In today’s competitive environment, high performance in the life insurance industry is increasingly a matter of cost control, agility and responsiveness. Taken a step further, life insurers need to be able to structure and manage product development so that they can achieve faster speed to market.
And how do you do that? By selecting the right software platform. With the right software platform, insurers can launch products faster and more frequently, while reducing development costs.
Overcoming the obstacles
Insurers face multiple obstacles in reducing the time to market. Accenture’s Life Insurance Platform helps insurers:
- Improve consistency and reusability with support for more than 400 built-in functions, as well as the ability for a product designer to configure user functions without needing to use programming language. A product testing workbench and product value debugger allows insurers to configure and test within the same product configuration environment.
- Simplify the operational environment with effective configurability that enables streamlined product configuration and automated testing capabilities, as well as seamless integration with existing legacy platforms.
- Reduce the time to market for local products, with access to international and multi-country capabilities, as well as a multilingual environment.
Understanding an insurer’s unique environment and goals
This isn’t a case of “one size fits all.” Each insurer has its own specific needs and objectives, and life insurers must balance industrialization and localization. By standardizing processes where possible, they can rapidly configure business, product and technical needs according to local constraints—thereby enabling faster speed to market.
Accenture works with clients to understand their unique needs, according to three criteria:
- Product configuration
- Business configuration
- Technical integration
- Learn more about the Accenture Life Insurance Platform.
- Download Increasing Speed to Market in the Life Insurance Industry: How an Industrialized Software Platform Helps Insurers Reduce Time to Market for New Products (pdf; opens in a new window).