Features the voice of key market players including the employer, employee, and brokerA new report from Deloitte and Majesco spotlights the challenges and opportunities facing Group and Voluntary Benefits insurers.
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 joint thought leadership report from Deloitte and Majesco, The New Reality and Future of Group and Voluntary Benefits.
The report spotlights the challenges and opportunities facing Group and Voluntary Benefits insurers, drawing upon insights from joint Deloitte and Majesco roundtable discussions with leading insurers, as well as other research. It details the current state of Group and Voluntary Benefits, explores the implications and opportunities through the perspectives of the stakeholders in this market and provides a view of the future state, a valuable peek into this rapidly changing and growing market.
Accelerating Digital Capabilities
“Insurers have rapidly shifted from traditional processes and services to accelerate digital capabilities while accommodating a virtual, diverse workforce and online customer interactions, noted Dave Schmitz, Managing Director, Insurance Technology at Deloitte. “This has increased the focus on transforming the operational model, including legacy core with cloud-based next gen core designed to digitize capabilities like enrollment, provider directories, and plan configuration via digital portals. Any insurer playing in the group and voluntary benefits segment must reimagine their business – from strategy, products, operating model and technology – to support a customer lifetime.”
Over the last 18 months, insurers have rapidly shifted from traditional processes and services to accelerate digital capabilities while accommodating a virtual, diverse workforce and online customer interactions. These include functions such as enabling online enrollment to facilitating disability claims and payments. This has increased the focus on transforming legacy core with cloud-based next gen core designed to digitize capabilities like enrollment, provider directories, and plan configuration via digital portals. The report notes that success in the future will be highly dependent on these key areas:
- Customer-first focus
- Business operating model transformation
- Innovative new products and services that meet multiple generation and diverse employee and employer segments
- Embracing next-gen core, data, digital and ecosystems
- Continuous innovation as the market landscape continues to change
The New Normal
“2020 saw the constant threat of disruption, forcing insurers to innovate to respond to the ‘new normal,’ expanded and accelerated due to COVID and its continuous ramifications to the economy, businesses and individuals,” commented Denise Garth, Chief Strategy Officer and Majesco. “Now nearly a year after the emergence of COVID, companies – both insurers and their customers – realize it will never go back to normal. As insurers step into the post-coronavirus future, they need to find a balance between what worked before and what needs to happen to succeed in the next normal. And that will take leadership.”
The transition from legacy to new operating model is not an event, but rather a journey. A transformation roadmap should be a key tool for insurers to plan for the change and will be influenced by a set of prioritized capabilities depending on combination of product, customer segment, distribution segment, and – importantly – migration approach. Migration is too often a lagging consideration in the implementation of new core platforms and its implications to the timing and sequencing of operation model changes is immense. Strategic execution matters and it’s needed now.
Learn more by downloading The New Reality and Future of Group and Voluntary Benefits from the Majesco website or by emailing [email protected]
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.