|[January 16, 2019]
New Majesco Research Highlights Momentum in the Relationship Between InsurTech and Incumbent Insurers to Create Digital Insurance 2.0
Majesco (NYSE American: MJCO), a global provider of cloud insurance
platform software for insurance business transformation, today announced
the release of a new thought leadership report, InsurTech:
Energizing the Shift to Digital Insurance 2.0, based on new
primary research Majesco conducted jointly with Silicon Valley Insurance
Accelerator (SVIA) and Global Insurance Accelerator (GIA). The report
provides an inside look into how leaders from InsurTechs, insurers, MGAs
and solution providers see the opportunities and challenges in moving
insurance innovation forward, particularly around their investments and
ability to partner with incumbent insurers.
The report details the views of two distinct InsurTech segments:
Insurer/MGAs, which focus on the entire insurance value chain, and
Solution Providers, which provide specialized solutions or services for
specific value chain areas. The research covered a wide range of issues
to reveal how InsurTechs are helping shape the future of insurance.
"The research uncovered insights into why incumbent insurers' futures
depend on innovating their business models, processes, products and
services, and why partnering with InsurTech can accelerate this,"
remarked Denise Garth, SVP - Strategic Marketing, Industry Relations and
Innovation for Majesco. "By understanding the experiences, viewpoints,
priorities, successes and failures of InsurTech innovators, we found
potential opportunities for incumbents, including partnerships, unique
solutions to complex operational issues, access to new customers and
markets, and more."
A key finding is the importance both segments place on partnerships and
ecosystems, albeit with slightly different emphases: InsurTech
Insurer/MGAs have higher involvement with other industry segments and
Reinsurers, while Solution Providers are significantly more engaged with
incumbent insurers and other InsurTechs. The involvement with other
industry segments is an area that most incumbent insurers are not
focused on and could place them at a competitive disadvantage.
"A key success factor in Digital Insurance 2.0 is the recognition that
it's no longer desirable or optimal to 'go it alone' in a rapidly
growing platform economy," noted Brian Hemesath, Managing Director of
GIA. "No individal company has all of the resources, time or
capabilities required for success in this new era of insurance.
Ecosystems provide a multiplier effect for growth."
To succeed in a new digital era of insurance, incumbent insurers must
aggressively begin to define their vision and path to Digital Insurance
2.0, leveraging the ideas and innovations of the InsurTech universe to
reinvent their business model, products and services for a new era of
"Every insurance leader must become intimately familiar with the models,
solutions and trends being driven by InsurTechs," commented Mike Connor,
CEO and Co-founder of SVIA. "Though not perfected yet, they are the
shape of the customer centric, digitally connected ecosystem that the
industry is to become."
The thought leadership report is available to download on the Majesco
website, or you can request a copy by emailing email@example.com.
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.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20190116005031/en/
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