The Insurance Renaissance
People
Changing customer
demographics
Impacts of economic
conditions
Changing customer
expectations
Shifts in needs and
risk profiles
NEW E
XPE
CT
AT
IO
NS
Psychology
Behavioral Economics
Technology
Emerging
Technologies
Explosion of
New Data
Pay-As-You-Need
Insurance Enterprise
Platform Solutions
NEW INNOVATIONS
Market Boundaries
INSURANCE
COMPANIES
IO
TIT
N
New expectations,
innovations and
competition are
emerging due to
inter-related forces
of change in People,
Technology and
Market Boundaries.
New Competitors and
Product Innovation
Shifting and
expanding Channels
NE W
M
CO
PE
Competition for talent
and capital
InsurTech
Evolutionary
Shifting and changing
Market Boundaries
Revolutionary
Insurtech
Defined Industry Boundaries
Platforms
Single-Purpose Products
Connected Multi-Purpose Products
Competition as Zero-Sum Game
Startegic Cooperation
Producer + User Roles
User as Producer, Co-creation
Sharing Economy
AI / Cognitive
Blockchain
Market Shift
Market Shift
CHANGE AND DISRUPTION
Buying Economy
Innovation
Business Ecosystems
IoT
Autonomous
Vehicles
Effectiveness
SOA
Efficiency
Cloud /
SaaS
Platform
Solutions
Payment
Methods
Chatbots,
Robotics
Mobile
Internet
Automation
Virtual,
Augmented
Reality
Drones
OpenSource
PCs
Client-Server
Gen Z
Adding
Machine
Millenial
Mainframe
Punch Cards
IBM 305
RAMAC
Teletype
Calculators
These forces have
evolved over the
Industrial and
Information Ages, but
are now revolutionary
due to the intensity
and acceleration at the
start of the Digital Age,
creating a seismic shift.
Gen X
Boomer
Silent
In the Digital Age, customer expectations are being set by digital leaders outside and inside the
insurance industry, filling the most vulnerable gap – a simplified, engaging customer journey.
Consumer Products
Gen Z
Gen Y
Gen X
Boomer
Silent
SMBs
SMB Products
NATIONAL RETAIL STORES
NATIONAL RETAIL STORES
LOCAL RETAIL STORES
LOCAL SERVICES / RETAIL
STREAMING TV, VIDEO, MUSIC
ONLINE RETAILERS
CABLE TV PROVIDERS
BANKING SERVICES
CREDIT CARD REWARDS
CREDIT CARD REWARDS
ONLINE RETAILERS
MOBILE PHONE PROVIDERS
BANKS
OFFICE SERVICES
MOBILE PHONE PROVIDERS
INSURANCE – P&C
INSURANCE – AUTO / HOME
INSURANCE – LIFE
INSURANCE - LIFE / ANNUITY
EMPLOYEE BENEFITS
www.majesco.com
1–9
Number of Employees
10–99
100–499
The business value of simplifying the entire insurance customer journey is immense.
Customers whose
entire insurance
SMBs whose entire
insurance journey is
journey is easy give
up to 76-point higher
80 pt.
M
ED
IU
M
L-
SMBs
SM
Download the report to learn more: The Rise of the Small-Medium Business Insurance Customer: Their
Needs and Preferences – Is Your Business Ready for Them? http://go.majesco.com/smb-ins-customer
AL
M
N
SU
CO
BU
HIGHER NPS
ER
HIGHER NPS
Download the report to learn more: The Rise of the New Insurance Customer: Shifting Views and
Expectations – Is Your Business Ready for Them? http://go.majesco.com/new-ins-customer
NPS scores
SI
N
ES
S
NPS scores
76pt.
easy give up to
80-point higher
Yet shockingly, while insurers know about the market changes and disruption, few are actively
responding with plans and execution … threatening their future relevance, let alone existence.
KNOWING
REALITY
NEW E
XPE
CT
AT
IO
NS
Hits
IO
TIT
N
NE
O
WC
What companies’
priorites are
Hits
Pace of change
Emerging tech
Customer expectations
Business models
Competition from
outside the industry
Digital
Legacy systems
Data & Analytics
Security
Talent
NEW INNOVATIONS
E
MP
PLANNING
What companies are
worried about
Customer experience
Digital Strategy
Product innovation
Channel expansion
Legacy replacement
Data & Analytics
Cost reduction
Borderline
Business model dev.
New market segments
New LOBs
Misses
Misses
Competition from
inside the industry
“New” Issues
“Traditional” Issues
InsurTech engagement
Evolutionary
INFORMATION AGE
Business Model designed
to support a traditional
market. Technology and
demographic
assumptions. Silent,
Boomer & some Gen X
Silent
1945
1950
1960
1965
DIGITAL AGE
Business Model designed
to support a new market,
technology and
demographic
assumptions. Millennial,
Gen Z and some Gen X
Boomer
1955
1970
Gen X
1975
1980
Hits
Product innovation
Channel expansion
Legacy replacement
Borderline
Customer experience
Business model dev.
Demographics
Misses
Sharing economy, Tech for wellbeing, Gig economy, Healthcare
Chatbot, Payments, AI,
Wearables, Blockchain, Drones,
Gamification, Connected cars
& homes. Driverless cars,
3D printing
Revolutionary
INDUSTRIAL AGE
1940
DOING
Companies’ responses to
changing market
1985
Millennial
1990
1995
2000
2005
Gen Z
2010
Source: 2016 Future Trends – A Seismic Shift Underway
www.majesco.com
2015
2020
2025
2030
The Digital Age, underpinned
by new demographics and
technology, is separating the
industry into “pre” and “post”
business models … The “pre”
model generates the revenue
today and the “post” model
the future. Those who fail to
manage both effectively may
find the gap insurmountable.