Tag Archives: future trends 2017

Update IT Systems One Slice at a Time

Every business today has legacy processes and systems and faces the dilemma on how to transform the business to adapt to the rapidly changing market dynamics that are driving the shift to the digital age. Is there a proper approach? Insurtech is embracing these dynamics and powering the shift through the significant capital flowing to new technology and startup companies from MGAs and insurers. There is much discussion and debate on how the shift will reshape the insurance market as we have known it for the last 50 years. But the industry should not forget that this same disruption has also affected other industries such as retail, media, travel, telecom and banking, where successful companies created new business models, technology solutions and more.

The insurance industry has long had a degree of protection from new entrants, provided by the complexity of the regulatory environments. However, regulators are quickly realizing they need to understand the new digital technologies and work with the insurance industry to integrate them into the market. Today, we are seeing that new entrants are making strong moves into the market by working with regulators. At the same time, existing insurers are bringing new, innovative products to market within their current businesses.

Irrespective of where one operates within the insurance market and across the insurance value chain, change is coming. The change is being driven by a combination of new customer needs and expectations, the rapid adoption of new technologies that offer significant opportunities to innovate and the changing market boundaries that expand market reach. The result is the rapid emergence of new entrants who see the selling, marketing and servicing of insurance in a very different light to the more traditional entities.

See also: How to Enhance Customer Service  

For existing insurers with legacy technology estates, tinkering around the edges or waiting to be a fast follower will not work, given the pace of change. As we have described in our research, Future Trends 2017: The Shift Gains Momentum, we are experiencing a tectonic shift that is creating a market dynamic that we call Digital Insurance 2.0.

If you embrace the need for change, what should you do to help adapt and innovate for the new world? Which slices should be approached first? Here are some suggestions:

Understand and Listen to the Customer. This is basic stuff, but the industry does not do it so well. In Majesco’s research, The Rise of the New Insurance Customer and The Rise of the Small-Medium Business Insurance Customer, insurance ranks at the bottom in its interactions with customers. In today’s digital age, the customer is in control. So, to transform a business, it is imperative to take the time and make a concerted effort to understand your customer needs and expectations … because your new competitors are.

Evaluate alignment of your strategy to your current systems’ infrastructure and organization. You’ll most likely find that your legacy systems’ estates are inhibiting your ability to change, let alone shift to Digital Insurance 2.0. Digital Insurance 2.0 requires a modern, open architecture that is cloud-ready and has open API capabilities to integrate new data sources, new technologies and more. Trying to apply a closed technical infrastructure to address the needs of Digital Insurance 2.0 is the proverbial square peg in a very round hole.

Prioritize. You can’t flip an established business on its head overnight. It’s just not going to happen. You need to grow the existing business while transforming and building the new business. This is crucial. Marketing and distribution should not pull back from traditional business in anticipation of the launch of new business models, new products or new channels. The current business is funding the future and needs to be kept running efficiently and effectively as the market shifts.

At the same time, you need to optimize the existing business while building the new businessIdeally, one would seek to transform a “sliver” of the operation which goes from “front-end” right through to the “back-end” function. If an organization’s teams have been working toward placing digital front ends on the traditional business to engage customers, they shouldn’t stop in the middle of the bridge. Any process that can be optimized on the traditional side will help to maximize the existing business, reduce the cost of doing business and provide a bridge from the past to the future while beginning to enable realignment of resources and investment into the new business. These are very often the incremental changes that will also gently shift the customer base through new ways of doing business.

Evolution vs. Revolution. Evolving a business is not going to be without its difficulties; but the greatest risk is allowing “old thinking” to solve “traditional issues.” This is not an ageist issue but a state of mind – “We cannot solve our problems with the same thinking we used when we created them.” – Albert Einstein.

As you bring your thinking into what the new world looks like – most likely it won’t look like what is currently in place. From an organizational perspective, one should also be very open to creating “greenfield” entities — new structures built on a clean slate approach rather than replicating the traditional silo approach so frequently seen in large corporations.

Increasingly, insurers are developing a new business model for a new generation of buyersSome insurers have made the mistake of envisioning their digital front end as their big leap into the future, not realizing that they have only just touched the new landscape. They need a strategy for a new business model that supports simultaneous leaps forward that will create new customer engagement experiences underpinned by innovative products and services. This will create growth, competitive differentiation and success in a fast-changing market.

Creating the requisite infrastructure to address the realities of the market shift shouldn’t be underestimated; it will not be a trivial investment. Many insurers are looking at justifying investment based on growth strategies as well as competitive survival. Strategically, more are moving to the buy vs. build approach. Forward-looking companies are seeking a cloud-ready platform with a modern architecture that can support all the insurance business functions, as well as increasingly sophisticated digital and data capabilities to support the customer and distribution channels.

See also: Roadblocks to Good Customer Relations  

These solutions seamlessly integrate core insurance processing with a growing ecosystem of other technology providers, third-party data sources and the growing number of external sales/service platforms or marketplaces. As systems and their underlying architectures become more open, products and services will be sold and serviced as part of “non-owned” processes. As a result, insurers will need to integrate their data collection and transactional requirements into portals and platforms that they don’t control directly.

Clearly, we are seeing the shift to Digital Insurance 2.0, a key topic of discussion and strategic planning in the boardroom, though many may not fully appreciate the extent and ramifications of this shift. Truly transforming a business to Digital Insurance 2.0 will be a customer-centric, digital-first endeavor. The digital age shift is creating both a challenge and an opportunity for insurers. The time for plans, preparation and execution is now — recognizing that the gap is widening and the timeframe to respond is closing.

This article was written by Mike Smart.

The End of an Age in Insurance

Hundreds of millions of years ago, Pangaea was a supercontinent formation now commonly explained in terms of plate tectonics.  It began to break apart in three major phases, but at different times.  During this breakup, some species survived, and others struggled. This breakup reset the world.  It reorganized the continents, oceans and seaways that subsequently altered the cooling and heating of land and ocean. And it influenced five major mass extinction events, which resulted in significant loss of marine and terrestrial species. It disrupted the world, while creating a new one that would ultimately shape the future. We recognize this as pre- and post continental split.

How does this history lesson relate to insurance?  We are exiting the pre-digital age and entering a post-digital environment where survival will be measured by rapid adaptability. The digital age represents a seismic shift in the insurance industry, due to the converging “tectonic plates” of people, technology and market boundary changes that are disrupting and redefining the world, industries and businesses including insurance. As we outlined in our report, Future Trends 2017:  The Shift Gains Momentum, the shift is realigning fundamental elements of business that would take more than minor adjustments to survive, let alone succeed.

See also: 3 Ways to Leverage Digital Innovation  

Just like the tectonic shift millions of years ago that separated the two great continents, we are seeing a similar shift due to the digital age that is pushing a sometimes slow-to-adapt industry by challenging the traditional business assumptions, operations, processes and products. The shift is separating the continents of insurance into two distinctively different business models. The business models of the past 50-plus years (based on the business assumptions, products, processes and channels of the Silent and Baby Boomer generations) will soon be an ocean away from the business models of the next generation (including the Millennials and Gen Z, as well as many in Gen X). To avoid extinction on a pre-digital island, the business models of the past will need to quickly chart a course toward next-generation expectations.

It requires a new business paradigm. We must redefine and re-envision insurance, embracing business components that work in the new context of people, technology and market boundaries and discarding the pieces that are outmoded or irrelevant. Most organizations can’t simply flip off their pre-digital switch (traditional business model and products administered on traditional systems) and flip on their digital age model (new services and products on modern, flexible systems that will handle digital integration and better data acquisition and analysis). So, the shift will require steps. Those steps will operate as both a bridge and a proving ground, while the traditional system is still operational as a firm foundation and the new foundation is being constructed. The steps are active and continuing, and they overlap.

  1. Keep and grow the existing business, while transforming and building the new business.

This is crucial. Marketing and distribution should not pull back from traditional business in anticipation of the launch of new business models, new products or new channels. Insurers cannot stop pushing for more business of a particular type until or unless new products clearly nudge them out of existence. The current business is funding the future and needs to be kept running efficiently and effectively as the market shifts.

  1. Optimize the existing business while building the new business.

A customer engagement improvement is ALWAYS an improvement. If an organization’s teams have been working toward placing digital front ends on the traditional business to engage customers, they shouldn’t stop in the middle of the bridge. Any process that can be optimized on the traditional side will help to maximize the existing business, reduce the cost of doing business and provide a bridge from the past to the future while beginning to enable realignment of resources and investment into the new business. These are very often the incremental changes that will also gently shift the customer base through new ways of doing business.

  1. Develop a new business model for a new generation of buyers.

Some insurers have made the mistake of envisioning their digital front end as their big leap into the future, not realizing that they have only just touched the new landscape. They need a strategy for a new business model that supports simultaneous leaps forward that will create new customer engagement experiences underpinned by innovative products and services. This will create growth, competitive differentiation and success in a fast-changing market dynamic.

Speeding Into the Digital Age

Over the past year, the renaissance of insurance gained momentum due to the convergence of multiple factors or “tectonic plates” that are redefining insurance. The interaction between people, technology and market boundary changes are disrupting the world, industries and businesses that insurance serves. We have seen the introduction of new products, the establishment of new channels, the offering of new services, the launching of new business models and much more. These events have created disruption and opportunity for insurers.

See also: The Key to Digital Innovation Success  

It is a new age of insurance — a digital age. Each and every day, insurers must recommit to their business strategies and their renaissance journeys. They must avoid falling into an operational trap or resorting to traditional thinking. The appetite for traditional multi-year, multimillion-dollar, on-premise custom configurations has waned, all while new competitors, new business models and new products are being launched to the market in a fraction of the time and cost. In this new age of insurance, the focus is on speed to value including:

  • Speed to implementation – get up and running in weeks or a few months versus years
  • Speed to market – rapidly develop and launch new products with ready to use rules and tools
  • Speed to revenue – rapidly enable business growth with minimal upfront cost

Building these new business models will continue to intensify.  Majesco is increasingly working with existing insurers and reinsurers who are taking new paths to capture the next generation of customers and position themselves for growth and sustainable agility across the new insurance landscape. Because new competitors don’t play by the traditional rules of the past, insurers need to be a part of rewriting the rules for the future. There is less risk in a game where you write the rules.

Will you be stranded on pre-digital island in a sea of change?  Or will you join the game?

How Habits Stifle Strategy

Last week, we discussed a major strategy issue for insurers: What happens when we have the knowledge to move forward but are stymied by a Knowing/Planning/Doing gap? It can be difficult for insurers to get from the point of knowing to the point of planning, let alone doing. We dipped into a relevant book by Stanford professor Jeffery Pfeffer, titled, The Knowing-Doing Gap: How Smart Companies Turn Knowledge Into Action. And we drew on Majesco’s findings in our most recent thought leadership paper, Strategic Priorities 2017 — Knowing vs. Doing.

So, if insurers know what needs to be done and aren’t doing it, what is standing in their way? Is it possible that the organization has built its own barriers to progress?

Recognizing harmful habits

Habits rule our individual lives. While there are many factors and hypotheses about why we don’t do what we know we should, the root cause can be viewed by looking in the mirror.  Human decisions and behaviors are powerfully driven by habits. Throughout our evolution, we have relied on habits for things as vital as our survival and as mundane as accomplishing daily tasks.

Our brains are constantly making countless decisions and processing from an endless flow of information in our environments. In his book, The Power of Habit, Charles Duhigg says scientists believe habits form as a way for the brain to save energy or effort.  A habit is created and maintained through a three-step process, or “loop.” It starts with a Cue, a trigger that tells the brain which behavior pattern to use, followed by a Routine, which is the physical, mental or emotional response to the cue, and then the Reward, which helps the brain decide if the particular loop was beneficial and should be remembered for future use. Once a loop is repeated enough times with a favorable outcome, it becomes more automatic … a system with straight-through processing.

In this way, habits are good things. They promote efficiency. They aid in quick decisions. They become rules we can count upon. The downside is that with continued repetition, habits become more ingrained and harder to change.

And just like individuals, organizations are driven by habits. Duhigg puts it this way: “It may seem like most organizations make rational choices based on deliberate decision making, but that’s not really how companies operate at all. Instead, firms are guided by long-held organizational habits, patterns that often emerge from thousands of employees’ independent decisions. And these habits have more profound impacts than anyone previously understood.”

We often hear, “It’s always been done this way.” This is the death for innovation … something not needed in today’s world of change and disruption.

See also: Getting Culture Right: It Starts at the Top

Habits can speed up decisions and operational tasks, but they can lead to the same problems that we know as “bad habits.”  Majesco’s Strategic Priorities research suggests many insurance companies are stuck within long-held organizational habits, finding it difficult to change even when they know customer expectations, technology and market boundaries are changing the world around them.

This challenge of knowing versus doing is represented in Figure 1, which links the forces of change iden­tified in Majesco’s Future Trends 2017: The Shift Gains Momentum report with the reality of how insurers are responding, both in terms of planning as well as doing. This highlights a significant gap. In addition, those initiatives where insurers are actually doing something tend to be those that are traditional areas of priority and understanding, like security, talent and legacy system replacement rather than those that are transformational and require new thinking, different approaches and different business models.

Look around within the organization, and there may be hundreds of habits that are carryovers from past processes that once had good reasoning. In one insurer, for example, a certain type of claim is always sent to the legal team for review before settlement because one time (a long time ago) the lack of review resulted in litigation. Since that time, policy language has changed, and similar litigation is rare. But the review is a habit that has stayed in place. If the organization can remove the review, many more claims could be automated. It’s a hurdle worth moving.

A Way Forward to Doing

Duhigg describes two approaches for changing harmful organizational habits so that beneficial change can take place. The first involves the implementation of and commitment to a small number of “keystone habits” by company leadership.  A keystone habit is one that has a ripple effect on other habits that, over time, can transform the company. Implementing the keystone habit leads to improvements in other areas, much like a habit of exercising has been shown to lead to other positive habits like better eating and increased productivity. To illustrate this, Duhigg described how Paul O’Neill’s singular focus on improving worker safety at Alcoa during his tenure as CEO rippled through the company’s other processes and ended up transforming it from a struggling, dysfunctional company into an economic powerhouse.

The second approach is to wait until a crisis occurs and use it to shock the organization into change. While effective, waiting for a crisis certainly seems like a less desirable option. But sometimes it takes a major failure to motivate organizations to change their old, established ways of doing things. In fact, Duhigg notes that good leaders seize crisis “opportunities” to remake organizational habits, and some even prolong the sense of emergency on purpose.

See also: A Gap That Could Lead to Irrelevance  

The insurance companies that are not yet acting on the changes, or that don’t act soon, unfortunately may find that the gap between them and the leaders may become too large to be overcome. It’s best to weed out detrimental habits and make room for growth.

In our last blog in the series, we’ll look at some practical ways that insurers are closing the growing gap between knowing and doing. We’ll also look at the myth of stability that keeps insurers from taking much needed risks to build a secure future. In the meantime, be sure to read Majesco’s recently released report, Strategic Priorities 2017 — Knowing vs. Doing.

How Basis for Buying Decisions Is Changing

Building a business around speed and convenience is nothing new. Fast food drive-thrus, cell phones and FedEx overnight delivery services were just some of the predecessors to today’s Ubers, apps and same-day Amazon orders. But in most of these cases, purchase decisions were based upon simple factors — “I’m hungry,” or “We need delivery of a legal document,” or “Of course it would be nice to be able to make a call from my car.”

There were other services for which people understood that immediacy wasn’t an option. Many financial decisions took time. If you wanted to earn a little extra interest by using a certificate of deposit instead of savings, you would have to wait months or years for maturity. Securing life insurance was a multi-week (sometimes multi-month) underwriting process. Applying for a home loan with multiple credit and background checks took time. For the most part, people accepted these elongated processes and delays with resigned and good-natured patience. This was life. Important decisions required time, not only in the preparation, but also in the education and execution. Two hours with a life insurance agent would allow you to learn about all of the products available and understand their complexity, and it would help the agent to fit products to your needs. You valued the time spent learning, understanding and choosing based on the trusted relationship with your agent.

The convergence of generational shifts and technological advancement created a new mindset that rewrote expectations and priorities for many. Patience is no longer always considered a virtue. Insurance relationships are no longer always valued. Time-crunched people seek time-saving services. Value is seen in immediacy, uniqueness and ease.

See also: Innovation: a Need for ‘Patient Urgency’  

Enter the new generation of insurance companies redefining the insurance engagement. Lemonade, TROV, Slice, Haven Life and others who are redefining speed and value to a new generation of buyers … are placing traditional, existing insurers on notice.  From purchasing a policy in less than 10 minutes to paying a claim in less than three seconds … speed and simplicity are the new competitive levers.

Out of necessity, this has changed an insurer’s view of competition. Insurers used to know their competitors. They understood their distinctive value propositions. They debated on what were the real product differentiators. Insurers understood the reach of their agents, their geographic limitations and the customer and agent loyalty they could count on because of their excellent service.

While all of these factors still guide insurance operations, the competitive landscape has shifted to different factors critical to acquiring and retaining customers. Insurers are feebly groping for just a tiny bit of space in consumer minds —enough to plant the seed of need and just a little more to water the plant into engagement and completing a transaction — because today’s consumer isn’t going to listen well enough to grasp distinctive details. He or she is looking for an easy and quick fit.

A 2015 study of Canadian consumers estimated that the average attention span had dropped to 8 seconds from 12 seconds in 2000, driven at least in part by consumers’ constant connections through digital devices.

Need. Purchase. Done. Happy.

A 2012 Pew survey of technology experts predicted what is now coming true, “the impact of networked living on today’s young will drive them to thirst for instant gratification, settle for quick choices and lack patience….trends are leading to a future in which most people are shallow consumers of information.”

Only five years later, insurers are feeling the impact.

A key reason many of the new, innovative companies are appealing to consumers and small and medium-sized businesses (SMBs) is because they simplify and remove some of the cognitive effort required to make decisions about insurance. In his book, Thinking, Fast and Slow, the Nobel Prize-winning behavioral economist Daniel Kahneman described human decision making and thinking as a two-part system. Greatly simplified, System 1 thinking produces quick (i.e. instantaneous and sub-conscious) reflexive, automatic decisions based on instinct and past experiences. These are “gut” reactions. System 2 thinking is slow, deliberate, reason-based and requires cognitive effort.

In general, most of the decisions we make each day are through System 1, which can be both good and bad; good because it increases the speed and efficiency of decision making, and because in most instances the outcomes are acceptable. However, not all outcomes are good, and many could have been improved had System 2 thinking been engaged. The problem with System 2 is that it takes effort, and humans naturally try to minimize effort.

See also: Insurtech: Unstoppable Momentum  

So, a traditionally complex industry is intersecting with a cognitive culture that is mentally trying to simplify, reduce effort and be more intuitive. This has consequences for decisions throughout the customer’s journey with an insurance company. Good decisions about complex issues like insurance should be based on System 2 thinking. However, during the research and buying processes, the cognitive effort to do so can lead many people to choose other paths like seeking shortcuts to in-depth research and analysis or delaying a decision altogether.

In a recent report, Future Trends 2017: The Shift Gains Momentum, Majesco examined how impatience is driving a shift in behavior that is causing insurers to look at the anatomy of decisions. What behaviors are relevant to purchase? To renewals? To service? How can insurers still provide risk protection to individuals who won’t take the time to learn about complex products? We’ve drawn some of these insights out of the report for consideration here.

For one thing, insurers clearly recognize that the trends affecting them are far broader and bigger than the insurance industry. Businesses and startups across all industries are capitalizing on the lucrative opportunity afforded by meeting the ever-increasing demands for speed and simplicity made possible by technology and re-imagined business processes. Amazon Prime, Netflix, Spotify, Uber/Lyft, ApplePay/Samsung Pay, Rocket Mortgage (Quicken Loans), Twitter, Instagram and other technology-based businesses represent contemporary offerings that have simplified the customer journey.

Retailers such as Walmart, Best Buy, Staples, Amazon and even eBay are testing same-day delivery for items ordered online. Simplifying a customer’s entire journey with a company by making it “easy to do business with” is more critical than ever for insurers.

What is the good news in the world of impatience? Insurers are quickly finding ways to counter the disparity between the need for speed and the need for good decisions. They are also using a bit of psychology to positively influence decisions, and they are buying back some brain space with techniques that both inform and engage.

In Part 2 of this series, we will look at these techniques as well as product adaptation, framework preparation and planning for transformation that will meet the demand for quick decisions. For more in-depth information on behavioral insurance impact, download the Future Trends 2017 report today.

Insurtech: Unstoppable Momentum

In March 2016, the first Future Trends: A Seismic Shift Underway report was published, highlighting that a seismic shift in the insurance industry was underway due to the converging “tectonic plates” of people, technology and market boundary changes. The shift was realigning fundamental elements of business that would require major adjustments from insurers for them to survive and thrive.

By the end of 2016, we could make a case that it was a historic year. At no time in the history of insurance can we find one year that includes this many game-changing events and a rapid pace of continuing advancement. A trend at the forefront of the shift was insurtech. Its emergence represented an industry high point for activity, excitement and concern.

Commonly, major shifts are punctuated with pauses. For example, with the rise of the internet for business use in the 1990s, or the flurry of IT activity leading up to Y2K, monumental changes were followed by periods where insurers could breathe, adjust and move forward. What became apparent in 2016 is that insurtech advancements and the forces of change may not see any significant slowdown. The momentum that has been building is unstoppable. Industry advancements, cultural trends and IT reactions are gaining speed as they gain strength and a framework for stability.

See also: How the Customer Experience Is Shifting  

Because insurance industry shifts are in constant flux, decisions based on those shifts must be based on the very latest perceptions. To help, Majesco has issued a Future Trends 2017 report with a fresh set of perspectives and data that will keep insurers abreast of the latest trends. Throughout the report, Majesco also helps insurers consider practical measures for preparation.

The Forces of Change

The Future Trends reports provide context to a shifting industry by placing trends under three umbrella forces/categories: People, Market Boundaries and Technology. Under each category, major developments are discussed and industry impacts are noted. For the 2017 report, Majesco has expanded the subtopics to include:

  • Impacts of economic conditions
  • Behavioral economics
  • Pay-as-you-need insurance enterprises
  • Platform solutions
  • Insurtech
  • Competition for Talent

The unstoppable shifts become clearer and more relevant when looked at through the spheres of change.

People. A changing population, with many members beset by economic challenges, is applying urgent pressure on the insurance industry to develop a new approach to the market; one that demands products and services that are more affordable, tailored to very specific needs, simpler and grounded in trust. These conditions have helped create a “new normal” when it comes to consumers’ and businesses’ risk profiles and expectations. The atmosphere for purchasing decisions is also changing. Insurers need to take a close look at what factors will improve policy uptake in a world dominated by the desire for immediacy.

Market Boundaries.  Customer expectations, experiences, loyalties and relationships are continuing to rapidly change, with long-held business assumptions and models being dismantled and replaced with new models, more appropriately aligned to this shift. The traditional boundaries between industries and companies are also being dismantled by technologies that have created platform-based economic shifts. The result is a porous market, where engagement is everything and the relationships between businesses, customers, channels and partners create their own chemistry. It is exciting! But new strategies are needed for everything from product development to back-end administration.

Technology.  The rate of emerging technologies will continue, but even more exciting is the rapid adoption and commercialization of these technologies, surpassing many predictions by “the experts,” while catching many traditional executives off guard. Advancing technologies are converging, increasing customer expectations and demands, and access to capital for new technology start-ups is magnifying the extremes – from disruption and destruction to innovation and transformation. Can insurers simply graft these new technologies onto their existing frameworks? It is unlikely. A broader approach is needed. Even insurers focused on replacing their legacy core systems with modern solutions surrounded by digital and data capabilities will need to take a new view and a broader approach to the changes around them to make certain that systems stay aligned with new customer expectations. These expectations highlight a generational gap where traditional insurance business models, processes, channels and products are becoming rapidly irrelevant to a new generation of buyers.

Will established insurers suffer at the hands of tech-savvy, culture-savvy competition? Some may, but only if they allow themselves to. Many will re-invent themselves to become the new leaders of a re-imagined insurance business … that meets the needs and demands of a new generation of buyers. They will forge new roads of adaptation and become adept at shifting balance from the traditional old business to the ever-flexible new business.

See also: How to Cope With Shifting Appetites  

Adapting to the Shift

This seismic shift is creating leaps in innovation and disruption, challenging the traditional business assumptions, operations, processes and products of the last 30 to 50 years. The implications for insurers are enormous. To adapt to this shift, the report notes that insurers are charting a path using the following methods:

  • Maintain and grow the existing business while transforming and building the new business. The current business is funding the future and needs to be kept running efficiently and effectively as the market shifts.
  • Optimize the existing business while building the new business. Optimizing any process will help to maximize the existing business, reduce the cost of doing business and provide a bridge from the past to the future while allowing realignment of resources and investment to the new business.
  • Develop a new business model for a new generation of buyers. Create a strategy and plan for a new business model that supports simultaneous leaps forward to create new customer engagement experiences underpinned by innovative products and services that offer growth, competitive differentiation and success in a fast-changing market dynamic.

These three focal points are critical steps in a world of change and disruption. A new generation of insurance buyers with new needs and expectations create both a challenge and an opportunity. There is no clear path or destination. The time for plans, preparation and execution is now — recognizing that the customer is in control. Those who recognize and rapidly respond to this shift will thrive in an increasingly competitive industry to become the new leaders of a re-imagined insurance business that aligns to a rapidly growing millennial, Gen Z and Gen X customer base.

For a deeper dive into current insurance industry shifts, and to envision how your organization can take advantage of unstoppable momentum, be sure to read Majesco’s Future Trends 2017: The Shift Gains Momentum.