Majesco, a global leader in cloud insurance software solutions, announced the release of its latest Thought Leadership report, 8 Trends Shaping the Future of Insurance in 2025, an annual report highlighting trends for the next year. This new report takes a detailed look at eight trends that will rise and accelerate the redefining of insurance in the new year.
The key trends for 2025 reflect a view through a lens of an industry at a crossroads. A lens that adjusts the picture and sees the future differently. A lens that helps analyze and interpret the trends to help rethink and reimagine the future to empower insurers to make informed decisions that brings the future to life.
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The pressures and challenges of macroeconomic factors, increased costs, and combined ratios, operating performance, expanding risks, shifting customer demands, and technology advancements are compelling insurers to respond to the need to improve, both operationally and innovatively. While insurance is risk-averse, there is a growing realization that current, legacy operational models and technology foundation no longer meet the challenges and opportunities of today’s fast-changing world and insurers must move beyond the legacy and internal mindset of “this is how insurance is done,” to one that recognizes the world has shifted and they must as well.
“The industry is at another crossroad and potential tipping point. We have been here before,” said Denise Garth, Chief Strategy Officer at Majesco. “Continuing to do the same thing we have for decades or implement “quick fixes” rather than dealing with the foundational issues only adds to the pressures building for insurers. It takes leadership, courage, and long-term strategic thinking with short-term execution to rethink the business and technology foundation. If there was ever a time to let necessity drive the business, it’s now. The future won’t be captivated by yesterday’s achievements, and tomorrow’s plans won’t come to fruition without an insurance business model and technology foundation that understands and adapts to trends that are different than the past.
The eight trends for 2025 include: New era of risk demands new technology; Growing protection gap consequences; Rise of climate risk technologies; Modern insurance constrained with out of sync business operating model and technology foundation; Democratization and demonetization of data accelerates; AI and GenAI propels real business optimization; Market shifts propel new product growth opportunities; and The algorithmic economy powers intelligent core solutions.
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