19th December 2021
Majesco has announced the availability of a joint report- "Distribution Management: A Path to Maturity". This report highlights the importance of Distribution Management transformation and key areas carrier’s need to focus on to climb the maturity curve.
With growing pressure for shelf space from a growing array of distributors and channels, demand for flexible and agile compensation, and cost cuts to allow for continued competitive compensation, carriers are increasingly looking to transform Distribution Management as way to optimize business operations and remain competitive. Like other core transformation endeavors, carriers must first understand how value will be delivered. This report by Majesco identifies three key areas Distribution Management transformation delivers value:
Distribution Management is no longer an organisation silo but rather spans the distributor life cycle and focuses on empowering channel and sales teams. Carriers deliver value for their customers and clients through a combination of operations team members and hands-on relationship management with key distribution partners. The real value of Distribution Management transformation is dependent on a carrier’s ability to offer customers’ differentiating capabilities and climb a maturity curve that encompasses five distinct stages. The report defines these stages, helps carriers determine where they stand on the curve, and provides advice on how to find, and move to, the optimal position for their company.
“We are at the beginning of the redefinition and value creation revolution for insurance, particularly with the growing ecosystems that provide access to new channels and innovative capabilities which create a multiplier effect. As a result, we’ve seen an irrevocable change to risk markets, the insurance value chain, and product definitions,” says Denise Garth, chief Strategy officer. “In order to meet new expectations and stay competitive, insurance companies must reinvent themselves as technology-forward companies that provide customized products and personalized services.
Carriers have a significant opportunity to differentiate themselves in the marketplace by stretching for capabilities higher-up on the maturity curve and using these capabilities to steer their transformation visions going forward. These capabilities will give your organisation tangible goals to achieve as a part of your efforts and provide measurable results as the backbone of any business case for change."
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