Majesco Research Highlights Continuation of Insurance Industry’s Knowing-Doing Gap and Reveals New Fissures Putting Incumbents at Risk
Insurers must become “digital insurgents” with a
This is the third year of the research in which survey results clearly show that insurers know and recognize the industry is changing. While there appears to be more planning and doing compared to last year, the knowing-doing gap remains relatively unchanged. At the same time, new gaps have emerged placing insurers at risk by putting them in a “holding pattern” rather than in a “forward moving” fast-paced race to the future.
“Based on this year’s survey results, we see new fissures emerging as we rapidly shift to the digital age. These expanding gaps reflect today’s market reality from multiple dimensions: knowing–doing gap, digital strategy gap, business – IT gap, and large – midsize insurer gap. These gaps add to those for customer expectations and generational differences highlighted in our most recent consumer and SMB research,” commented
With today’s business environment characterized by constant disruption, heavy competition and growing market and customer demands, the first wave of
In a “winner take all” digital world, rethinking decades-long business assumptions and traditional business models is mandatory. Survival and winning will require building a
The thought leadership report emphasizes that insurers must overcome competing priorities and continuous external change as they make the paradigm shift before the digital gap becomes too great. Continuing as fast followers by investing in only select strategic initiatives and digital capabilities that support their existing business model and different parts of the value chain (a project/bottom up approach) will not close the gap. The thought leadership report is available to download on the Majesco website, or you can request a copy by emailing [email protected].
About Majesco
Insurance business transformation is a journey of change and revitalization, a renaissance of Insurance. Approximately 160 insurance companies worldwide in P&C,
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Majesco
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[email protected]
Source: Majesco
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