Majesco, a global leader of cloud insurance software solutions for insurance business transformation, announced the release of the 6th annual Strategic Priorities report, based on post-COVID primary research with a cross-section of insurers. The research assesses how insurers are understanding, planning, and responding to key trends in the marketplace to modernize and optimize today’s business while creating a new business for the future.
Now nearly a year after the emergence of COVID, companies – both insurers and their customers – realize it will never go back to “normal.” As a result, insurance leaders have a unique opportunity to re-envision their future of insurance today and redefine their strategies and priorities for 2021 and beyond to rapidly adapt to this change. This year’s research shows that Leaders are doing just that.
“Our 2021 Strategic Priorities research shows a dramatically widening gap between Leaders and Laggards – 64%, a year-over-year increase of 20% – when looking at their focus on key strategic initiatives in the past year. Followers were ‘treading water’ to keep even with the previous year – with a 12% gap to Leaders,” commented Denise Garth, Chief Strategy Officer at Majesco.
She added, “Even more striking and concerning is the widening gaps between Leaders and the others in their outlooks for their companies over the next three years of 102% and 28% for Laggards and Followers respectively, reflecting a 40% and nearly 10% gap growth for each. These gaps do not bode well for insurers falling behind to create economic value, grow and remain relevant with the ever-increasing pace of change and disruption. This year’s Strategic Priorities report is more important than ever for insurers to assess where they stand and how they will respond, because ‘business as usual’ is no longer a strategy in this time of dramatic change and pressure.”