Traditional insurance business models, products and processes of Insurance 1.0 do not conform to the needs, expectations and behaviors of the increasingly influential next generation of insurance buyers

The influence of Millennials and Gen Z is growing and intensifying the shift from Insurance 1.0 to Digital Insurance 2.0 that embraces the new expectations, innovations and business models in the digital age. Majesco’s new research report, The New Insurance Customer – Digging Deeper: New Expectations, Innovations and Competition, published today found that these generational groups have a strong interest in doing business with insurers that provide innovative new products and services and leverage digital technologies that align to their unique needs, expectations and behaviors.

Majesco’s second annual consumer research study builds on the insights uncovered last year by assessing the double digit year-on-year growth in behavior changes across all generations as well as diving deeper into the disruptive implications of expectations, innovations and competition for new insurance products and business models that have emerged into the market over the last couple of years.

“Within the industry there is much discussion and debate about whether or not these new products and business models are ‘real’ and will succeed,” noted Denise Garth, SVP Strategic Marketing, Industry Relations and Innovation at Majesco. “Based on the survey, there is a strong indication that many will succeed as well as intensify the shift and momentum toward Digital Insurance 2.0. The research results underscore an acceleration in changing behaviors and interest in using new products, business models and technologies that are re-shaping insurance, especially among Gen Z and Millennials. It also highlights an increasing shift by Gen X as they continue to rapidly adapt to digital in all aspects of their lives. The implications are significant for insurers who are not aggressively planning and executing business strategies that align to this shift.”

The research decomposed a number of new products and business models into 30 distinct component parts and measured reactions to them across the generations. The result is a rich set of insights on the impact and potential of the new innovations and competition and the likelihood of these to accelerate in adoption, whether for a new or renewal purchase. In addition, the research tested consumer reactions to five new insurance business models that are already in the market. The results highlighted some strong interest in these new models, particularly for the younger generations. Based on their reactions, we expect consumer interest in these and other new models to intensify with time, accelerating the decline of Insurance 1.0 and speeding the shift to Digital Insurance 2.0. The report provides a generational playbook framework based on the research results as a starting point for insurers to begin their shift to Digital Insurance 2.0.

“Insurers should see within these components the ingredients of a ‘recipe’ for an ideal insurance offering that has broad appeal across generations, while allowing for personalization and customization by generation,” remarked Garth. “For example, consider the possibility of an on-demand, usage-based insurance product bundled with other services and rewards aimed at reducing claims and costs, with a social-good aspect, which is particularly relevant to Gen Z and Millennials.”

The new thought leadership report, The New Insurance Customer – Digging Deeper: New Expectations, Innovations and Competition, 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.

MajescoAshwin Rodrigues, 973-461-9087Director — Global Marketingashwin.rodrigues@majesco.com

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