Majesco’s New Thought Leadership Reveals the Power of Reshaping the Business Model and Technology Foundation for Insurers to Achieve Real Optimization and Drive Innovation
Press Release
Morristown, NJ – March 19th, 2024 – Majesco, a global leader of cloud insurance software solutions for insurance business transformation, today announced the availability of a new thought leadership report, Realignment in Insurance: Legacy Core Impact, based on primary research with insurers. Majesco’s latest report highlights the importance of insurers elevating their business operation with a next-gen, intelligent technology foundation built on a robust cloud-native architecture and why it is a must-have to compete in today’s marketplace.
The insurance industry is at an extraordinary crossroads with a range of pressures challenging their business. The report highlights these pressures and why insurers must rethink their business operating model and technology foundation to remain relevant and leaders in the market. Insurers are realizing that current operational business models are falling out of synch, and the technologies that provided their foundation must be re-tuned or replaced. Current business and technology frameworks no longer meet the challenges, demands, and opportunities of today's dynamic and fast-changing world. Unfortunately, tech legacy debt replacement has made little progress in the last three years and continues to hamstrung companies’ ability to compete.
“The insurance market is being challenged on all fronts: Technology advancements, customer generational shifts and expectations, macro-economic factors, climate change, competition, expanding and shifting risks, growing retirements and loss of institutional knowledge, and a generational shift of insurance buyers with different expectations,” said Denise Garth, Chief Strategy Officer at Majesco. “These converging areas represent the depth, breadth, and accelerated pace of change for the industry likely more than in any other period, especially for today’s insurance leaders. It is compelling insurance leaders to transform their business operating and technology foundations with next-gen technology paired with advanced data and analytics that creates a new foundation for operational optimization and innovation that can readily adapt as change continues its relentless path forward.”
A new foundation requires the right investment across key areas and can make a substantial difference in growth. Competing in today’s marketplace requires speed to market for new products, channels, and experiences; a decrease in operational costs and total cost of ownership of technology; continuous innovation; and seamless and quick technology upgrades to keep the company at the leading edge.
Learn more by downloading Realignment in Insurance: Legacy Core Impact, on the website or by emailing info@majesco.com.
About Majesco
Majesco is the partner P&C and L&AH insurers choose to create and deliver outstanding experiences for customers. We combine our technology and insurance experience to anticipate what is next, without losing sight of what’s important now. Over 350 insurers, from greenfields and startups to some of the world’s largest insurers, rely on Majesco’s SaaS platforms solutions of core, data, analytics, digital, and rich ecosystem of partners to create their next now.
As an industry leader, we don’t believe in managing risk by avoiding change. We embrace change, even cause it, to get and stay ahead of risk. With 900+ successful implementations we are uniquely qualified to bridge the gap between a traditional insurance industry approach and a pure digital mindset. We give customers the confidence to decide, the products to perform, and the follow-through to execute.
For more information, please visit www.majesco.com and follow us on LinkedIn.