Majesco, a global leader of cloud insurance software solutions for insurance business transformation, announced the release of a new thought leadership report, Digital Insurance: The Inflection Point. The report, based on a deeper dive into the 2021 Strategic Priorities research around digital priorities, highlights today’s changing competitive landscape driven by top digital capabilities for customer self-service, distributor portals, and underwriting to drive growth opportunities.
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The pace for digitization is not slowing down. Firms in other industries have evolved their customer experience across multiple channels to become omni-channel and digital to meet rapidly shifting and intensifying customer expectations, setting a high bar for insurance. P&C insurers must adapt by delivering a digital experience that creates a new customer experience that drives post-purchase engagement, trust, and loyalty.
“Across most industries including insurance, companies are struggling to keep pace with the demand for digitization, particularly as customers accelerate their adoption of digital in nearly all aspects of their life, as shown in our previous customer research,” commented Denise Garth, Chief Strategy Officer at Majesco. “The year 2020 and COVID have created an inflection point that has accelerated digital adoption. Some are heeding this urgency, but too many are not creating a significant divide between leaders, followers and laggards and a time of reckoning.”
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The research shows that insurers are focused on digital customer self-service solutions but are behind in other essential areas that are key in the shift to digital to look more holistically from a 360 digital engagement view rather than siloed portals across customer, agent and underwriter engagement and more. Self-service tools and “out of the box” portals, which have been the “go to approach” for the last decade, do not meet the shift in customer expectations for a personalized, holistic experience that is required today. The report delivers a fresh future-forward view on the growth and retention opportunities that taking this digital, outside-in, 360 view can create for insurers.
Garth further added, “Visionary leaders see the market and technological trends as a many-fold opportunity for insurance — and are preparing and implementing the use new sources of data, reach new market segments, offer innovative new products needed by customers, and more. They are embracing platform technologies that embraces cloud, APIs, no code / low code digital experience platforms; next gen core platforms, advanced digital analytics with AI / ML and robust ecosystems that together enable next-gen customer experiences to realize the value of digital transformation.”