MORRISTOWN, N.J.--()--Majesco, a global leader in cloud insurance software solutions, today announced the release of its latest Thought Leadership report, Strategic Priorities 2025: A Modern Era of Insurance Comes into Focus. This report, based on primary research with insurers, highlights why 2025 is a pivotal year for insurance and how the demand for change is placing insurers at a crossroads of rethinking their strategies and priorities to compete as the fast-approaching next decade comes into focus.

Just five years after COVID accelerated digital transformation in the insurance industry, insurers now face a rapidly evolving landscape as they approach a new decade. We are seeing economic pressures including inflation, supply chain challenges, rising interest rates, lower disposable incomes, and converging labor shortages fueled by Gen X and Boomer retirements. At the same time, insurers are grappling with profitability, increased catastrophe losses, rising lost ratios, increased claims and medical costs, rising reinsurance prices, and tightening capacity. Meanwhile, the pace of technological change, particularly advancements in AI and GenAI, continues to accelerate.

The challenging industry picture and the increased cost of insurance for customers due to rising operational costs painfully highlight how necessary new operating models and technologies have become. And while the industry's core business model of premiums, claims, reserves, and capital is not changing, how we think about the operating model and technology foundation must change.

“The demand for change is placing insurers at a crossroads of rethinking their strategies and priorities to compete today and in the fast-approaching next decade. Our strategic priorities research has analyzed and tracked the top-of-mind issues, strategies, and priorities for insurers for the past 10 years, right up to this crossroads we face today,” stated Denise Garth, Chief Strategy Officer at Majesco. “Once again, this year highlights that the right investment across key strategic areas makes a substantial difference in growth by those focused on and investing in replacing legacy core, creating new products, defining new business models, expanding channels, innovation initiatives, and reallocating resources to the future business by 1.2 to 1.6 times difference, reflecting a growing understanding of needing both a new business operating model and technology foundation to compete in a modern world.”

We are in the midst of a business model and technology-driven change due to the realization that the decades old operational models and technology foundation no longer meet the challenges and opportunities of a fast-changing world. We are in a race to prepare for a new future where insurance becomes more relevant than ever. The world has shifted. Insurance must as well.

For more details, download Strategic Priorities 2025: A Modern Era of Insurance Comes into Focus on the Majesco website or by mailing info@majesco.com.

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 MGAs, greenfields and startups to some of the world’s largest insurers and reinsurers, rely on Majesco’s intelligent SaaS platforms solutions, with GenAI powered insurance data analytics, of core, data, analytics, distribution, underwriting, loss control, 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 1000+ successful implementations and 90% of our customers in the cloud 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.