Morristown, NJ (Aug. 22, 2019) \u2013 Majesco, a global leader of cloud insurance software solutions for insurance business transformation, today announced the release of a new research report, The Future of Insurance: Optimization, Growth and Innovation<\/em>.<\/p>\n The report highlights the forces that have been putting tremendous pressure on insurance to transform to a digital, outside-in, customer-first industry, accelerated by the rise of InsurTech beginning in 2015. By taking a two speed strategy, by modernizing and optimizing the business for speed of operation and by creating a new business of the future for speed of innovation, insurance leaders are creating innovative products, services and business models by redesigning organizational and business model structures. These leaders are embracing digital technology and data and analytics to better understand, underwrite and service their customers with tailored products and services that are more personalized than ever and meet the under- or unmet needs of a rapidly changing market.<\/p>\n As noted in Majesco\u2019s Strategic Priorities<\/a> research, incumbent insurers who are embracing the changes and new opportunities \u2013 the Leaders \u2013 are advancing at a greater pace than Followers and Laggards, putting them at increasing risk of irrelevance. But new developments in the regulatory front may be what is needed to give a push to Followers and Laggards.<\/p>\n \u201cThis pace of innovation and change is challenging insurers and regulation,\u201d commented Denise Garth, SVP of Strategic Marketing, Industry Relations and Innovation at Majesco. \u201cAs InsurTechs and Insurance leaders create new business models, products and services to meet rapidly changing customer demands and expectations, we are beginning to see the shifting views and actions by regulators and rating agencies. Whether to meet the new customer expectations, making sure new risks are appropriately covered, or ensuring the viability of insurers in this changing world, regulators and rating agencies are increasingly engaged in shaping a new era of innovation and the future of insurance. These actions will accelerate innovation for the industry in positive ways, setting a new bar for all insurers seeking market leadership.\u201d<\/p>\n The first of these actions is with the proposed AM Best Innovation rating as a component of the annual rating process. The second is the Sandbox concept originally proposed at the NAIC, now being adopted by several states to promote and support innovation within the insurance industry. This cohesive blend of innovation and regulation is yet another forceful driver that will help reinvent the insurance industry.<\/p>\n The report goes on to provide guidance to companies on how to adapt and respond to the pace of change, using a Two-Speed Strategy that embraces both the transformation of existing insurance operations and the launching of new business models or products:<\/p>\n The time for plans, preparation, and execution is now \u2014 recognizing that the gap is widening and the timeframe to respond is closing. Leaders are adopting new technologies, business models and products at an increasing pace. Leaders, as early adopters, are positioned to succeed. Time will tell if Followers and Laggards will survive.<\/p>\n The thought leadership report is available to download on the Majesco website<\/a>, or you can request a copy by emailing [email protected]<\/span><\/a>.<\/p>\n Denise Garth, Majesco at ICEF2019 Meet Denise Garth and catch her presentation on \u201cLeadership and Speed to Accelerate a Path to the Future of Insurance<\/a>\u201d at the 7th annual Insurance-Canada.ca Executive Forum, \u201cInsurance in the Platform Economy<\/strong><\/a>\u201d \u2013 Wednesday, August 28, in Toronto. Register here<\/strong><\/a>.<\/p>\n About Majesco<\/b><\/p>\n Majesco (NASDAQ:MJCO)<\/em> provides technology, expertise, and leadership that helps insurers modernize, innovate and connect to build the future of their business \u2013 and the future of insurance \u2013 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™ \u2013 a cloud-native, microservices and open API platform; Distribution Management, Data and Analytics and an Enterprise Data Warehouse. For more information, please visit www.majesco.com<\/a>.<\/p>\n Cautionary Language Concerning Forward-Looking Statements<\/strong><\/p>\n This press release contains forward-looking statements within the meaning of the \u201csafe harbor\u201d 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\u2019s reports that it files from time to time with the Securities and Exchange Commission and which you should review, including those statements under \u201cItem 1A \u2013 Risk Factors\u201d in Majesco\u2019s Annual Report on Form 10-K.<\/p>\n 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\u2019s ability to raise capital to fund future growth.<\/p>\n 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.<\/p>\n SOURCE: Majesco<\/i><\/p>\n Tags: Denise Garth<\/a>, growth<\/a>, Innovation<\/a>, Majesco<\/a>, outlook \/ predictions<\/a>, report<\/a>, Transformation<\/a> Read the original article at Insurance-Canada.ca <\/a><\/p>\n","protected":false},"excerpt":{"rendered":" The Future of Insurance: Optimization, Growth and Innovation Morristown, NJ (Aug. 22, 2019) \u2013 Majesco, a global leader of cloud insurance software solutions for insurance business transformation, today announced the release of a new...<\/p>\n","protected":false},"author":578,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/16521"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/578"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=16521"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/16521\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=16521"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=16521"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=16521"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n
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