Time for a Reset: New Majesco Report Calls for New Operating Models & Technology Foundation to Accelerate Insurance Transformation

Majesco, a global leader in cloud insurance software solutions, today announced the release of its latest Thought Leadership report, Strategic Priorities 2025: A New Operating Business Foundation for the New Era of Insurance. This report, based on primary research with insurers, underscores why insurers must pivot off legacy operating models and technology foundation to meet the demands for a new era of insurance.

Most operating models were crafted over decades around a myriad of constraints and business assumptions and challenges. These constraints include redundant systems, manual workarounds necessitated by legacy technology, and teams locked into their current culture that limits what they can do. The operating model evolved to support this legacy construct, by layering in technologies over legacy with the hope of optimizing. But the result has been inefficient, unprofitable, and employee-constrained operations with a layered, complex technology foundation that has increased costs rather than decreasing them.

Insurers must rethink the economics of loss ratios, expenses, risk selection, and prevention by transforming their operating models and embracing technologies like Cloud, APIS, AI/ML, GenAI, and IoT. This will drive operational optimization and lay a foundation for innovation. It is future-focused, based on the reality of the world in which we live, and it represents smart investing.

“While most insurers recognize the strategic importance of transformation, only a subset are executing at the level necessary to compete in the next era of insurance," stated Denise Garth, Chief Strategy Officer at Majesco. “We found that Laggards and Followers risk marginalization in a marketplace increasingly dominated by fast-moving, digitally mature competitors. Without bold corrective action of aligning strategy with execution, many insurers will miss growth opportunities, experience weakened customer relevance and loyalty and suffer diminished long-term competitive and financial viability. Agile transformation, optimization and innovation in insurance is not a future concept but a present-day necessity to remain competitive in the marketplace, respond to continuous change, and create a catalyst for innovation.”

The case is stronger than ever for changing how we do business by rethinking our business model and technology foundation to match a new modern era of insurance. Breaking away from the past and focusing on the future requires leadership and fortitude to challenge the old ways of doing business and embrace next-gen technology.

For more details, download Strategic Priorities 2025: A New Operating Business Foundation for the New Era of Insurance on the Majesco website or by emailing info@majesco.com.

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