Majesco’s Post

Over the last ten years, most insurers have been on a non-stop quest to transform and optimize the business, but unfortunately for many, their e­fforts have often been incremental and short-sighted; creating or intensifying many of the operational challenges faced today. Insurers must move beyond the legacy and internal mindset of “this is how insurance is done,” to one that recognizes the world has shifted and we must as well. Insurers realize current operational business models are falling out of synch, and the technologies that provided their foundation must be re-tuned or replaced.  A key challenge is dealing with significant legacy debt in terms of old business operating models and technology foundations – even those implemented in the last 5-10 years - that hinder the ability to execute profitable growth strategies that address protection gaps and customer needs, particularly with the shifting risk and changing demographics.  

New business models in insurance leveraged by exponential technologies that provides cost advantages through scale are the way forward. It’s not simple, but it is the path to enormous opportunities for the industry.

Explore the future of insurance with Earnix's 2024 Trends Report! This report reveals how after years of uncertainty, many insurers are now eager to take the next steps to implement more effective strategies to grow their business and stay a step ahead of the competition. Check it out here >> https://lnkd.in/g4aU87wJ #insurance #insuranceindustry #fintech

Blueprint Two delays are causing uncertainty. In this blog, Stuart Favier, Insurance Client Manager, breaks down where things stand, the delays, and how companies can stay prepared for the changes ahead. Read more: https://ow.ly/k8Kp50TZ2xQ #BlueprintTwo #LondonMarket #Insurance, #insurtech

Explore the future of insurance with Earnix's 2024 Trends Report! This report reveals how after years of uncertainty, many insurers are now eager to take the next steps to implement more effective strategies to grow their business and stay a step ahead of the competition. Check it out here >> https://lnkd.in/gn9nd2PW #insurance #insuranceindustry #fintech

As businesses, especially in the insurance sector, undergo digital transformation to enhance productivity and efficiency, making sure your organisation understands its position in the digitisation process is crucial for future progress. If you don’t transform at pace, your competitors will – and some have already leapt in headfirst. See what stage you are at by reading our most recent article now ➡️ https://lnkd.in/efBQ2ZaQ #digitaltransformation #digitaltrading #insurance #digitalinsurance #whitespaceplatform #whitespacesoftware 

Great article below that is relevant for all insurtechs! Speaking of insurtech… did you know we’re hosting an event during ITC targeted to help insurtechs understand the importance of a good pricing and packaging strategy? We’ll also be talking about pricing trends in the industry (e.g. Ai - everyone’s favorite topic 😅). If you’re interested, you can register below! See you there. https://lnkd.in/gUqnQcm6 #insurtech #pricing #Insurtechconnect #Vegas

Establishing a truly digital sales journey in insurance requires a comprehensive transformation from end to end. ❇️ What does this mean for insurers? Learn more about our findings from our latest article, “Transforming the Digital Sales Journey in Insurance”, here: https://on.bcg.com/3Y8FW3d #insurance #digitaltransformation #digitalinsurance

Explore the future of insurance with Earnix's 2024 Trends Report! This report reveals how after years of uncertainty, many insurers are now eager to take the next steps to implement more effective strategies to grow their business and stay a step ahead of the competition. Check it out here >> https://lnkd.in/g2sZxskp #insurance #insuranceindustry #fintech

Explore the future of insurance with Earnix's 2024 Trends Report! This report reveals how after years of uncertainty, many insurers are now eager to take the next steps to implement more effective strategies to grow their business and stay a step ahead of the competition. Check it out here >> https://bit.ly/3NUaYFQ #insurance #insuranceindustry #fintech