New Research Report from Majesco Highlights Market Growth Opportunity for Life Insurers Who Reimagine Their Bus. & Customer E...
06 Août 2020 - 11:00PM
Business Wire
To be a market leader in the future, insurers need to transition
their thinking from executing policy transactions to providing a
life, health, wealth and wellness experience
Majesco (NASDAQ: MJCO), a global leader of cloud insurance
software, today announced the release of their 4th annual primary
consumer research, Rethinking Life Insurance: From a Transaction to
a Life, Health, Wealth and Wellness Customer Experience,
highlighting a shift from a focus on policy transactions to
creating a broader life, health, wealth and wellness experience.
The report provides a detailed analysis of new opportunities for
growth and capturing a new generation of customers made possible by
this shift.
The report highlights the impact of status quo of business
models used for decades and the 50-year-long decline in life
insurance ownership, but outlines the opportunity to reverse course
based on the high level of interest in life insurance and voluntary
benefits by the Millennial and Gen Z generations. In this new
digital era, new expectations for a broader health, wealth and
wellness focus will pressure insurers to develop products and
services that are more affordable, tailored to very specific needs,
digital-first, simpler, and grounded in trust. Customer needs,
expectations and demands will create demand for new, digital
products like on-demand, single-item and embedded coverages,
value-added services, and more, that are bundled in a way to help
customers manage their lives.
“Today’s customers are increasingly digitally adept, with higher
expectations, different needs and a demand for better experiences
that are not met with the ‘traditional’ insurance approach,
creating a fault line between customers’ expectations and insurers’
ability to deliver. This fault line is what this year’s consumer
research for life insurance has identified and detailed in this
report,” stated Denise Garth, SVP of Strategic Marketing, Industry
Relations and Innovation at Majesco. “The survey results in this
report clearly indicate that customers want a relationship with a
broader value to make their lives better across life, health,
wealth and lifestyle needs.”
Life insurers must reimagine the scope of what they offer to
customers. They must think of it as a compelling customer
experience that is wrapped around a risk product and value-added
services that are part of a broader health, wealth and wellness
ecosystem. This is where exciting new business opportunities await,
and where new competitors are emerging. Insurers have a choice of
whether or not they are simply going to be product providers within
an ecosystem that is developed outside of themselves, or whether
they want to own the customer relationship and set the standard for
an ecosystem where they operate as the core.
The research highlights generational differences between
Millennials and Gen Z versus Gen X and Boomers on their views of
life insurance and the shift to a holistic view for health, wealth
and wellness including:
- Millennials and Gen Z believe life insurance is more important
– 79% as compared to 69% for Gen X and Boomers. They also have a
larger array of reasons why life insurance is important; many
driven by new behaviors and needs.
- Millennials and Gen Z are willing to share their personal
information and data up to 39% more than the older
generations.
- Millennials & Gen Z outpace Gen X and Boomers in wanting
access to all health, wealth and wellness areas by up to 33% or
more
- Millennials and Gen Z seek information and advice for a variety
of areas: Health, Financial Planning, Legal, Tax, Mortgage loads,
bank balances, etc.
- The younger generations want access to their information such
as policies, medical records, fitness data, and household
purchases, reflecting a strong interest in value added
services.
- Millennials and Gen Z are open to a broader array of channels,
including big tech like Amazon, Apple and Google.
The thought leadership report is available to download on the
Majesco website, or you can request a copy by emailing
info@majesco.com.
About Majesco
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® Engagement, 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.
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, as amended by its Quarterly
Reports on Form 10-Q.
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:
the adverse impact on economies around the world and our customers
of the current COVID-19 pandemic; our ability to achieve increased
market penetration for our product and service offerings and obtain
new customers; our ability to raise future capital as needed; the
growth prospects of the property & casualty and life &
annuity insurance industry; the strength and potential of our
technology platform and our ability to innovate and anticipate
future customer needs; our ability to compete successfully against
other providers and products; data privacy and cyber security
risks; technological disruptions; our ability to successfully
integrate our acquisitions and identify new acquisitions; the risk
of loss of customers or strategic relationships; the success of our
research and development investments; changes in economic
conditions, political conditions and trade protection measures;
regulatory and tax law changes; immigration risks; our ability to
obtain, use or successfully integrate third-party licensed
technology; key personnel risks; and litigation risks.
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20200806005043/en/
Laura Tillotson Director, Marketing Communications and Creative
Services + 201 230 0752 Laura.Tillotson@majesco.com
Majesco (NASDAQ:MJCO)
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