Majesco, a global leader of cloud insurance software solutions for insurance business transformation, today announced the availability of a new thought leadership report, Realignment in Insurance: Strategic Priorities for Success, based on primary research with insurers. This new report underscores why the operational models and technology foundation, employed for decades, no longer align with the demands, challenges, and opportunities faced by insurers in today’s dynamic world.
The emergent risk, customer, product and technology landscape, including the accelerated adoption of AI including Gen AI, demands necessitate how insurers must rethink priorities and operate in 2024 and beyond. At the top of the list is the replacement of legacy technology with investment in next-gen intelligent insurance platforms to reshape their business model, and build a foundation that will drive operational optimization and innovation.
“Our 9th annual strategic priorities research analyzes and tracks the top-of-mind issues and priorities for insurers,” says Denise Garth, Chief Strategy Officer at Majesco. “The research reveals we are entering a new era underpinned by tumultuous factors that we are calling the Realignment Era. While the industry has been on a quest of transformation and digitalization, these efforts have been incremental at best, creating operational challenges such as cost, talent demands, profitability, channel ease of doing business and market competitiveness faced by many today.”
The steady, yet low investment in technology is not sufficient to keep pace with market, risk and customer demands. Insurers must realign their investments to realigned priorities and seek rapid implementation to drive sustainable growth, profitability, and success. Insurers loc in on investing in replacing their legacy core, creating new products, expanding channels, shaping new business models, reallocating resources, and continuing focus on innovation to meet the demands of today are projecting 1.4 – 1.95 times greater growth over the next three years. These organizations will emerge as leaders, highly sought after by customers, distributors, and employees as they align and adjust to a shifting demographic and expectations than in the past.
Majesco’s portfolio of solutions built on next-gen architecture of cloud-native, API-first, microservices and containerization, headless, and embedded analytics – including Gen AI empowers insurers to rapidly adapt to market shifts and demands, keeping them at the leading edge of the competition.
Learn more by downloading Realignment in Insurance: Strategic Priorities for Success, on the website or by emailing info@majesco.com.
About Majesco
Majesco is the partner P&C and L&AH insurers choose to create and deliver outstanding experiences for customers. We combine our technology and insurance experience to anticipate what is next, without losing sight of what’s important now. Over 350 insurers, from greenfields and startups to some of the world’s largest insurers, rely on Majesco’s SaaS platforms solutions of core, data, analytics, digital, and rich ecosystem of partners to create their next now.
As an industry leader, we don’t believe in managing risk by avoiding change. We embrace change, even cause it, to get and stay ahead of risk. With 900+ successful implementations we are uniquely qualified to bridge the gap between a traditional insurance industry approach and a pure digital mindset. We give customers the confidence to decide, the products to perform, and the follow-through to execute.
For more information, please visit www.majesco.com and follow us on LinkedIn.
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