Disruptive Forces Transforming Insurance: Majesco Future Trends Report

The shift is intensifying and realigning fundamental elements of the insurance business, requiring us to erase the idea that we can ease our organizations into this new era with minor adjustments: Majesco report takes a look back and forward on the disruptive forces transforming the future of insurance

Morristown, NJ (Dec. 4, 2019) – Majesco, a global leader of cloud insurance software solutions for insurance business transformation, is pleased to announce the release of a new research report, Future Trends – Looking Back and Leaping Forward.

The report takes a retrospective view from the first Future Trends report published nearly four years ago that discussed a major shift due to the converging “tectonic plates” of people, technology and market boundaries. These changes are disrupting and redefining the world, industries and businesses — including insurance — to where the industry is today and where it needs to leap forward for tomorrow. Underscored within the report are the dramatically different demands of agility, speed and innovation as we enter 2020, compared to where they were in 2015. To succeed in the future of insurance, which is coming faster than most realize, insurers must lay the groundwork of a new digital insurance business model that embraces customer, technology and market boundary changes with vision, energy and speed.

“The pace of disruption and dramatic changes in the key trends of people, technology and market boundaries were in the early stages of development and experimentation in in the first Future Trends report, but their adoption and expansion have accelerated rapidly within the industry today,” commented Denise Garth, SVP of Strategic Marketing, Industry Relations and Innovation at Majesco. “With so much disruption and change – technological revolution, fast-changing customer needs and expectations, regulatory changes such as the AM Best innovation rating and shifts to an on-demand, sharing, Gig and platform economy – the next generation of insurance leaders are aggressively adapting and responding to reinvent themselves before someone else does it for them. The leaders creating the future of insurance are connecting current and future visions to the markets and opportunities that lie ahead.”

Tremendous changes are still on the horizon. As we enter 2020, the future of insurance is intensifying and shifting. Future market leadership and success will be defined by focusing on the customer experience, business innovation, and technological leadership. Insurers must think and operate as technology-led companies, rather than insurance-product companies by leveraging new, emerging and maturing technologies to provide digitally-savvy customers with the product they want and need, recognizing that a product includes the customer experience, risk coverage and services.

These future leaders are not just innovating their business, they are disrupting their business by rethinking and reimagining the future as a digital insurer. Rather than holding onto decades of operational tradition built into their current business systems and processes, they are shifting their technological and administrative weight using a two-speed strategy – Speed of Operations and Speed of Innovation – for growth, relevance and success. With evolving changes in regulations, from the introduction of sandbox environments to the new AM Best innovation rating, innovation barriers are being lowered and innovation is now a must-have for survival.

The thought leadership report is available to download from Majesco.

About Majesco

Majesco (NASDAQ:MJCO) provides technology, expertise, and leadership that helps insurers modernize, innovate and connect to build the future of their business – and the future of insurance – at speed and scale. Our platforms connect people and businesses to insurance in ways that are innovative, hyper-relevant, compelling and personal. Over 200 insurance companies worldwide in P&C, L&A and Group Benefits are transforming their businesses by modernizing, optimizing or creating new business models with Majesco. Our market-leading solutions include CloudInsurer® P&C Core Suite (Policy, Billing, Claims); CloudInsurer® LifePlus Solutions (AdminPlus, AdvicePlus, IllustratePlus, DistributionPlus); CloudInsurer® L&A and Group Core Suite (Policy, Billing, Claims); Digital1st Insurance™ with Digital1st eConnect™, Digital1st EcoExchange™ and Digital1st Platform™ – a cloud-native, microservices and open API platform; Distribution Management, Data and Analytics and an Enterprise Data Warehouse. 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.

These forward-looking statements should not be relied upon as predictions of future events and Majesco cannot assure you that the events or circumstances discussed or reflected in these statements will be achieved or will occur. If such forward-looking statements prove to be inaccurate, the inaccuracy may be material. You should not regard these statements as a representation or warranty by Majesco or any other person that we will achieve our objectives and plans in any specified timeframe, or at all. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. Majesco disclaims any obligation to publicly update or release any revisions to these forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this press release or to reflect the occurrence of unanticipated events, except as required by law.

SOURCE: Majesco

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