2025: The Year Insurers Must Act - Majesco Unveils Crucial Findings on Legacy Tech Risks

MORRISTOWN, N.J.--(BUSINESS WIRE)--Majesco, a global leader in cloud insurance software solutions, today announced the release of its latest Thought Leadership report, Strategic Priorities 2025: A Modern Era of Insurance Technology. This report, based on primary research with insurers, highlights why 2025 is a crucial year for insurers to understand the operational and strategic risk of legacy technology and the hurdles in achieving strategic goals such as profitability, operational optimization, growth, and innovation.

Over the last 10-15 years, many modernization and transformation programs proved to be costly and challenging, dragging on for years and running into tens or even hundreds of millions of dollars with extensive customization, on-premises implementation, and difficulty upgrading. Today, these legacy solutions make it difficult and expensive to bring new and innovative products to market, adapt to market and risk changes, meet a new generation of employee expectations, and deliver exceptional customer experiences.

Because many transformations were never completed, keeping the original legacy solution running alongside the new legacy solution, this added operational cost and complexity that impacted cost ratios, profitability, and competitive position. More importantly in a data-driven industry, legacy solutions are difficult to access and leverage the data for meaningful, actionable insights and decisions. With increasing retirements, insurers face loss of institutional knowledge while at the same time a new generation of employees will not work with legacy technology, putting them operationally at risk.

“We are in the midst of a business model and technology-driven change. Decades-old operational models and technology foundations no longer meet the challenges, demands, and opportunities of a fast-changing world, compelling insurers to improve, both operationally and innovatively with a customer and business-first focus,” stated Denise Garth, Chief Strategy Officer at Majesco. “Competing in today’s marketplace requires speed to market for new products, channels, and experiences; a decrease in operational costs and total cost of ownership of technology; continuous innovation; and seamless and quick technology upgrades to keep the business at the leading edge and take advantage of first mover status. Leaders are strengthening business fundamentals and foundations, reallocating resources to change how business is done, developing new business models, and replacing legacy core systems to create a new operational and technology foundation that can achieve real optimization and drive innovation.”

Elevating insurers’ business operations with an intelligent technology foundation built on robust next-gen architecture is now a must-have to compete and meet the business demands for today and tomorrow. Decisions are being made that will determine how insurers will prevail. More importantly, bold leaders will be prepared for the next major shift, because their foundation will rapidly adapt and enable them to leap further ahead of the competition.

For more details, download Strategic Priorities 2025: A Modern Era of Insurance Technology on the Majesco website or by mailing [e-mail].