Policyholder needs are evolving and expanding at an exponential rate. To meet those requirements and fend off competitors, insurers must adopt not just new technology, but a new way of thinking about how insurance is offered and consumed.
Digital convenience is now simply expected, and the first insurer to fill a need quickly and easily very often wins. What’s more, digital-first challengers with names like Lemonade, Root, Ladder, and others offer a new generation of personalised, on-demand insurance products and services. Think micro-duration and usage-based insurance, embedded and parametric coverage, IoT-based home monitoring and loss prevention, and much more.
To remain competitive, incumbents must continue to offer the reliability and security expected of established insurers. But they must also embrace cloud technologies, API-connected applications, embedded data and analytics, and modern product development tools that enable them to rapidly launch new lines, enter new markets, and unleash business growth.
This eBook highlights five keys to launching new insurance products in weeks instead of months or years.