New Majesco Report Highlights Changes Being Forced on Insurers as Several Orthodoxies Traditionally Underpinning the Industry...
September 28 2017 - 8:45AM
Business Wire
Those without strong leadership structures in
place will be challenged in a new age of insurance
A new thought leadership report sponsored and published by
Majesco (NYSE MKT:MJCO), a global provider of core insurance
software and consulting services for insurance business
transformation, titled Changing Insurance for the Digital Age, was
co-written with David Smith, CEO of Global Futures and Foresight
(GFF). The report provides GFF’s view on the disruption and change
within the global insurance market, with Majesco points of view
highlighted. Mr. Smith is the keynote at Majesco’s upcoming
customer conference, Convergence 2017, on October 1-3, 2017 and
will be discussing the content in more detail along with action
steps each insurer can take.
“Structures and processes within the organization must address
the key problems insurers face, from customer experience to
technology and new business models,” commented David Smith, CEO of
Global Futures and Foresight. “There is little evidence – across
all industries – that structures supporting future leadership are
in place; whilst the future is digital, only 5 percent of
organizations possess a strong digital leadership development
program, 65 percent have no such program, and 30 percent admit to
having a weak or very weak leadership pipeline. Existing IT
departments may not have the expertise or time to handle the
sizeable technical aspects of digital transformation. Insurers
could therefore look to partner or invest in third parties with
relevant expertise.”
The report notes that players across the range of insurance
industry segments are being confronted with deep-seated change in
consumer behavior, employee expectations, rapidly evolving
technology and a quickening of the business environment.
Opportunities will increasingly need to be ‘discovered’ since
technology alone does not constitute a strategy nor is it plug and
play in the sense that a new tech overlay cannot compensate for a
fundamental legacy infrastructure – whether mindset, technology or
organizational.
Furthermore, the report highlights that change is being forced
on insurers, whether they like it or not, as several of the
orthodoxies traditionally underpinning the industry are being
challenged and disrupted. Consumer expectations are increasingly
being set in unrelated or adjacent industries, technologies allow
start-ups to compete using customer-centricity as opposed to
tradition as their value offering, while a new insurance paradigm
is being crafted regardless of whether incumbents choose, or are
able, to play in this area.
“It is a new age of insurance — a digital age. Each and every
day, insurers must recommit to their business strategies and their
renaissance journeys,” commented Denise Garth, SVP of Strategic
Marketing, Industry Relations and Innovation at Majesco. “Insurers
must avoid falling into an operational trap or resorting to
traditional thinking. Rising to the competitive forefront requires
companies to rethink their business models and realign them with
the customer needs and the expectations of those who will be their
customers for the next 10-20 years, not those from the past 10-20
years.”
The new thought leadership report, Changing Insurance in the
Digital Age, is available on the Majesco website to download, or
you can request a copy via email, info@majesco.com.
About Global Futures and Foresight
Global Futures and Foresight is a research and consulting
organisation that helps organisations be better prepared to embrace
change, innovate and develop new strategies and solutions and helps
clients to avoid the risk of being blindsided by external
disruptive change. For more details, contact at www.thegff.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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MajescoAshwin Rodrigues, +1-973-461-9087Director — Global
Marketingashwin.rodrigues@majesco.com
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