Gartner just published a new report “Top 10 Technologies With the Greatest Impact on the Life Insurance Industry” which outlines the 10 technologies that are going to impact the life insurance industry in the next few years.
Amongst the technologies they have listed, one caught my attention: “Product Development and Configuration Solutions”.
Gartner explains that what insurers need today is to:
- Sell customized solutions better fitting their customers’ needs
- Launch quickly new offers
- Insure pricing accuracy
To do so, they will need to equip their teams with product life cycle management tools and product configurators reducing product development time and costs and market these new products faster.
I would add to the Gartner’s arguments that another key element is the ability of insurers to sell through multiple sales channels. Launching a new product involves not only development but also deployment across different channels: web for end-customers, CRM for sales reps, brokers’ extranet, call-centers, etc.
Why not have a single piece of software to design a new customized offer and deploy it to all channels? I recommend reading this interesting case study about a leading insurance broker using a solution coupling a Configuration Model Designer (back-office) and a Product Configurator (front-end) to market new products faster and boost its revenue across all sales channels.