How a Greenfield Strategy Can Accelerate Insurers’ Shift to Growth and Innovation
July 05 2018 - 8:45AM
Business Wire
Incumbent insurers have a unique opportunity to
capture first-mover benefits as the industry shifts to Digital
Insurance 2.0
Majesco (NYSE AMERICAN: MJCO), a global provider of core
insurance platform software and consulting services for insurance
business transformation, today announced the release of a new
thought leadership report, Greenfields and Start-ups: Accelerating
and Paving the Path to Digital Insurance 2.0, which details the
opportunity for incumbent insurers to take advantage of, and to
shape, the shift to Digital Insurance 2.0 started by InsurTech
startups, and lays out a path to do so through a platform-powered
Greenfield strategy.
Today’s customers want an experience. They want simplicity,
visibility, flexibility and a unique journey that is personalized
for them. Meeting and exceeding these rising needs and expectations
requires a shift from Insurance 1.0 to Digital Insurance 2.0 in
terms of new products, processes, and business models in an era of
growth and innovation.
“InsurTech startups, insurers or MGAs, focused on the external
market and customers are the first movers who are shaking up the
industry. They are focused on gaining a competitive advantage by
being first to market, enabling them to establish brand
recognition, customer excitement and loyalty, while also giving
them the advantage to ‘test and learn’ the new model, products or
services,” commented Denise Garth, SVP Strategic Marketing,
Industry Relations and Innovation for Majesco. “While InsurTech
startups have an early advantage, incumbent insurers are
increasingly joining the game by establishing new Greenfield
operations to innovate, test and learn and capture the
opportunities, leveraging innovative platform solutions. We should
look at this unprecedented level of activity and investment as a
large-scale test-and-learn period that will lead to a set of new
market leaders and winning formulas that work best for the
customer, the market and the company.”
While InsurTech startups have an early advantage, incumbent
insurers are increasingly joining the game by establishing new
Greenfield operations, whether it is a new brand, or a new
portfolio of products and services. Some are from well-established
market leaders, and others are from smaller mid-market insurers
seeking new growth opportunities. These companies are investing
capital in their future just like a venture capital firm would
invest in startups.
While the disruption is in the early stages and has only begun
to scratch the surface of opportunities, the time to participate is
now, before the advantages of first-mover status disappear. In this
age of rapid change, companies need to be leaders, rather than fast
followers or laggards to succeed, let alone survive.
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.
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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MajescoGlenn Westlake, +1-920-410-0246Director, Market
Research and Content Developmentglenn.westlake@majesco.com
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