New Novarica study of 60+ insurers presents data about average speeds to market for new and modified products
Boston, MA (Apr. 27, 2021) – Improving product speed to market is a common and perennial priority for insurers. Since product creation and implementation is a complex process that crosses numerous functional areas within an insurer, any part can have delays that can impact the overall process. In Speed to Market for Property/Casualty Insurers, research and advisory firm Novarica analyzes a study of more than 60 insurer CIO members of the Novarica Research Council, representing a cross-section of large and midsize P/C companies.
“Insurers should carefully examine their product development process to understand where delays arise and why,” said Matthew Josefowicz, President and CEO of Novarica, and co-author of the report. “In particular, understanding what contributes to delays in the long-pole phase, and why that phase is longer than others, may yield insights that can lead to faster development.”
Key findings of the report include:
- Smaller insurers are faster. Larger insurers tend to have more complex processes and are an average of 20% slower for new products and 10% slower for modifications.
- When technology is the long pole, it has a real impact. Technology implementation isn’t the longest phase for all, but when it is, those insurers generally have slower speeds to market.
- Newer technology is correlated with faster product modification speeds in most lines. Insurers with more modern core systems (homegrown or vended) tend to have faster product modification times.
Click here for the table of contents or to access the report.
Report Summary
Improving product speed to market depends on optimizing internal processes and technology for P/C insurers. Speed to market is a key concern for property/casualty insurers. Delays in introducing or modifying products can be due to technology issues, filing times, or internal business processes.
This study of more than 60 property/casualty insurers presents data about average speeds to market for new and modified products and analyzes the factors that correlate to faster speeds for different lines of business.
Click here for the table of contents or to access the report.
About Novarica
Novarica helps more than 150 insurers make better decisions about technology projects and strategy. Its research covers trends, best practices, and vendors, leveraging relationships with more than 300 insurer CIO members of its Research Council. Its advisory services provide enterprise phone and email consultations on any topic for a fixed annual fee. Consulting services range from assessments and strategic roadmaps to vendor evaluations. For more information, visit www.novarica.com.
Source: Novarica
Tags: carriers, core systems, Novarica
