Market Overview

Insurers Must Shift from Report-Driven to Data-Driven Strategy to Succeed in Digital Insurance 2.0


A solid data foundation built on an Enterprise Data Warehouse that
easily consumes traditional internal data and new external data sources
is critical to drive insights and innovation

Majesco (NYSE:MJCO), a global provider of core insurance
platform software and consulting services for insurance business
transformation, today announced the release of a new thought leadership
report, Digital
Insurance 2.0: Building your Future on a Robust Data Foundation
which details the opportunity, and provides a roadmap, for insurers to
fully leverage the power of data – from internal and external sources –
to fuel innovations across the insurance value chain and shift to the
new world of Digital Insurance 2.0.

The report notes that while insurers know they need to make investments
in data-related initiatives and technologies, their pace of planning and
doing is not matching their level of awareness, resulting in a widening
gap between them and emerging new market leaders in the age of Digital
Insurance 2.0.

"In Digital Insurance 2.0, data is a source of competitive advantage for
identifying unserved or underserved markets, identifying profitable
niches, reducing or eliminating risk, driving channel optimization,
enhancing service and improving customer experiences," commented Denise
Garth, SVP - Strategic Marketing, Industry Relations and Innovation for
Majesco. "Consuming data from traditional internal and new external
sources can improve the richness of information used to make a wide
array of business decisions that are accelerating and widening the gap
between Insurance 1.0 and Digital Insurance 2.0."

Fortunately, research shows that many insurers realize the importance of
getting their foundation in place so they can progress to more advanced
analytic techniques and applications that leverage the data. The report
details a data foundation roadmap to follow.

"In today's new insurance age, data is the fuel for innovation,"
commented Ben Moreland, VP - Data Analytics & Enterprise Architecture at
Majesco. "But while users across the enterprise may be impatient to
access and start using the data, a disciplined approach must be followed
to ensure the full value of all data sources is realized, and to avoid
the painful need to backtrack and re-do foundational steps that may have
been skipped or compromised."

More than ever, data and analytics are the foundation of a data-driven
organization and the shift to becoming a digital insurer in the age of
Digital Insurance 2.0. Insurers that stick to the traditional,
pre-digital age formula of relying on internal, historical data used
only for pricing, underwriting and reporting, will put their businesses
at risk, both in terms of retaining profitable customers and capturing
new markets and customers. The time for putting a data-driven strategy
and foundation into in place is now, before the gap becomes

The thought leadership report is available to download on the Majesco
website, or you can request a copy by emailing

About Majesco

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

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