Product Development: Insurer Plans and Priorities

An SMA Research Report

Karen Furtado, Partner
Publication Date:
July 15, 2013
Number of Pages:
$1,495.00 USD

The pressure is on. Now more than ever, insurers are focusing on improving their capabilities for implementing new products and product changes. This report examines the full insurance product development life cycle and investigates how insurers are managing product development and configuration challenges. One of the key findings concerns time-to-market. It reveals how much time it actually takes for products to hit the market in the current environment, and what insurers are doing to make it faster.

The foundational findings in this report are based on data gathered from 157 insurers, representing a balanced mix of business lines and company size, who participated in an SMA product development survey. This data has been augmented with additional SMA research, analysis, and experience to create a one-of-a-kind look at what is happening in product development and configuration and the likely shape of things to come as insurers continue investing in this crucial area.  

This product development research provides major clarity throughout the three segments of the product development life cycle: the product creation and adaptation process, the product configuration process, and the analytic and measurement process. This clarity furthers the understanding of what type of capabilities and solutions are most urgently needed. For insurers, the information will be useful in assessing the industry’s progress in product configuration capabilities, analyzing what is influencing market advantage, setting priorities for investments, and viewing the types of solutions that will be used to address requirements in the future. The data and accompanying observations will be helpful to IT solution providers as they determine needs in the industry and develop marketing strategies. An example of the research data is shown in the figure below.  

Resources Driving New Product Ideas and Changes

Product Development