5th August 2018

Insurance Newslink meets with digital insurance thought leader Denise Garth

Interview

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Insurance Newslink met up recently with Denise Garth, a global digital thought leader specialising in the insurance sector. We had been waiting with anticipation for some time to catch up with Garth on one of her visits to London. Having worked for a range of insurers, technology consultants and solution suppliers and having had an international leadership role at ACORD, she is now senior vice president, Strategic Marketing, Industry Relations, and Innovation at Majesco.
Insurance Newslink has covered three of her thought leadership reports in the last 12 months-firstly, “Greenfields, Startups, and InsurTech: Accelerating Digital Post-Age Business Models”, followed by “The New Insurance Customer-Digging Deeper: New expectations, Innovations and Competition” and “Strategic Priorities 2018: The Digital Insurance 2.0 Gap”. They apply to all insurance markets which are at different stages of traversing the challenging Insurance1.0 to Digital.2.0 development gap.
An experienced insurance business and information technology analyst-a key combination in this InsurTech age-Garth opened with a view of the insurance markets, with the impact of the sharing economy growing and demanding new products and digital solutions, and potential disrupters such as Amazon. She stressed that the attitude of the customer at all age ranges has been taken into consideration in establishing the digital scenario. Significant new risks are emerging alongside digitisation, such as cyber, but also technology could influence a major shift for insurers towards prevention and mitigation of risks through developments such as the Internet of Things (IoT).
When we met Garth, she had recently outlined her considered and comprehensive approach to members of the Managing General Agents’ Association (MGAA) and reports back were that they were most interested in the range of depth and research that had gone into the presentation-an encouraging reaction as London is not regarded as been at the bleeding edge of technology, but are more prepared these days mind-wise to embrace it. Garth highlighted that beyond venture capital, many of the main backers for InsurTech innovators are in fact reinsurers, with increasingly more insurers and the bigger brokers getting involved.
Garth is a clear exponent of the digital future and it is arriving quicker than expected, so time is running out for all sizes and shapes of insurance market players. Her presence on the global platform and the strategic approach provides significant differentiation for Majesco solutions which have been selected by around 160 insurers globally, particularly in North America and Asia, with a growing presence in the UK across market sectors. An InsurTech start-up recently selected Majesco solutions for its Majesco Cloud Insurer Platform, and at the other end of the spectrum, the company is partnering with IBM and MetLife to build an industry-first insurance platform on the IBM Cloud.
Garth’s Majesco Thought Leadership reports are recommended reading for the range of insurance management worldwide.
More background at : www.majesco.com

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