MORRISTOWN, N.J.--(BUSINESS WIRE)--Majesco, a worldwide chief of cloud insurance coverage software program options for insurance coverage enterprise transformation, right now introduced that it has been acknowledged as a Challenger within the August 2021 Gartner Magic Quadrant for Life Insurance coverage Coverage Administration Techniques, North America . Per the report, which evaluates 15 distributors, “The tempo of coverage administration system adoption by life insurers in 2020 continued uninterrupted regardless of COVID-19. North American life insurance coverage CIOs can use this analysis to establish distributors which might be most related to their future.” “The life insurance coverage trade was upended in 2020 because of the COVID-19 pandemic. However by means of that upheaval, life insurers in North America continued to maneuver ahead with legacy modernization and implementation of latest coverage administration methods at a tempo in step with 2019,” wrote Richard Natale, Senior Director Analyst and Rajesh Narayan, Senior Director Analyst within the report. “This alerts that CIOs took benefit of this time to get rid of technical debt and put together for the long run. And the tempo might speed up. Life insurers count on to spend extra on legacy modernization in 2021 than they did in 2020.”
The report additionally notes, “As insurers concentrate on preparing for the brand new regular or resetting for brand new market situations, they should be adequately ready with the precise basis for fulfillment. As life insurance coverage CIOs execute in opposition to their modernization roadmaps, they need to be aligning core system traits with these wanted in what will likely be a really dynamic and fast-changing market. Examples embody:
- Low-code product and system configuration to quickly launch new merchandise and to supply a extra adaptable and easy-to-configure consumer interface.