Insurers that are expanding their channels are achieving high levels of growth, according to a new report from Majesco.
The company claims that insurers executing key strategic activities that accelerate digital business transformation are witnessing higher growth compared to those with lower strategic execution.
This finding comes after the completion of its sixth annual Strategic Priorities survey.
It claims that insurers expanding channels are witnessing 2.3-times higher growth. Some of the other growth rates include 2.1-times for those relocating resources to create their future business, 2-times by replacing legacy with next-generation platform solutions, 1.7-times by launching new products and 1.6-times by developing new business models.
Majesco chief strategy officer Denise Garth said, “The necessity of insurance digital business transformation has obliterated any lingering doubts as a result of the pandemic. With rare exception, operating digitally is the only way to do and stay in business. Leaders showed greater resiliency and adaptability to change, helping them widen the gap with the competition.
“What distinguishes Leaders from Followers and Laggards is their ability to focus on all of the strategic activities, even during the crisis. As a result, the pandemic crisis could be a break-out event that permanently and definitively pushes Laggards into irrelevance, tests Followers to recommit to the future, and provides Leaders a springboard to innovate and grow.”
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