Insurtech, or the emergence of new technologies that are transforming the insurance industry, is redefining the common role of insurance as we know it. Leading this shift is generational needs and wants alongside the need for better technologies in the insurance space, to not only lead the insurtech space, but to redefine it.
Customers in this space have shifted rapidly. Millennials and Gen-Zs are overtaking the baby-boomer and the Gen-X generation. And in about five years it will completely flip from a tech-laggard generation to customers who have grown up on, and have fully-adopted, technology. At the very tip of the surface, this will affect everything from the marketing of insurance, to filing claims, and even shopping for alternatives. If your company isn’t ready to embrace these changes, they will fall aside.
In this episode of AMP Up Your Digital Marketing, we meet Denise Garth, the Senior Vice President for Strategic Marketing, Industry Relations, and Innovation at Majesco. She’ll discuss the trends and factors, from customers and technologies to market boundaries that are reshaping and redefining the insurance space and the role of platforms in the next generation.
Transcript:
Glenn: Welcome back to the show. Today we’re speaking Denise Garth. Denise, welcome to the show.
Denise: Thank you. I’m excited to be a part of it.
Glenn: Denise, can you tell us a little bit about who you are and what you do?
Denise: Yeah. I’m Denise Garth. And I’m a senior vice president for strategic marketing, industry relations and innovation at Majesco. Majesco is a core system provider for insurers in the insurance industry, both, property and casualty, and life, annuity and group. And we have been involved in the industry for well over 30 years. My role is really to really provide kind of a strategic view as to where the industry is going, understand the trend. We focus on leveraging all of that content that we develop at engaging the industry. And so, from a marketing perspective, we’re very content-driven but we’re also very relationship-driven. And with that then, you know, we’ve got content in all different channels. My background is, is that I’ve been in the industry well over 30 years. I started out on the insurance side, inside a number of different insurance companies, both, on the business and on the technology side. I moved over into an industry association ACORD, developing standards, led standards and strategy there. And then moved over to a technology company and eventually over to an industry analyst at Strategy Meets Action and focused in on emerging tech and innovation.
And I came over to Majesco – that will be almost five years ago now next year. And headed up, you know, the whole marketing focus. It was right at the beginning of before InsurTech really became a topic in the industry and it’s before a lot of the influx of all of this capital has flown into the industry from an InsurTech standpoint. Funding new startups, both, technology startups, data startups, but also new insurance company startups. And so, it’s been a really exciting time to see the convergence of a lot of different changes happening in the industry from, you know, a shift in the type of customers and customer demographics and expectations, to all the different technologies that we call ’emerging technologies,’ no more than four-and-a-half years ago, that are now maturing technologies, to, you know, shifting market boundaries. But, you know, we all kind of operated in our little silos. You know, automotive was in its silo and insurance was in its silo. And, yeah, we kind of supported each other but in today’s world, you know, we’re all kind of involved in each other’s silo...
