Majesco Research Uncovers Vast Opportunities for Commercial and Personal Auto Insurers by Bridging Customer Gaps

MORRISTOWN, N.J.--(BUSINESS WIRE)--
Majesco, a global leader of cloud insurance software solutions for insurance business transformation, today announced the availability of a new thought leadership report, Bridging the Customer Expectation Gap for Auto Insurance.

The new report takes an intricate view of the rapidly changing forces impacting the P&C industry’s largest line of business, commercial and personal. With the shifting ownership, usage, risk and claims costs for vehicles along with increased vehicle technologies and innovation, this is driving increased costs of vehicle ownership and insurance premiums that are further driving change in this segment of insurance. The combination of heavy losses, shifting customer behaviors and expectations, and new automotive technology is driving significant change that insurers must embrace quickly to compete. With so much change, it zeroes in on the question: How does insurance need to change to keep pace?

“The industry status quo for auto insurance is rapidly eroding,” stated Denise Garth, Chief Strategy Officer at Majesco. “Auto insurers must reimagine the scope of what they will offer to customers – an experience with a personalized risk product, value-added services that are part of a broader mobility ecosystem, access through broader channels, and a compelling customer experience. This is where exciting new business opportunities await.”

When considering the entirety of developments in the auto industry over the past decade and what is ahead in the next 10 years, such as highly connected and self-driving vehicles among others, auto insurers must embrace these modifications to compete at a high level. This report provides a view into how insurers can innovate a 100+-year-old business view and transition their thinking from being an auto insurer to being a mobility provider, for which auto insurance may be just one component. Strategically insurers must:

• Redefine and innovate auto insurance products. With all the changes to vehicles and their use, insurers must rethink traditional auto insurance products and leverage new data, value-added services, partners, and technologies to meet shifting customer needs and behaviors.

• Expand the use of Data and Analytics. Data is a key driver of auto insurance change and disruption. Driven by IoT and telematics data coming from autonomous vehicles, rideshare apps and more, the shift to “real-time” data and continuous underwriting is well underway with new leaders already outpacing previous leaders.

• Extend Customer Reach. Market boundaries are shifting and, in some cases, evaporating. The impact is that traditional direct and agent channels are expanding to a broader ecosystem of channels and partners including marketplaces, automotive, transportation businesses, big tech, and more.
  

Learn more by downloading Bridging the Customer Expectation Gap for Auto Insurance, on the website or by emailing [email protected].

About Majesco

Majesco is the partner P&C and L&AH insurers choose to create and deliver outstanding experiences for customers. We combine our technology and insurance experience to anticipate what is next, without losing sight of what’s important now. Over 350 insurers, from greenfields and startups to some of the world’s largest insurers, rely on Majesco’s SaaS platforms solutions of core, data, analytics, digital, and rich ecosystem of partners to create their next now.

As an industry leader, we don’t believe in managing risk by avoiding change. We embrace change, even cause it, to get and stay ahead of risk. With 900+ successful implementations we are uniquely qualified to bridge the gap between a traditional insurance industry approach and a pure digital mindset. We give customers the confidence to decide, the products to perform, and the follow-through to execute.

For more information, please visit www.majesco.com and follow us on LinkedIn.

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Laura Tillotson
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Source: Majesco