With heightened competition in the Insurance arena and extra pressure to create new types of products to adapt to shifting consumer demand, Target harlosh believes that speed of delivery to the marketplace is crucial to the success of both individual products and an overall product strategy. The changing needs of consumers as well as the emergence of new types of sales channels means insurers need to improve the speed and quality of product delivery.
Kathy Duggan, Business Consultant, Target harlosh, comments:
âProduct development and maintenance should be measured in days not months â and this is a shift away from the old project-based way of developing new products in the Insurance market. Our experience has shown that significant business can be lost if the process is not concluded inside a month.â
Kathy Duggan continues:
âTraditional insurers need to be more nimble to keep up with the new entrants in their market. It is clear that alongside brand and service it is the speed at which the provider can bring products to the market that will help create and maintain a leading position. With this in mind, many insurers are going to have to review and alter their policy administration. Legacy systems will not be able to adapt to new product lifecycles. As such, insurers need to embrace new tools to bring together the key parties in product development - IT specialists, product consultants, underwriters and product developers â to speed up the âproduct to marketâ process.â