Top of Mind for Insurance Leadership: New Business Models and Products in a New Digital Era of Insurance

MORRISTOWN, N.J.--(BUSINESS WIRE)--The digital era shift is realigning fundamental elements of business that require major adjustments from insurers in order for them to survive and thrive, according to a new thought leadership report released today by Majesco (NYSE AMERICAN:MJCO), a global provider of core insurance platform software and consulting services for insurance business transformation. A new digital era of insurance focused on innovation and growth requires platform-based business models and solutions to succeed. The report, A New Business Model for a New Era of Insurance: Digital Insurance 2.0 in the Platform and API Economy, highlights the impacts of the shift to a new age of insurance, Digital Insurance 2.0. Underpinning this new era is the shift to the application programming interface ("API") and platform economy, which consists of key technologies such as cloud computing, open APIs, microservices, ecosystems, and data and analytics, which together help insurers create new business models, products and services, connect everything and, most importantly, create new customer experiences. "The digital age shift is now top of mind for every leadership team and board because it is extending an organization's growth and innovation capabilities," remarked Denise Garth, SVP - Strategic Marketing, Industry Relations and Innovation for Majesco.