Product factories: The insurance success story

The last few years have been witness to an extreme overhaul of how we communicate, work, buy goods and seek out services. The world now revolves around technology, and for those businesses that don’t catch up, they risk being left behind.

For insurers, this has meant harnessing a plethora of digital tools that allows them to bring new products to market to meet customer demands; the key to success, however, is to do so quickly and cost effectively – something that product factories can help with.

Product factories are, in effect, a foundation of base products that can be easily tailored to create new, bespoke offerings using low-code configuration tools. This means insurers are able to provide tailored coverage for specific market needs and only work on value-add steps in the process.

In this blog, Victoria Mills, Principal Product Manager at Duck Creek Technologies, explores how technology is helping insurers advance their strategies in 2022.