Insurers Must Shift from Report-Driven to Data-Driven Strategy to Succeed in Digital Insurance 2.0New research from Majesco reveals that a solid data foundation built on an Enterprise Data Warehouse that easily consumes traditional internal data and new external data sources is critical to drive insights and innovation.
Morristown, NJ – August 1, 2018: Majesco (NYSE AMERICAN: MJCO), a global provider of core insurance platform software and consulting services for insurance business transformation, today announced the release of a new thought leadership report, Digital Insurance 2.0: Building your Future on a Robust Data Foundation, which details the opportunity, and provides a roadmap, for insurers to fully leverage the power of data – from internal and external sources – to fuel innovations across the insurance value chain and shift to the new world of Digital Insurance 2.0.
The report notes that while insurers know they need to make investments in data-related initiatives and technologies, their pace of planning and doing is not matching their level of awareness, resulting in a widening gap between them and emerging new market leaders in the age of Digital Insurance 2.0.
Data: A Source of Competitive Advantage
“In Digital Insurance 2.0, data is a source of competitive advantage for identifying unserved or underserved markets, identifying profitable niches, reducing or eliminating risk, driving channel optimization, enhancing service and improving customer experiences,” commented Denise Garth, SVP – Strategic Marketing, Industry Relations and Innovation for Majesco. “Consuming data from traditional internal and new external sources can improve the richness of information used to make a wide array of business decisions that are accelerating and widening the gap between Insurance 1.0 and Digital Insurance 2.0.”
Fortunately, research shows that many insurers realize the importance of getting their foundation in place so they can progress to more advanced analytic techniques and applications that leverage the data. The report details a data foundation roadmap to follow.
Data: Fuel for Innovation
“In today’s new insurance age, data is the fuel for innovation,” commented Ben Moreland, VP – Data Analytics & Enterprise Architecture at Majesco. “But while users across the enterprise may be impatient to access and start using the data, a disciplined approach must be followed to ensure the full value of all data sources is realized, and to avoid the painful need to backtrack and re-do foundational steps that may have been skipped or compromised.”
More than ever, data and analytics are the foundation of a data-driven organization and the shift to becoming a digital insurer in the age of Digital Insurance 2.0. Insurers that stick to the traditional, pre-digital age formula of relying on internal, historical data used only for pricing, underwriting and reporting, will put their businesses at risk, both in terms of retaining profitable customers and capturing new markets and customers. The time for putting a data-driven strategy and foundation into in place is now, before the gap becomes insurmountable.
The thought leadership report is available to download on the Majesco website, or you can request a copy by emailing firstname.lastname@example.org.
Insurance business transformation is a journey of change and revitalization, a renaissance of Insurance. Approximately 160 insurance companies worldwide in P&C, L&A and Group / Employee Benefits are transforming their businesses with Majesco’s solutions. Our market leading software, consulting and 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.