On this episode of Scouting For Growth, Sabine VdL sits down with Denise Garth, globally recognised InsurTech thought leader and Chief Strategy Officer at Majesco, to decode what’s really happening beneath the surface of insurance as the industry accelerates toward 2025. This isn’t a trend list. It’s a wake-up call. 2024 was the stress test Denise frames 2024 as the year the system showed its cracks. Rising loss ratios, persistent unprofitability, high interest rates, and compounding economic pressure didn’t just hurt margins—they exposed how fragile many insurance operating models have become. Her message is blunt: the industry can’t “optimize its way out” of this moment. What we’re seeing is not a cycle. It’s a signal. Old models, new realities Insurance is now in the middle of simultaneous business-model and technology disruption. Decades-old operating assumptions no longer hold in a world shaped by: faster-moving and more volatile risks radically shifting customer demographics expectations set by digital-native experiences and a widening global protection gap Denise describes it as a race to the future—because standing still isn’t neutral anymore, it’s falling behind. Technology finally caught up to ambition The industry has been “on a tech journey” for more than a decade, especially through InsurTech. But the last few months, Denise says, have been different. The pace of change has become mind-blowing. Technologies like Generative AI, IoT, and advanced analytics are no longer experimental toys. They’re starting to materially improve: risk assessment and underwriting customer experience end-to-end operational efficiency But only if insurers rethink how they deploy them. Cloud isn’t just infrastructure—it’s the foundation One of Denise’s strongest points: cloud computing isn’t just about hosting systems more cheaply. It’s about fundamentally redesigning technology and business architecture to unlock what AI, data, and ecosystem models can actually do. Without that rethink, even the best technology will be constrained by yesterday’s foundations. From insuring risk to reducing it Perhaps the most provocative insight: the industry must shift from endlessly pricing risk to actively minimising it. Insurance costs can’t keep rising indefinitely—people simply won’t be able to afford protection. That means underwriting differently, using data proactively, and designing products that help customers lower their risk, not just transfer it. This is where ideas like Protection-as-a-Service and usage-based models come into play—especially for underserved segments like part-time workers, nearly half of whom still lack access to life or health insurance. Data must be shared to matter Denise calls data the lifeblood of insurance—but also challenges the industry to democratise and demonetise it. If data is locked away, monetised excessively, or siloed, it can’t drive better outcomes. Everyone in the value chain needs access to insight if insurance is going to scale relevance, not just premiums. Why this episode matters For executives, insurers, and InsurTech leaders, this conversation delivers clear signals: 2024 exposed structural weaknesses, not temporary issues business and technology transformation must happen together GenAI and IoT are now operational levers, not experiments cloud enables new architectures, not just cost savings the future lies in reducing risk, not just pricing it collaboration is no longer optional—it’s existential As Denise makes clear: the industry’s challenges aren’t a reason to retreat. They’re an invitation to rebuild insurance for a world that’s already changed.