No Longer a Back-Office Function, Billing is at the Center of Growth and Innovation in a New Digital Era of Insurance
Insurers must reimagine billing and payments to meet customer expectations for new and innovative products and services that extend well beyond traditional insurance
These new products and services require billing and payment capabilities that are significantly different from the traditional billing and payment processes of Insurance 1.0. This is why so many insurers are once again looking at new, cutting-edge enterprise billing solutions with a future-focused approach, rather than a legacy replacement approach.
“Modern billing solutions that have evolved over the last decade with enhanced configurability and additional capabilities for traditional products in the Insurance 1.0 world,” remarked
As insurers face growing demand for new payment methods, billing plans and access to real-time billing information, billing has become an increasingly critical element of their customer engagement and digital strategies – and a key component in their growth and innovation strategies, which are focused on new products and services that insurers are developing and introducing to the market.
“To enable these rapidly expanding capabilities for billing, insurers need to consider much more than just rearchitecting for a modern solution,” noted
Insurers that succeed in the era of
A new generation of insurance buyers with new needs and expectations creates both a challenge and an opportunity that a platform-based
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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This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of management, are not guarantees of performance and are subject to significant risks and uncertainty. These forward-looking statements should, therefore, be considered in light of various important factors, including those set forth in Majesco’s reports that it files from time to time with the
Important factors that could cause actual results to differ materially from those described in forward-looking statements contained in this press release include, but are not limited to: integration risks; changes in economic conditions, political conditions, trade protection measures, licensing requirements and tax matters; technology development risks; intellectual property rights risks; competition risks; additional scrutiny and increased expenses as a result of being a public company; the financial condition, financing requirements, prospects and cash flow of Majesco; loss of strategic relationships; changes in laws or regulations affecting the insurance industry in particular; restrictions on immigration; the ability and cost of retaining and recruiting key personnel; the ability to attract new clients and retain them and the risk of loss of large customers; continued compliance with evolving laws; customer data and cybersecurity risk; and Majesco’s ability to raise capital to fund future growth.
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