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Billing is at the Center of Growth and Innovation in a New Digital Era of Insurance

Billing is at the Center of Growth and Innovation in a New Digital Era of Insurance
Majesco, a global provider of cloud insurance platform software for insurance business transformation, today announced the release of a new thought leadership report. The report, Billing in the Era of Digital Insurance 2.0: At the Center of Growth and Innovation, highlights how the growing customer demands and expectations for new, innovative products and services such as on-demand, parametric, telematics, value added services, and more are moving billing to front and center in the shift to Digital Insurance 2.0.

These new products and services require billing and payment capabilities that are significantly different from the traditional billing and payment processes of Insurance 1.0. This is why so many insurers are once again looking at new, cutting-edge enterprise billing solutions with a future-focused approach, rather than a legacy replacement approach.

“Modern billing solutions that have evolved over the last decade with enhanced configurability and additional capabilities for traditional products in the Insurance 1.0 world,” remarked Denise Garth, SVP - Strategic Marketing, Industry Relations and Innovation for Majesco. “However, they do not take into account the rapidly emerging new and innovative billing capabilities needed to support new products and services, and leverage new technologies such as Amazon Echo, Google Home, IoT and more for a Digital Insurance 2.0 world.”

As insurers face growing demand for new payment methods, billing plans and access to real-time billing information, billing has become an increasingly critical element of their customer engagement and digital strategies – and a key component in their growth and innovation strategies, which are focused on new products and services that insurers are developing and introducing to the market.

“To enable these rapidly expanding capabilities for billing, insurers need to consider much more than just rearchitecting for a modern solution,” noted Sameer Karode, Vice President for Product Management at Majesco. “Instead, they must shift to an enterprise model with modules and services, a configurable chassis and a robust ecosystem of partners that provide new capabilities, data and services that together can help insurers adapt quickly to changing market demands.”

Insurers that succeed in the era of Digital Insurance 2.0 will differentiate themselves with modernized and optimized billing and payments capabilities and a portal. The true leaders of Digital Insurance 2.0 will expand to support new payment channels, competencies and most importantly, new products and services that demand very different capabilities.

A new generation of insurance buyers with new needs and expectations creates both a challenge and an opportunity that a platform-based Digital Insurance 2.0 business model can incubate, launch, grow … and survive and thrive, avoiding a collision course with a digital Darwinism event.