CONFIGURING PRODUCTS TO MEET MODERN INSURANCE NEEDS
DIGITAL STRATEGY
34 and Life / Annuities , which has only expanded with our digital , data and analytics , and distribution management solutions . Our sales , client partner , product and delivery teams work with customers to not just meet today ’ s needs , but also to prepare for tomorrow ’ s . Majesco also provides a range of valuable content and points of view through our thought leadership , blogs and webinars to help them shape their journey to the future of insurance .”
CONFIGURING PRODUCTS TO MEET MODERN INSURANCE NEEDS
The traditional insurance market and its typical business model is rapidly becoming obsolete . Assembly line products with ‘ one-size-fits-all ’ characteristics are no longer appealing to customers when innovative insurtechs like Lemonade and Hippo can customise and cost services for individual needs . Product flexibility has taken on even greater importance in the post-COVID-19 world , where a multitude of different customer circumstances are altering the nature of risk management . Counteracting this effect and configuring products to meet modern needs should be given high priority . “ We put technology at the centre of our product development so we can move fast and respond to changing needs ,” states Ward . “ For example , in 2019 , a Florida mobile home insurer went insolvent and left 30,000 mobile homeowners on the verge of losing their coverage . My team subsequently built the infrastructure that makes it possible to add and launch a new product in weeks . That ’ s the big difference between us and other insurers : we have the full tech stack that lets us respond to real-time market needs .” As a tech provider , Garth says , Majesco ’ s purpose is to connect each party in the insurance process as conveniently as possible , the importance of which can often be overlooked . “ The point is not merely the means of production ,” she continues , “ but the means of connection , and the result is not just an increase in customer expectations but rather an expansion of market boundaries .” As such , insurers on the whole ( not just insurtechs ) may soon come to regard themselves as “ technology companies providing insurance ” instead of vice versa .
NOVEMBER 2020