Smart growth encompasses more than just solid strategic planning. To grow profitably, insurers must be able to develop, price and roll out products quickly. Insurers are beginning to rely on product configurators and enterprise product catalogs to develop products more efficiently, make changes to existing products and track the impact of each product on their entire portfolio. This not only allows insurers to go to market faster, but to assess the success of that product in the market and make adjustments as needed.
It is this ability to assess a product’s impact and rapidly modify it to meet changing market needs that ultimately determines an insurer’s ability to achieve smart growth.