8th May 2022

Significant innovation and adoption gaps remain between insurance leaders v followers and laggards–Majesco

Majesco has announced the availability of its annual, new research report, "A Seven-Year Itch: Changes in Insurer’s Strategic Priorities Defined by Three Digital Eras Over Seven Years". The report, based on primary research, underscores the market changes and industry dynamics that have shaped the direction and strategies of companies and insurers over the last seven years.
Majesco launched the first Strategic Priorities report in 2015 with the purpose of identifying the key challenges internally and externally insurers faced and their current and planned strategic initiatives for growing business. Over the last seven years, new risks emerged, customer behaviours and expectations shifted and expanded, technology-driven capabilities and data sources accelerated, channels increased, partners and ecosystems formed, unrelenting investment growth in the InsurTech market, and a pandemic fueled significant market changes. As a result, the industry has seen three different digital eras in a short seven-year period, including the Digital Disruption Era, Digital Transformation Era, and Digital Acceleration Era.
“As insurers look to keep pace and overcome the challenges throughout each of these eras, staying informed, planning ahead and executing on those plans has never been more critical,” says Denise Garth, chief Strategy officer at Majesco. “The changes we’ve seen over the last seven years, have created a new generation of buyers who look at everything differently and digitally. The rising importance of new innovative products, value-added services, channels, and customer experiences are only achieved through adoption of advances in next-generation platform technologies, APIs, microservices, robust digital capabilities, new/non-traditional data sources and advanced AI/ML analytics to compete in a vastly changing marketplace and new generation of buyers.”
The last seven years can be summed in one word: change. The strategic responses to these changes have redefined industry players into three categories: Leaders, Followers, and Laggards. Gaps between them remain, but the size of the gaps continue to change. Yet one thing has remained the same…Leaders, represented across all tiers, continue to accelerate the pace with a sizeable gap that sets them apart from Followers and Laggards.
This new report identifies key areas separating Leaders from Followers and Laggards.

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