Insurers must reimagine billing and payments to meet customer expectations for new and innovative products and services that extend well beyond traditional insurance
November 29, 2018 — MORRISTOWN, N.J.–(BUSINESS WIRE)–Majesco (NYSE American:MJCO), a global provider of cloud insurance platform software for insurance business transformation, today announced the release of a new thought leadership report. The report, Billing in the Era of Digital Insurance 2.0: At the Center of Growth and Innovation, highlights how the growing customer demands and expectations for new, innovative products and services such as on-demand, parametric, telematics, value added services, and more are moving billing to front and center in the shift to Digital Insurance 2.0.
These new products and services require billing and payment capabilities that are significantly different from the traditional billing and payment processes of Insurance 1.0. This is why so many insurers are once again looking at new, cutting-edge enterprise billing solutions with a future-focused approach, rather than a legacy replacement approach.
“Modern billing solutions that have evolved over the last decade with enhanced configurability and additional capabilities for traditional products in the Insurance 1.0 world,” remarked Denise Garth, SVP – Strategic Marketing, Industry Relations and Innovation for Majesco. “However, they do not take into account the rapidly emerging new and innovative billing capabilities needed to support new products and services, and leverage new technologies such as Amazon Echo, Google Home, IoT and more for a Digital Insurance 2.0 world.”
A demand for new processes
As insurers face growing demand for new payment methods, billing plans and access to real-time billing information, billing has become an increasingly critical element of their customer engagement and digital strategies – and a key component in their growth and innovation strategies, which are focused on new products and services that insurers are developing and introducing to the market.
“To enable these rapidly expanding capabilities for billing, insurers need to consider much more than just rearchitecting for a modern solution,” noted Sameer Karode, Vice President for Product Management at Majesco. “Instead, they must shift to an enterprise model with modules and services, a configurable chassis and a robust ecosystem of partners that provide new capabilities, data and services that together can help insurers adapt quickly to changing market demands.”
Insurers that succeed in the era of Digital Insurance 2.0 will differentiate themselves with modernized and optimized billing and payments capabilities and a portal. The true leaders of Digital Insurance 2.0 will expand to support new payment channels, competencies and most importantly, new products and services that demand very different capabilities.
A new generation of insurance buyers with new needs and expectations creates both a challenge and an opportunity that a platform-based Digital Insurance 2.0 business model can incubate, launch, grow … and survive and thrive, avoiding a collision course with a digital Darwinism event.
Excerpts from Billing in the Era of Digital Insurance 2.0: At the Center of Growth and Innovation
- Billing Must Play a New Role in the Digital Age
The focus of traditional billing capabilities is anchored in the Insurance 1.0 world. They do not take into account the rapidly emerging new and innovative requirements needed to support new products and services, and leverage new technologies such as Amazon Echo, Google Home, IoT, and more, in a Digital Insurance 2.0 world.
New Products & Services Need New Billing Methods. With the rise of new, non-traditional offerings, the usual insurance billing methods simply might not work. And even the most innovative new insurance product or service will fail if insurers can’t seamlessly bill for it or customers can’t easily pay for it.
- Billing is at the Core of the New Insurance Business Model
Insurers will succeed in the era of Digital Insurance 2.0 by differentiating themselves well beyond improved billing and payments capabilities by placing billing at the core of their future business model.
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.
Cautionary Language Concerning Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of management, are not guarantees of performance and are subject to significant risks and uncertainty. These forward-looking statements should, therefore, be considered in light of various important factors, including those set forth in Majesco’s reports that it files from time to time with the Securities and Exchange Commission and which you should review, including those statements under “Item 1A – Risk Factors” in Majesco’s Annual Report on Form 10-K.
Important factors that could cause actual results to differ materially from those described in forward-looking statements contained in this press release include, but are not limited to: integration risks; changes in economic conditions, political conditions, trade protection measures, licensing requirements and tax matters; technology development risks; intellectual property rights risks; competition risks; additional scrutiny and increased expenses as a result of being a public company; the financial condition, financing requirements, prospects and cash flow of Majesco; loss of strategic relationships; changes in laws or regulations affecting the insurance industry in particular; restrictions on immigration; the ability and cost of retaining and recruiting key personnel; the ability to attract new clients and retain them and the risk of loss of large customers; continued compliance with evolving laws; customer data and cybersecurity risk; and Majesco’s ability to raise capital to fund future growth.
These forward-looking statements should not be relied upon as predictions of future events and Majesco cannot assure you that the events or circumstances discussed or reflected in these statements will be achieved or will occur. If such forward-looking statements prove to be inaccurate, the inaccuracy may be material. You should not regard these statements as a representation or warranty by Majesco or any other person that we will achieve our objectives and plans in any specified timeframe, or at all. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. Majesco disclaims any obligation to publicly update or release any revisions to these forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this press release or to reflect the occurrence of unanticipated events, except as required by law.