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Shift in the Insurance Industry Driven by People, Technology and Market Boundaries Intensifies in Majesco Annual Future Trends Research
[February 23, 2017]

Shift in the Insurance Industry Driven by People, Technology and Market Boundaries Intensifies in Majesco Annual Future Trends Research


Majesco (NYSE MKT:MJCO), a global provider of core insurance software and consulting services for insurance business transformation, today published a new thought leadership report, Future Trends 2017: The Shift Gains Momentum. The report is the annual update from the inaugural report published in 2016 that provided a framework of three forces, People, Technology and Market Boundaries, that are rapidly creating new expectations, new innovations, and new competition for the insurance industry. Based on a continuous scan of the market, the three forces expanded with several new trends.

InsurTech, behavioral economics, the pay-as-you-need enterprise, platform solutions and competition for talent and capital were added to the three forces, resulting in 14 key trends that are significant influencers of change and disruption for the insurance industry. These forces and trends are converging and pushing a slow-to-adapt industry into the digital age, while challenging the traditional business assumptions, operations, processes, and products of the last 30 or more years. The implications for traditional insurance business models is enormous because the models, processes, products, services and systems have all been built for and around traditional assumptions rather than a market with new buyer expectations, new competition and new technology underpinning the shift.

"InsurTech has introduced very innovative new models that are challenging traditions and capturing the hearts and minds of buyers for their ease, transparency, and engagement. We believe existing insurers will increasingly introduce new greenfields and startups to compete, leveraging the range of trends to compete for the next generation of buyers," commented Denise Garth, SVP Strategic Marketing, Industry Relations and Innovation at Majesco. "A key part of this new model will be the pay-as-you-need enterprise that leverages a SaaS (News - Alert) Platform model that provides agility, innovation and speed, critical attributes in a fast-changing market."

The report notes that in 2017 we expect to see existing insurers and reinsurers increasingly looking for paths to grow their businesses by capturing the next generation of customers with new engagement models, products and services. Rising to the competitive forefront, however, requires companies to rethink their business models and realign them with the customer needs and the expectations of those who will be their customers for the next 10-20 years, not those from the past 10-20 years. To adapt to this shift, the report notes that insurers are charting a path with the folloing:



  • Maintain and grow the existing business while transforming and building the new business. The current business is funding the future and needs to be kept running efficiently and effectively as the market shifts.
  • Optimize the existing business while building the new business. Optimizing any process will help to maximize the existing business, reduce the cost of doing business, and provide a bridge from the past to the future while allowing realignment of resources and investment to the new business.
  • Develop a new business model for a new generation of buyers. Create a strategy and plan for a new business model that supports simultaneous leaps forward to create new customer engagement experiences underpinned by innovative products and services that offer growth, competitive differentiation and success in a fast-changing market dynamic.

The new thought leadership paper, Future Trends 2017: The Shift Gains Momentum, is available on the Majesco website to download, or you can request a copy via email, [email protected].

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.

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