MORRISTOWN, N.J.--(BUSINESS WIRE)--Majesco (NYSE MKT:MJCO), a global provider of core insurance software, consulting and services for insurance business transformation, today published a new thought leadership paper, Future Trends: A Seismic Shift Underway.
The new report assesses the fast paced world of multiple trends from technology to customer demographics, new channels, new competitors and more disrupting and changing the world we have known for decades. It includes a new Future Trends Framework developed by Majesco around three key areas of People, Technology and Market Boundaries that organizes and simplifies trends and their influence on the driving forces of change for new customer expectations, new innovations and new competition.
Furthermore, it explores these key areas in context of a Disruption Model also developed by Majesco that provides a view regarding how they are interconnected. The model highlights the generational, socio-economic shift; the shifts from the industrial age to the information age and now the digital age; and the shift in market dynamics like the sharing and platform economy. The combined impact is creating a powerful market shift that brings the three together, creating unprecedented innovation and disruption.
“Change and disruption are here, unfolding a new business landscape,” commented Denise Garth, Senior Vice President of Strategic Marketing, Industry Relations and Innovation at Majesco. “Today’s shift is due to the converging “tectonic plates” of people, technology and market boundary changes that are disrupting and redefining the world, industries and businesses — including insurance. By looking a bit deeper into each trend, we can begin to understand how manageable the convergence can be with the right approach. It’s like the old adage of changing the tire on a car while you’re driving at full speed down the freeway. Those that can do this will transcend merely surviving in an increasingly competitive industry to become the new leaders of a re-imagined insurance business.”
Recognizing that change and disruption are here and unfolding a new business landscape, the report suggest that the time for plans, preparation, and execution is now. It highlights that insurers first need to keep their current business viable and growing to fund the future with a portfolio platform of integrated solutions that provide a foundation for reinventing the future — laying the groundwork for a renaissance of insurance. And second, they must embrace this shift by understanding the tectonic plates at play and accept that everything we have known about insurance was good for yesterday, requiring a new business paradigm in how we define and think about insurance.
Majesco enables insurance business transformation for approximately 146 insurance customers by providing solutions which include software, consulting and services.
Our customers are insurers, MGA’s and other risk providers from the Property and Casualty, Life, Annuity and Group insurance segments worldwide. Majesco delivers proven software solutions, consulting and services in the core insurance areas such as policy, billing, claims, distribution management, BI/ analytics, digital, application management, cloud and more. For more details on Majesco, please visit www.majesco.com.
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