New Majesco Consumer Research Underscores Accelerating Shift to Digital Insurance 2.0
29 November 2017 - 12:45AM
Business Wire
Traditional insurance business models, products
and processes of Insurance 1.0 do not conform to the needs,
expectations and behaviors of the increasingly influential next
generation of insurance buyers
The influence of Millennials and Gen Z is growing and
intensifying the shift from Insurance 1.0 to Digital Insurance 2.0
that embraces the new expectations, innovations and business models
in the digital age. Majesco’s new research report, The New
Insurance Customer – Digging Deeper: New Expectations, Innovations
and Competition, published today found that these generational
groups have a strong interest in doing business with insurers that
provide innovative new products and services and leverage digital
technologies that align to their unique needs, expectations and
behaviors.
Majesco’s second annual consumer research study builds on the
insights uncovered last year by assessing the double digit
year-on-year growth in behavior changes across all generations as
well as diving deeper into the disruptive implications of
expectations, innovations and competition for new insurance
products and business models that have emerged into the market over
the last couple of years.
“Within the industry there is much discussion and debate about
whether or not these new products and business models are ‘real’
and will succeed,” noted Denise Garth, SVP Strategic Marketing,
Industry Relations and Innovation at Majesco. “Based on the survey,
there is a strong indication that many will succeed as well as
intensify the shift and momentum toward Digital Insurance 2.0. The
research results underscore an acceleration in changing behaviors
and interest in using new products, business models and
technologies that are re-shaping insurance, especially among Gen Z
and Millennials. It also highlights an increasing shift by Gen X as
they continue to rapidly adapt to digital in all aspects of their
lives. The implications are significant for insurers who are not
aggressively planning and executing business strategies that align
to this shift.”
The research decomposed a number of new products and business
models into 30 distinct component parts and measured reactions to
them across the generations. The result is a rich set of insights
on the impact and potential of the new innovations and competition
and the likelihood of these to accelerate in adoption, whether for
a new or renewal purchase. In addition, the research tested
consumer reactions to five new insurance business models that are
already in the market. The results highlighted some strong interest
in these new models, particularly for the younger generations.
Based on their reactions, we expect consumer interest in these and
other new models to intensify with time, accelerating the decline
of Insurance 1.0 and speeding the shift to Digital Insurance 2.0.
The report provides a generational playbook framework based on the
research results as a starting point for insurers to begin their
shift to Digital Insurance 2.0.
“Insurers should see within these components the ingredients of
a ‘recipe’ for an ideal insurance offering that has broad appeal
across generations, while allowing for personalization and
customization by generation,” remarked Garth. “For example,
consider the possibility of an on-demand, usage-based insurance
product bundled with other services and rewards aimed at reducing
claims and costs, with a social-good aspect, which is particularly
relevant to Gen Z and Millennials.”
The new thought leadership report, The New Insurance Customer –
Digging Deeper: New Expectations, Innovations and Competition, is
available on the Majesco website to download, or you can request a
copy via email, info@majesco.com.
About Majesco
Insurance business transformation is a journey of change and
revitalization, a renaissance of Insurance. Approximately 150
insurance companies worldwide in P&C, L&A and Group/
Employee Benefits are transforming their businesses with Majesco’s
solutions. Our market leading software and consulting services
uniquely underpin the entire insurance value chain and are designed
to empower insurers with the agility, innovation and speed needed
to meet their transformation opportunities. Majesco’s solutions
include policy management, new business / underwriting, rating,
billing, claims management, distribution management, BI/ analytics,
predictive modeling, digital platform with mobile and portal,
testing services, cloud services, bureau and content services,
transformation services, consulting services and more. 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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171128005808/en/
MajescoAshwin Rodrigues, 973-461-9087Director — Global
Marketingashwin.rodrigues@majesco.com
Majesco (NASDAQ:MJCO)
Historical Stock Chart
From Apr 2024 to May 2024
Majesco (NASDAQ:MJCO)
Historical Stock Chart
From May 2023 to May 2024