| | JUNE 20198Consultants Reviewhe enterprise software landscape is chang-ing rapidly. Many industries including Travel, Retail and Media have seen the transition from large, monolithic enterprise software solutions to cloud deployed and now platform solutions. And insurance is on the cusp of this transition.The insurance industry is hundreds of years old and has long been insulated against disruption thanks to regulation, product complexity, in-force books, intermedi-ated distribution networks, and large capital requirements. However, this is changing rapidly. I have seen more chang-es in last three years in the industry than what is experi-enced over last 30 years. The U.S. insurance industry is changing rapidly and has an opportunity to leapfrog from enterprise software to industry platform solutions. Rapidly shifting industry dynamics, InsurTech growth, maturity of cloud comput-ing and maturing vendor core solutions are enabling this change. A robust industry platform will enable insurance carriers to innovate new products, invent new business models, and leverage large volume of new data sources with artificial intelligence (AI) capabilities to assess risks. Insurance carriers will be able to consume these capabili-ties as services, setting the stage to dramatically transform the industry and offer significantly enhanced products and experience to their customers. What is Driving the Changes in Insurance Industry? Change is being forced on insurers, whether they like it or not. Several of the orthodoxies traditionally underpinning the industry are being challenged and disrupted including: - A new generation of customers and distribution (in-cluding agents) that demand a similar experience like Am-azon and Apple which they are used in their daily lives. - The advent of new digitally born insurance play-ers like Lemonade who offer traditional renters or homeowners insurance and Trov who offer innovative on-demand Insurance, but both with amazing digital customer experiences.- A changing portfolio of insurance products, with a decline in some traditional products like auto insurance, TIN MY OPINIONRISE OF PLATFORM SOLUTIONS TO DRIVE DIGITAL TRANSFORMATION IN THE INSURANCE INDUSTRYHeadquartered in New York, Majesco is a global leader in providing software & IT services to the insurance industry majorly across property & casualty (general insurance), life, annuity, health, pensions, and group & worksite benefits insurance areas.By Ketan Mehta, CEO, Majesco
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