Majesco Research Highlights Continuation of Insurance Industry’s Knowing-Doing Gap & Reveals New Fissures Putting Incumbent...
March 29 2018 - 8:45AM
Business Wire
Insurers must become “digital insurgents” with
a Digital Insurance 2.0 business model that becomes the winning
strategy in the new game of insurance
Majesco (NYSE AMERICAN:MJCO), a global provider of core
insurance software and consulting services for insurance business
transformation, today announced the release of a new thought
leadership report, Strategic Priorities 2018: The Digital Insurance
2.0 Gap, which provides a strategic lens into the insurance
industry’s awareness of and responses to the rapidly emerging
digital age gaps that are driving the shift to Digital Insurance
2.0 business models.
This is the third year of the research in which survey results
clearly show that insurers know and recognize the industry is
changing. While there appears to be more planning and doing
compared to last year, the knowing-doing gap remains relatively
unchanged. At the same time, new gaps have emerged placing insurers
at risk by putting them in a “holding pattern” rather than in a
“forward moving” fast-paced race to the future.
“Based on this year’s survey results, we see new fissures
emerging as we rapidly shift to the digital age. These expanding
gaps reflect today’s market reality from multiple dimensions:
knowing–doing gap, digital strategy gap, business – IT gap, and
large – midsize insurer gap. These gaps add to those for customer
expectations and generational differences highlighted in our most
recent consumer and SMB research,” commented Denise Garth, SVP
Strategic Marketing, Industry Relations and Innovation for Majesco.
She added, “while the customer and industry/business gaps are
creating challenges, opportunities abound for those who embrace the
digital age shift to Digital Insurance 2.0. How companies respond
will determine whether they are architects or victims of their
future, because innovative incumbents and new entrants are
challenging traditional business assumptions of Insurance 1.0 and
defining Digital Insurance 2.0.”
With today’s business environment characterized by constant
disruption, heavy competition and growing market and customer
demands, the first wave of Digital Insurance 2.0 business models
are emerging and poised for growth. They are using digital platform
capabilities and ecosystems that exploit untapped markets and
address under or unmet customer and risk needs that strengthen
customer relationships. These companies are developing meaningful,
competitive, customer-first advantages by designing and
implementing new businesses on a digital platform that enable
agility, innovation and speed in a world of continuous change and
disruption.
In a “winner take all” digital world, rethinking decades-long
business assumptions and traditional business models is mandatory.
Survival and winning will require building a Digital Insurance 2.0
business model that will make today’s model obsolete.
The thought leadership report emphasizes that insurers must
overcome competing priorities and continuous external change as
they make the paradigm shift before the digital gap becomes too
great. Continuing as fast followers by investing in only select
strategic initiatives and digital capabilities that support their
existing business model and different parts of the value chain (a
project/bottom up approach) will not close the gap. The thought
leadership report is available to download on the Majesco website,
or you can request a copy by emailing info@majesco.com.
About Majesco
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, as amended by Majesco’s
Quarterly Report on Form 10-Q.
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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version on businesswire.com: https://www.businesswire.com/news/home/20180329005138/en/
Media:MajescoGlenn Westlake,
+1-920-410-0246Director, Market Research and Content
Developmentglenn.westlake@majesco.com
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