Cybersecurity Insurance for Credit Unions

Facing high levels of volatility and disruption, companies need a more comprehensive picture of risk within their operations -- one that also allows them to be nimble, streamline modern workflows, and take action in new markets. The next generation of risk management demands that corporations reimagine how they collect, analyze, and capitalize on a range of risk data insights to ‘Set the Pace.’

In the InsurTech era, digital transformation has largely been understood as the refinement of front-office, point-of-sale capabilities. However, as insurers are finally catching up with how other industries do electronic commerce, the coming battlefield for insurance industry definition will be about data. Insurance is fundamentally a data-driven product, and the insurer that has the better data—and knows what to do with it—will be able to identify trends, design innovative products more quickly, and price risk better than the competition.

A new season brings exciting changes to the Majesco product landscape to help our customers accelerate innovation with the launch of our Fall ’22 Release for all products. The pace and intensity of change within the insurance industry continues unabated, with customers the driving force. Customer behaviors and expectations, unleashed by technology, demand the insurance industry adapt to these ever-changing market needs with an outside in approach. Insurers must quickly adapt their mindsets, business and technology, or risk being left behind in a state of irrelevance.

Changing customer expectations and behaviors are forcing a shift to a multi-channel world, which is challenging insurers to provide channel options and choice across the entire value chain. Within this rapidly shifting business landscape, insurers must rethink their distribution strategy and execution, because improving distribution is critical to growth. Agents and advisors remain critical to the way insurers engage customers and sell their products and services, but how they do this needs to look much different than it did five years ago, or even one year ago. Insurers must set up multi-channel distribution options to enhance customer interactions on the cus­tomer’s terms … not the insurer’s. As a result, distribution channel strategies, including how to support the traditional agent/broker channel, are a focus for transformation in the age of Digital Insurance 2.0, and are foundational to an insurer’s ability to realize their growth and innovation strategies.