New Thought Leadership from Majesco and Deloitte Reveal Key Differentiators to Capitalize on Market Opportunities in Integrated Disability and Absence Management
Majesco, a global leader of cloud insurance software solutions for insurance business transformation, today announced the availability of a new report, Raising the Competitive Bar: Simplifying the Operational Complexity of Disability Insurance and Absence Management. This new report, based on a series of roundtables with insurance executives and other research, reflects the operational challenges to meet the growing employee demand for disability insurance and expanding absence of federal and state regulations for employers. The report underscores the importance of prioritizing modern, integrated claims and absence management capabilities to meet these market and operational demands.
"State-Mandated Leave benefits continue to evolve, creating opportunities for insurers to position themselves as capable partners with regulatory expertise," noted Abhi Bakre from Deloitte Consulting's Insurance Practice. "For employers, this means a growing number of resources to manage the operational complexity and required regulatory upkeep. For insurers, managing profitability for disability and absence management products and solutions, continues to be critical. Navigating the complex market to deliver these solutions and offerings while supporting profitable growth requires new ways of thinking, modern capabilities, and an efficient operating model."
With the rapidly changing workplace and employee demographics, employee demand for disability insurance continues to be on the rise. At the same time, absence management regulations are proliferating faster than employers can keep track. Employers are looking for insurance partners who can manage absence and disability programs with simplicity and efficiency. Those insurers who are prepared to administer their customers' disability insurance and absence on an integrated basis, seamlessly, ae well poised to capitalize on the growing market demand.
However, legacy operations and technology environments make it nearly impossible to add digitally-enabled services that can simplify the operational complexity of absence management and disability insurance. Investment in both the operational business model and the technology foundation is crucial to deliver an integrated, differentiated disability and absence experience for employers and employees.
"Group and voluntary benefits are key to attracting and retaining employees, particularly given the low employment rate and highly competitive talent market," says Denise Garth, Chief Strategy Officer at Majesco. "Understanding the employer and insurer trends is important as insurers consider offering integrated disability and absence to their customers. Next gen core solutions, including claims and absence management solutions, provide the essential insurance capabilities that enable rapid adaptation for new, innovative products or benefit plans, and meet increasing regulatory and compliance demands for absence and disability." Learn more by downloading Raising the Competitive Bar: Simplifying the Operational Complexity of Disability Insurance and Absence Management on the website.
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