Majesco, cloud insurance software solutions for insurance business transformation, announced the availability of a new thought leadership report in collaboration with Capgemini, Don’t Pull Back…Put the Pedal to the Metal for L&AH Transformation.
The new report, based on a recent roundtable with L&AH leaders facilitated by Majesco and Capgemini, takes a thorough look at the factors that are impacting the group, voluntary benefits, and worksite insurance industry. A significant influence is the demographic shift of SMBs and their employee base to Gen Z and Millennials, who demand personalization, more value, and digital savviness. The impact for insurers is a need to align with the changing needs and expectations, including new products, value-added services, flexibility of benefits, and more to meet these new and higher standards.
“The state of play in the market, from both employers and their employees for group and voluntary benefits, is highly dynamic, posing new challenges for employers and insurers alike. Group and voluntary benefits are increasingly a key factor in attracting and retaining talent, fueling demand for existing and new and innovative products in today’s market,” stated Denise Garth, Chief Strategy Officer at Majesco. “With change comes opportunity, and the growth opportunity is significant. Insurers can capitalize on these opportunities by accelerating their investment in next-gen technology, new products, value-added services, portability, and partnerships, rather than pulling back or waiting to be market leaders in a rapidly shifting marketplace.”
The report takes a thorough view of how savvy and innovative companies are reevaluating their operations and their offerings to align with what customers of any generation want and expect with Group and Voluntary Benefits, which are becoming an increasingly important way for organizations to attract and retain talent, increase employee satisfaction and productivity, along with reducing potential health issues that could lead to employees needing increased time off. Insurers must accelerate their digital business transformation because next-gen technology and new operating models provide a foundation to adapt, innovate and deliver at speed as markets shift and change continues its relentless path forward. Right now, decisions are being made that will determine which companies will emerge as winners in the next three to five years. These winners will be sought after as partners and employers due to their ability to achieve scalability, agility, and their pivotal role in leveraging technology. These leaders will be prepared for the next major disruption, leaping forward from the competition.
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