What does the future of insurance product development look like?

Insurance product and proposition managers are experiencing increasing frustration with an inefficient product development process taking months. 

The rising pressure on the business is being passed to the product development team with demands to create better, targeted, more profitable products - and create them more quickly. 

To be effective product managers need to bring together competitive insight, segmented product information, and scenario analysis. This data is in multiple sources and is ever increasing in volume. 

The current actuarial systems that perform the scenario analysis are slow, and require specialist skills to run and interpret, meaning crippling delays in receiving product development insights. Then sharing these insights and collaborating on decisions is cumbersome and manual, with cut and paste often the name of the game. 

All this is happening in a rapidly changing market. Customer behaviour is changing, and there is increased competition from both existing companies and new market entrants. Potentially market changing competitors such as Google and Facebook are on the horizon, and they will bring with them new and innovative approaches to products. 

The stakes are high and with these conditions the current product development process is unsustainable. 

What does the future of insurance product development look like?