[January 19, 2017] |
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Market Trends Are Pushing a Slow-to-Adapt Insurance Industry into the Digital Age, Majesco Research Finds
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, Insurance
in the Digital Age: Transforming
from Outside-In. The report highlights how the changes
occurring outside and within the insurance industry are revolutionary,
are rapidly shifting customer expectations and require a holistic,
strategic response by insurers.
"Two things make this transformation a revolution. First, it is customer
driven. Second, it is influenced from outside insurance," commented
Terry Buechner, Vice President, Digital Consulting at Majesco. "Getting
an 'outside-in' view from customers regarding the new capabilities they
demand is crucial to success. This requires a digital strategy and
customer journey mapping to underpin this transformation."
To successfully compete and meet rapidly changing customer expectations,
insurers must have a digital vision and a full view of the customer
journey. Defining and developing the customer's entire journey -
not just parts of it - is critical to customer satisfaction. This is
reflected in Majesco's research, The
Rise of the New Insurance Customer: Are
You Ready?, that shows NPS scores from customers who rated all
three broad components of their journey across the insurance value chain
as "easy" (researching, buying, servicing) with 50 to 76-point higher
NPS scores compared to customers who rate even one part of the
experience as "not easy." Taking advantage of specific
opportunities in the value chain is valuable as long as general
principles for the user experience are followed and the projects are the
building blocks of an overall digital strategy.
"A burning platform like this, while motivating for some, can drive
others to do nothing out of fear. The change underway is so overwhelming
that many do not know where to begin. Some revert to what is
comfortable, being a 'fast follower'," noted Denise Garth, Senior Vice
President of Strategic Marketing, Industry Relations and Innovation at
Majesco. "Others are reacting - implementing yesterday's
solutions (like portals) in an attempt to keep up. And some are
experimenting with advanced technologies (like drones) without an
overarching strategy. This tactical, piecemeal approach may slow the
rate at which that expectation gap widens, but it will not stop it, much
less reverse it."
The report notes that it is only going to get tougher. The pace of
change is accelerating and the gap between customer expectations and
insurer capabilities is widening, becoming harder to bridge. Insurers
must take immediate action, or risk being left behind. A holistic
digital vision is required, with people, processes and technology
aligned accordingly. Only within that strategic framework will digital
success be achieved. Digital is an opportunity for insurers to invest in
areas that will differentiate them in a rapidly changing market.
The new thought leadership paper, Insurance
in the Digital Age: Transforming
from Outside-In, is available on the Majesco website to
download, or you can request a copy via email, [email protected].
About Majesco
Majesco is a global provider of core insurance software and consulting
services that enable insurance business transformation for approximately
150 customers, including insurers, MGA's and other risk providers from
the Property and Casualty, Life, Annuity and Group insurance
segments. 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
modelling, 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170119005607/en/
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