The head of an insurance software and data storage company says he thinks the COVID-19 crisis may lead to temporary delays in closing on some sales but strong insurtech sales later.
Adam Elsten, the chief executive officer of Majesco, told securities analysts Thursday, during a conference call, that he thinks insurers were thinking that they had time to modernize at a slow and steady pace.
Now, “we believe customers are likely to reallocate current and new investment as a result of the COVID-19 crisis,” Elsten said. “They will likely shift focus and move to cloud digital experience platforms, automation, efficiency and modernization.”
(Related: Majesco Completes InsPro Acquisition)
Majesco runs a “cloud platform,” or collection of computers, data storage services and software provided through the Internet.
Insurers’ new efforts to modernize should increase use of Majesco’s cloud platform, because the platform provides the cost and volume flexibility insurers need to support their current and future needs, Elsten said.