In the face of inflationary pressure that drives up claims costs, increasingly sophisticated cyberattacks, and growing competition, it’s imperative that CIOs, CTOs, product leaders, and application delivery managers at P&C insurers establish a product innovation, development, and deployment model that enables them to adapt to changes in the marketplace and rapidly launch new products.
Our new resource, “Accelerate Speed to Market for P&C Insurance Products,” serves as a practical guide to scaling innovation and deployment for these stakeholders as they work to address these challenges and achieve premium growth and profitability.
Here is an excerpt:
New Product Innovation Strategies Guide Product Roadmaps
A sound business strategy articulates a clear segmentation of the carrier’s target market, and the insurance needs of that target market that the carrier seeks to meet through the sale of new policies. This information forms the basis of the carrier’s product innovation strategy.
The product innovation strategy will allow product management, product development, and application delivery stakeholders to develop and execute on a product roadmap that brings products to market that aligns with the business strategy.
Product Innovation Strategies with the New Operating Model
With low-code product creation, a modular product architecture supporting re-use through inheritance, cloud-centric deployment, and adoption best practices, this new operating model offers carriers the ability to evolve and execute on innovation strategies that enable the rapid deployment of new and modified products, which is difficult to achieve with legacy technology.
Here’s an example of one such innovation strategy that P&C insurers can utilize to accelerate product introduction across lines of business, geographies, and sales channels:
Multi-Region – One Product Strategy
An insurer wishes to offer two unique products in all states throughout the U.S. and in all Canadian provinces. As a benefit of adopting the new operating model, the company already has a Commercial Combined base product that includes a Commercial Package Policy (CPP) module and a D&O module . With only necessary changes made to attributes such as rates, rules, taxes, and forms, the insurer can quickly package each module as a separate product for each country, rapidly meeting business needs.
Consider this model:
- If you want one single product definition that applies across all regions.
- If you want to make a single product change that affects all regions.
To learn more about this and other innovation strategies to help your team develop, deploy, and scale your P&C insurance products globally and for any line of business, download your free copy of the guide today.