MORRISTOWN, N.J.--(BUSINESS WIRE)--Majesco, a global leader of cloud insurance software solutions for insurance business transformation, today announced the availability of a new point of view paper Embracing Innovation and Growth Opportunities in P&C Insurance. Developed in collaboration with Capgemini, this paper is based on a series of roundtables held jointly by Capgemini and Majesco with startup and incumbent insurers underscores the rapidly evolving industry dynamics and new growth opportunities that are taking place within the property and casualty industry.
“We are living through the best and worst of times in the insurance industry with a growing frequency and severity of risks like climate, weather, theft as well as the introduction of new cyber risks and unexpected business interruptions," says Seth Rachlin, Global Insurance Industry Leader at Capgemini. “We are increasingly living in a connected world with a vast amount of data available to insurers. How insurers derive insights into these evolving risks, while continuing to pivot and offer relevant insurance products as well as connect across the value chain and provide new value-added services will determine how they continue to keep pace with innovation in the industry.”
A perfect storm of cultural, demographic, and global pressures is changing policyholder behaviors and business models to create demand for new P&C risk products and value-added services. Today’s policyholders also demand personalized, consistent, transparent, and convenient customer experiences, from sophisticated price quoting to fast claims processing. To compete, insurers must prioritize innovative new products underpinned by real-time data and technology. The race is on, and market leaders are redefining the competitive in terms of pricing, quality, and customer experience.
“In today’s dynamically changing market, there are a growing number of unserved and underserved markets, often driven by new industries, innovative new businesses, technology, and shifting customer needs and expectations. These changes have insurers scrambling to effectively support this enormous shift to position themselves as leaders in this new era of insurance,” says Denise Garth, Chief Strategy Officer at Majesco. “Those willing to adopt an innovative insurer mindset and leverage technology to adapt to market changes stronger and better prepared for the future of insurance.”
The paper shines a light on the industry changes. Forward-thinking leaders are making bold, warp speed moves with a two-speed strategy to optimize today’s business while simultaneously creating their future business. They are focused on next-gen platforms, ecosystems, new channels, new products, and business models – all key strategies that influence and accelerate growth. To be successful, insurers need fresh thinking. Six key focus areas of investment can help insurance firms on the path to success:
- Price the Real Risk: Leverage data and advanced analytical techniques to improve the granularity, accuracy, and agility in underwriting and pricing.
- Flatten the Loss Curve: Focus on reducing the frequency and severity of loss incidents by leveraging new technologies such as IoT and blockchain
- Sell Digitally: Align to customer expectations and design and implement seamless purchase journeys
- Operate Touchlessly: Deploy AI-driven automation across the value chain to reduce cost and cycle time and provide superior CX
- Modernize Data Estate: Adopt a data-driven approach, leveraging analytics and AI/ML to innovate across the Insurance value chain
- Build Future Enterprise: Optimize cost with Inventive IT operating models and building cyber resilience, agility with cloud
Insurers with an inventive mindset who reprioritize, reallocate resources and accelerate plans with a two-speed strategy are poised to deliver on customer expectations and take advantage of today’s opportunities.
Majesco is the leading software partner to both the P&C and L&A insurance markets to modernize, optimize and innovate their businesses at speed and scale. Over 330 insurers, from greenfields, start-ups and MGAs to the largest insurers, reinsurers and brokers use Majesco’s next generation SaaS platform solutions of core, data, and analytics, digital, distribution, absence management and a rich ecosystem marketplace of established and InsurTech partners to build the future of insurance.
Our technology, expertise and leadership help insurers innovate and connect to build the future of their business. With over 825 successful implementations and over 65% of our customers on Cloud with Majesco platform solutions, together we have an amazing track record of innovation and real-world results. For more details on Majesco, please visit www.majesco.com.