the report highlights that change is being forced on insurers, whether they like it or not, as several of the orthodoxies traditionally underpinning the industry are being challenged and disrupted. Consumer expectations are increasingly being set in unrelated or adjacent industries, technologies allow start-ups to compete using customer-centricity as opposed to tradition as their value offering, while a new insurance paradigm is being crafted regardless of whether incumbents choose, or are able, to play in this area.

“It is a new age of insurance — a digital age. Each and every day, insurers must recommit to their business strategies and their renaissance journeys,” commented Denise Garth, SVP of Strategic Marketing, Industry Relations and Innovation at Majesco. “Insurers must avoid falling into an operational trap or resorting to traditional thinking. Rising to the competitive forefront requires companies to rethink their business models and realign them with the customer needs and the expectations of those who will be their customers for the next 10-20 years, not those from the past 10-20 years.”

The new thought leadership report, Changing Insurance in the Digital Age, is available on the Majesco website to download, or you can request a copy via email, info@majesco.com.

About Global Futures and Foresight

Global Futures and Foresight is a research and consulting organisation that helps organisations be better prepared to embrace change, innovate and develop new strategies and solutions and helps clients to avoid the risk of being blindsided by external disruptive change. For more details, contact at www.thegff.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
Ashwin Rodrigues, +1-973-461-9087
Director — Global Marketing
ashwin.rodrigues@majesco.com

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Contacts

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