Majesco, a global leader of cloud insurance software solutions for insurance business transformation, announced the availability of a new report, Expanding Channels for Insurance, A Spectrum from Traditional to Affinity and Embedded.
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This new report, based on primary research with PIMA’s community of insurers and distributors, gives a market assessment to help insurers and distributors determine the direction the ever-evolving industry is headed, where they are at as an organization, and what white space opportunities exist for growing their business across the distribution spectrum, particularly in the growing array of embedded insurance options. The research contrasted the results Majesco’s SMB, Consumer, and Strategic Priorities research, highlighting a gap between customer expectations and what the insurance market is doing as well as how the PIMA community is ahead of the market in embracing a broader distribution ecosystem. This is the second joint research initiative between PIMA and Majesco.
”PIMA is excited to again partner with Majesco on this important piece of research by engaging the views of the PIMA Community,” says Ann Dieleman, executive director for PIMA. “Since its founding, PIMA members have collaborated and partnered to put forth a broad distribution ecosystem to deliver options to customers. The report includes a comprehensive look at the distribution ecosystem and provides insight into the many opportunities available for the affinity market in both product development and distribution.”
The current landscape of the insurance industry is one of higher competition that makes it increasingly difficult to attract and retain customers. Insurers now have a golden opportunity to develop and utilize a broad distribution ecosystem that puts customers first. The world is more interconnected than ever, and insurance must be available across a wide spectrum of distribution channel options. Its important insurers reach customers when, where, and with whom they want to buy insurance. To do this, insurers must create an ecosystem of interconnected channels while also using a wide range of digital capabilities to create an on-demand effect.
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Producing these options forms an ecosystem that stretches reach, but concurrently requires a need for a partnership approach, especially in the embedded channel realm. Embedded insurance is the game changer in this space. Embedded insurance changes the traditional insurance buying mindset. The insurer receives top-of-mind awareness with the customer because it is placed directly in the purchase path of another product or service, creating an on-demand buy.
“A distribution ecosystem can rapidly reach more markets, potential customers, and current customers with more purchase and service options,” says Denise Garth, Chief Strategy Officer at Majesco. “Companies can do this by tapping into a vast array of channels from direct and agents to financial services partnerships, exchanges, and more importantly embedded insurance. Affinity marketing is a form of embedded, but technology is expanding the opportunities to put insurance products at the point of purchase – quote and issue – with another brand. Shifting customer expectations, changing brand loyalty and innovative products are rapidly enlarging product and distribution partner options, accelerating the use of embedded insurance.”
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