Majesco Report Highlights Growing Insurance Protection Gap Amid Financial Risks
Event summary
- Majesco released its annual consumer research report on May 5, 2026, revealing significant insurance protection gaps across lifestyle, financial, and safety/security risks.
- The report highlights a 20+ percentage point disconnect between consumer risk perception and preparedness, particularly for Gen Z, Millennials, Gen X, and Boomers.
- Financial risks are at the epicenter of the protection gap, exacerbated by rising insurance costs, inflation, and high interest rates.
- Majesco suggests insurers can close the gap with AI-enabled education, personalization, and service to transform insurance into a proactive preparedness partnership.
The big picture
The insurance industry is facing a critical inflection point as consumers grapple with rising costs and financial instability. Majesco's report underscores the need for insurers to innovate with AI-driven solutions to bridge the growing protection gap. This shift is not just about product offerings but about redefining the role of insurance in consumers' lives, moving from reactive coverage to proactive preparedness.
What we're watching
- Consumer Behavior Shifts
- How changing consumer attitudes toward risk and preparedness will force insurers to adapt their product offerings and engagement strategies.
- AI Integration
- The pace at which insurers adopt AI-enabled solutions to personalize risk education and guide consumer decision-making.
- Financial Pressures
- Whether insurers can sustain profitability while addressing the financial vulnerabilities of consumers facing rising costs and economic uncertainty.
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