Alignment of the right channels, technologies,
and partnerships will optimize existing channels and expand new
ones to meet the expectations of today’s and tomorrow’s
customers.
In the changing and competitive insurance marketplace of Digital
Insurance 2.0, re-thinking and improving distribution is critical
to insurers’ growth, according to a new thought leadership report
released jointly by Majesco (NYSE AMERICAN: MJCO), a global
provider of core insurance platform software and consulting
services for insurance business transformation, and Denim®,
provider of an intelligent, data-driven mobile advertising
automation platform reimagining the way financial services
companies market, engage, and sell.
The report, Distribution in the Age of Digital Insurance 2.0:
Expanding Reach and Options to Shift Insurance from Being “Sold” to
“Bought”, details why and how insurers and distributers must move
to a digital, multi-channel strategy that includes an ecosystem of
options and partners for their distribution network to align to
customer behavior and expectations. The report leverages Majesco’s
primary consumer and SMB research as well as Denim’s analysis of
its over 1 billion data points that highlight customer demands for
multi-channel engagement and the impact on customer growth and
retention. Further, the report outlines that distribution channel
strategies, including support of the agent/broker channel, must be
transformed in the age of Digital Insurance 2.0, to enable an
insurer to realize their growth and innovation strategies. The
report outlines distribution strategies to help insurers overcome
the traditional “sold, not bought” problem and other challenges of
the Insurance 1.0 business model, by leveraging digitally-enabled
micro-targeting capabilities and distribution ecosystems.
Gregory Bailey, Denim CEO and founder, noted, “Mobile and social
channels offer increasingly powerful platforms for companies to
build brand familiarity and trust with consumers by delivering
relevant content, user reviews, and targeted advertising. Data
linked to users’ content consumption and creation also provide
insurers with time-appropriate, privacy-safe clues about life
events that enable timely and relevant advertising messages about
product and service offerings.”
To fully optimize the power of their distribution system,
however, insurers must move toward building an ecosystem of
distribution partners.
“With the shifting landscape and competitive challenges to
attract and retain customers, while meeting the changing
demographic needs of a new generation of buyers, insurers can
differentiate themselves by developing and engaging a distribution
ecosystem that helps them put the customer first. New channels and
capabilities available through an ecosystem can extend the brand
and reach of insurers into existing, new and changing markets to
give customers choice,” added Denise Garth, SVP - Strategic
Marketing, Industry Relations and Innovation for Majesco. “The
breadth of an ecosystem can place an insurer directly in the path
of a customer’s life journey event, where and when insurance is
relevant and needed, placing them in a buy versus sold
opportunity.”
Insurance incumbents with outdated Insurance 1.0 business models
and single or limited distribution channels are increasingly at a
huge disadvantage. In the new era of Digital Insurance 2.0, market
leaders will experiment with new distribution opportunities,
determine which will add value for them and their partners, and
rapidly scale implementations to realize the benefits.
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.
About Denim
Denim® is reimagining the way financial services companies
market, engage, and sell with intelligent, data-driven technology.
Designed with today’s mobile and social consumers in mind, Denim’s
patent-pending platform saves time and money by enabling marketing
teams to scale micro-targeted, hyper-local mobile and social media
ad campaigns on behalf of any number of agents or advisors. With a
focus on delivering a simple and intuitive platform, Denim not only
delivers results, it’s enjoyable to use. To learn more, visit
denimlabs.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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version on businesswire.com: https://www.businesswire.com/news/home/20180830005040/en/
MediaMajescoGlenn Westlake,
+1-920-410-0246Director, Market Research and Content
Developmentglenn.westlake@majesco.com
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