In our latest content series for P&C insurance providers, we discuss the five main underwriting challenges. This post dives into the third challenge: launching new products.
Limited access to better data and time-consuming manual processes make it difficult to stay competitive in a volatile marketplace. When carriers are looking to launch new products, these are the roadblocks they typically face in development:
Slow time-to-market: Dependence on inflexible and disconnected legacy systems makes it extremely time-consuming and expensive for carriers to launch new products and update existing ones
Inflexible off-the-shelf solutions: Off-the-shelf solutions leave customers, brokers, and underwriters with a disconnected experience because they are not easily customized
Misalignment between business & technology: Lack of visibility from legacy technology development patterns means the business teams cannot play an intimate part in the development process, often leading to solutions that don’t meet the exact business or customer needs
According to a study done by Deloitte, insurers typically require 12 to 18 months to create a new product, and three to six months to modify existing coverage. During the development process, any misalignments between what the customer expects and what the engineer is building may be found too late; by the time the product is ready a year and a half later, it may not even be what the client wants or needs anymore.
According to a study done by Deloitte, insurers typically require 12 to 18 months to create a new product, and three to six months to modify existing coverage.
P&C insurance companies must break the mold of this product development problem by fostering more collaboration between business and technology. Unfortunately the complexity of code and all of its required expertise does not allow for fast, iterative development. Enter no-code application development.
Introducing the P&C Product Launcher
Traditionally, developing a UW system forced carriers to choose between the expense and complexity of a custom internal build or the inflexibility of an off-the-shelf point solution. With Unqork’s P&C Product Launcher, carriers no longer need to choose one or the other.
The P&C Product Launcher solution empowers carriers to rapidly launch new products in as little as 12 weeks and evaluate risk at scale via automation—without having to write or edit a single line of code. The completely visual application development platform enables carriers to transform and accelerate their underwriting process from intake to bind by combining a product manager, broker/customer portal, and underwriter workbench into one integrated platform.
Unqork allows carriers to take a modular approach to transformation—there’s no need to rip-and-replace your entire technology stack because Unqork’s P&C Product Launcher solution seamlessly integrates with legacy systems, databases and sector-specific third-party services. Carriers can reap the following benefits:
Accelerated speed-to-market: Develop and launch new products in as little as 12 weeks with a drag-and-drop building interface
Improved flexibility: Align your systems to fit your products and processes (not vice-versa)
Better business-tech alignment: Allow business and technology users to quickly iterate as feedback is received, rapidly improving the client experience
At the recent Unqork Create conference, Ari Libarikian (Senior Partner & Global Leader, Leap by McKinsey) & Bassam Chaptini (CTO, Unqork) discussed how leading enterprises leverage business building to innovate and stay ahead of competitors. Ari is seeing product development “done in a much more agile ‘test and learn’ way enabled by a lot more customer data.” Using Unqork, carriers can bring claim and IoT data directly into the product development cycle to enable carriers to hone in on the coverage areas, endorsements, and other factors that can provide a competitive advantage.
Launching new products to diversify your offerings and appeal to a new customer base is by no means a new concept to P&C carriers. What is new is a way to finally accomplish this at the speed of business. With P&C Product Launcher in their arsenal, carriers can capitalize on new opportunities faster and easily integrate new products into their existing ecosystem. Launching products in 12-18 months is no longer the status quo. See for yourself how leading P&C carriers are launching products in as little as 12 weeks.
Click here to learn how Chubb modernized their tech stack with Unqork
To learn more about how Unqork can be leveraged in your insurance organization, schedule a personalized demonstration with one of our in-house experts. Also, sign up for the Unqork newsletter and stay tuned into the latest no-code developments.