New Report Highlights Critical Developments That Are Accelerating Transformation in the Insurance Industry - Seite 2
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.
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:
- Speed of Operations for the traditional business model with mature systems and processes needing incremental operational improvements through modernization and optimization using modern cloud and API-based modern solutions;
- Speed of Innovation for agile, fast and MVP models to explore, test and learn from new business opportunities – many in 12 weeks or less – by creating the new business for the future using next-generation native cloud, microservices and API-based solutions.
The time for plans, preparation, and execution is now – 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.
The thought leadership report is available to download on the Majesco website, or you can request a copy by emailing firstname.lastname@example.org.
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.