How rising consumer expectations and increasing competition are pressing insurers to reinvent themselves as future-ready, technology-forwardA new study from the industry data & analytics firm Majesco examines the pace of digitization and how it is informing insurers in their efforts to become ‘future-ready.’ Learn more here.
Morristown, NJ – June 3rd, 2021 – Majesco, a global leader of cloud insurance software solutions for insurance business transformation, today announced the release of a new thought leadership report, Digital Insurance: The Inflection Point. The report, based on a deeper dive into the 2021 Strategic Priorities research around digital priorities, highlights today’s changing competitive landscape driven by top digital capabilities for customer self-service, distributor portals, and underwriting to drive growth opportunities.
The pace for digitization is not slowing down. Firms in other industries have evolved their customer experience across multiple channels to become omni-channel and digital to meet rapidly shifting and intensifying customer expectations, setting a high bar for insurance. P&C insurers must adapt by delivering a digital experience that creates a new customer experience that drives post-purchase engagement, trust, and loyalty.
Companies Are Struggling To Keep Pace
“Across most industries including insurance, companies are struggling to keep pace with the demand for digitization, particularly as customers accelerate their adoption of digital in nearly all aspects of their life, as shown in our previous customer research,” commented Denise Garth, Chief Strategy Officer at Majesco. “The year 2020 and COVID have created an inflection point that has accelerated digital adoption. Some are heeding this urgency, but too many are not creating a significant divide between leaders, followers and laggards and a time of reckoning.”
The research shows that insurers are focused on digital customer self-service solutions but are behind in other essential areas that are key in the shift to digital to look more holistically from a 360 digital engagement view rather than siloed portals across customer, agent and underwriter engagement and more. Self-service tools and “out of the box” portals, which have been the “go to approach” for the last decade, do not meet the shift in customer expectations for a personalized, holistic experience that is required today. The report delivers a fresh future-forward view on the growth and retention opportunities that taking this digital, outside-in, 360 view can create for insurers.
Garth further added, “Visionary leaders see the market and technological trends as a many-fold opportunity for insurance — and are preparing and implementing the use new sources of data, reach new market segments, offer innovative new products needed by customers, and more. They are embracing platform technologies that embraces cloud, APIs, no code / low code digital experience platforms; next gen core platforms, advanced digital analytics with AI / ML and robust ecosystems that together enable next-gen customer experiences to realize the value of digital transformation.”
Digital Insurance: The Inflection
Why Digital? Why Now?
The pace for digitization is not slowing down. Insurance companies must reinvent themselves as technology-forward companies that can deliver customized products and highly personalized services to meet new expectations from customers and keep in step with new digital leaders.
So why now? According to both a recent Forrester study and the 2021 KPMG CEO Outlook survey, nearly 75% of organizations consider a seamless customer experience a top or high priority supporting their digital transformation. Nothing satisfies a customer more than having a positive personal-interaction with any company – even their insurer. By leveraging digital technologies, insurers can create a personalized, smooth experience for a claim, a purchase or even a routine task such as billing and payments.
- How digital plays a role in today’s changing competitive landscape
- Why insurers are prioritizing digital capabilities
- How a 360 View of customers, agents and underwriting can create exciting growth opportunities
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.