Majesco, a global leader of cloud insurance software solutions for insurance business transformation, announced the availability of a new joint report with strategic partner Deloitte, Rethinking Billing and Payments in the Digital Age.
“One of the critical hurdles for digital transformation is legacy debt – both the operating model and technology – crippling an insurer’s ability to meet customer digital expectations, expand billing and payment options and drive down operational costs”
The joint report, based on independent research and insights from a roundtable hosted by Majesco and Deloitte with industry leaders, provides a far-reaching view on the opportunity to exceed customer expectations with digital billing and payments. Expectations are continuously being raised through digital capabilities available outside of insurance, putting pressure on the industry to accelerate digital transformation.
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“Digital transformation continues to accelerate within the insurance industry and billing and payments is at the forefront of the change,” stated Denise Garth, Chief Strategy Officer at Majesco. “From new risk products, value-added services, upgraded customer experiences, and embedded insurance – all powered by digital and data – are just a few items at the tip of the iceberg of change driven by customers. Every part of the insurance operating model, including billing and payments, are ripe for digital modernization and are foundational to growth, customer retention, and innovation.”
From the front office to the back office, next-gen SaaS billing and payment platforms are reshaping the business focus from policy to customer, from process to experience, and so much more. Insurers’ ability to adapt to a new era of customer expectations for billing and payments is crucial to deliver increased value and deepen and differentiate customer loyalty. Billing and payments solutions have accelerated insurers digital transformation journey including:
- Organizations have both improved customer retention and the ability to roll out new products is a result of an integrated enterprise payments strategy and replacement of legacy billing and payment systems.
- Enterprise payments driven from the top remain a priority and an imperative for the majority of organizations, despite the difficulties presented by the current economy.
- Market differentiation doesn’t happen by just trying to improve customer service. Instead, customer service and a host of other differentiators improve through a better infrastructure.
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“One of the critical hurdles for digital transformation is legacy debt – both the operating model and technology – crippling an insurer’s ability to meet customer digital expectations, expand billing and payment options and drive down operational costs,” stated Ajay Radhakrishnan, Principal at Deloitte. “Central to the increased value is improving customer choices, yet with choice comes complexity. This complexity can be simplified, managed, and optimized with a next-gen billing and payment unified strategy.”
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