Insurers that leverage new data and analytics
will be positioned as the market leaders in the post-digital
age
The digital age has ushered in dramatic changes in the types and
volumes of data available as well as the tools and techniques to
extract insight and real business value from that data, according
to a new thought leadership report published today by Majesco (NYSE
MKT:MJCO), a global provider of core insurance software and
consulting services for insurance business transformation.
The report, Winning in a New Age of Insurance: Insurance
Moneyball, notes that while insurers were once leaders in
data-driven decisions, many find themselves behind the curve —
aware of the promise and potential of these advances, but stuck in
their traditional methods made up of silos of internal data and
dated analytic techniques suitable for limited, repeated decisions
but not capable of making new discoveries, optimizing business
decisions or uncovering strategic opportunities.
The report observes the similarity to the Oakland A’s
non-traditional, data-driven baseball success in the book
Moneyball: The Art of Winning an Unfair Game. Similar to insurers
stuck in centuries-old business assumptions, Moneyball shows that
the centuries-old collective wisdom of baseball insiders, including
players, managers, coaches, scouts and the executive office was
subjective, flawed and did not keep up with a 21st century reality.
Insurers who stick to the traditional, pre-digital age formula of
relying on internal, historical data used only for pricing and
underwriting, will put their businesses at risk … both in terms of
retaining profitable customers and capturing new markets and
customers.
“New Greenfield and startup competitors are the Oakland A’s of
the insurance industry,” noted Denise Garth, SVP Strategic
Marketing, Industry Relations and Innovation at Majesco. “They are
rising from within and outside every industry, including insurance.
They are capturing the post-digital age business opportunities of
the next generation of buyers by leveraging new sources of data and
using sophisticated analytics to reinvent insurance.”
Emerging technologies (including analytics) are creating new
capabilities, and they are bringing with them an explosion of new
data sources. New sources of data will contain unique insights
regarding asset-related risks as well as consumer behavior,
attitudes, and preferences. To remain competitive in the new age of
insurance, companies must utilize these insights extensively to
underpin their strategies for product/service design, pricing, risk
understanding and consumer engagement. The report outlines
Majesco’s Data and Analytics Spectrum framework to help insurers
understand and connect the different types of analytics required in
insurance, including Majesco solutions and partner solutions.
“Data mastery is a key enabler of the insurance industry’s shift
to the digital age, where they provide risk products and services
personalized for each customer,” noted Kris Moniz, Vice President,
Data Services at Majesco. “In the digital age, value is not just in
underwriting the right customers, but underwriting the right risks,
under the right constraints and in the right markets.”
The new thought leadership report, Winning in a New Age of
Insurance: Insurance Moneyball, is available on the Majesco website
to download, or you can request a copy via email,
info@majesco.com.
About Majesco
Insurance business transformation is a journey of change and
revitalization, a renaissance of Insurance. Approximately 150
insurance companies worldwide in P&C, L&A and Group/
Employee Benefits are transforming their businesses with Majesco’s
solutions. Our market leading software and consulting 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.
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Majesco:Ashwin Rodrigues, +1-973-461-9087Director —
Global Marketingashwin.rodrigues@majesco.com
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