|[February 07, 2019]
New Majesco Research Underscores Three Paths to the Future of Insurance
Majesco (NYSE American: MJCO), a global provider of cloud insurance
platform software for insurance business transformation, today announced
the release of a new thought leadership report, Strategic
Priorities 2019: Accelerating the Paths to the Future of Insurance,
based on its fourth annual survey of insurers across all sizes and lines
The research underscores the contrast between insurance leaders who are
embracing disruption to modernize and optimize their existing business
while focusing on their customer and the external market by creating new
business models, products and services - compared to "fast-followers"
and laggards who are focused on internal operational improvements for
legacy business models.
The results from the survey provide a strategic lens into the insurance
industry with regard to the distinctly different views and approaches
being taken by insurers. The report makes clear that when it comes to
leadership in an industry facing ongoing, rapid change and disruption,
speed and responsiveness matter.
In particular, the trends and initiatives tracked over the last four
years reveal three distinct paths that have significant implications to
growth and future relevance. The three paths include:
Modernize Existing Business: Replace legacy systems in a
private or public cloud to keep and grow today's business.
Optimize Business Today: Create new digital capabilities to
protect and grow today's customer base.
Create New Business for Tomorrow: Build new business models for
a new generation of customers and products.
"Reinventing the business in the face of dramatic industry change
demands bold moves that require leadership, confidence, expertise and
speed," commented Denise Garth, SVP of Strategic Marketing, Industry
Relations and Innovation at Majesco. "The result is the elimination
of what we term the 'knowing - doing' gap and the acceleration of
growth. We see this with 'early movers' who are pathfinders
experimenting with new business models, products and services that are
capturing customer and market attention and growth opportunities. In
contrast, fast followers and laggards will have dwindling options. Speed
and leadership matter in a fast-changing market."
Analysis of the survey reveals three segments of insurers that align to
these three paths: Leaders, Followers and Laggards. Leaders are
laser-focused on modernizing and optimizing their existing business
while at the same time creating a new business for the future. Followers
are somewhat behind Leaders - but yet have a gap that has not made
progress, placing them at risk given the pace of change. Laggards are
significantly behind, placing their business at risk given the pace of
change in the industry and the growing gap to Leaders and Followers.
This report will help insurance leadership ask critical questions about
which path their company is taking to the future. Are they a leader, a
fast follower or laggard? Do they have a knowing - doing gap? What bets
are they making? Are they modernizing, optimizing or creating the
future? Are they clearly focused on the future or overstretched and
preoccupied with today?
The thought leadership report is available to download on the Majesco
website, or you can request a copy by emailing email@example.com.
Insurance business transformation is a journey of change and
revitalization, a renaissance of Insurance. Approximately 160 insurance
companies worldwide in P&C, L&A and Group / Employee Benefits are
transforming their businesses with Majesco's solutions. Our market
leading software, consulting and services uniquely underpin the entire
insurance value chain and are designed to empower insurers with the
agility, innovation and speed needed to meet their transformation
opportunities. Majesco's solutions include policy management, new
business / underwriting, rating, billing, claims management,
distribution management, BI / analytics, predictive modeling, digital
platform with mobile and portal, testing services, cloud services,
bureau and content services, transformation services, consulting
services and more. 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.
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: integration risks;
changes in economic conditions, political conditions, trade protection
measures, licensing requirements and tax matters; technology development
risks; intellectual property rights risks; competition risks; additional
scrutiny and increased expenses as a result of being a public company;
the financial condition, financing requirements, prospects and cash flow
of Majesco; loss of strategic relationships; changes in laws or
regulations affecting the insurance industry in particular; restrictions
on immigration; the ability and cost of retaining and recruiting key
personnel; the ability to attract new clients and retain them and the
risk of loss of large customers; continued compliance with evolving
laws; customer data and cybersecurity risk; and Majesco's ability to
raise capital to fund future growth.
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 press release. 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190207005079/en/
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