In my last post, I emphasized the importance of a sound product strategy tied to long-term growth goals. While this strategy is critical, it must be supported by a system of processes and tools that can easily adapt to meet changing needs. It is therefore essential to select tools that were developed with flexibility in mind.
Today, powerful tools exist that enable insurers to design, test and roll out new products and product changes more efficiently. These tools allow insurers to get to market more quickly, and with fewer resources. While a wide variety of solutions exist, some of the most powerful ones include:
- Superior underwriting desktops that enable faster and more accurate rating
- Product configurators that take advantage of prebuilt components to quickly make changes to existing products or build new offerings
- Product factories that help to automate and facilitate data migration
Insurers that take advantage of these types of tools ultimately end up with a more agile organization. These organizations can reliably execute on long-term goals and adjust their course as necessary to ensure the most successful outcomes.