Product development is an important vehicle for differentiation in today’s insurance marketplace. A company’s ability to respond quickly to changing consumer preferences and reduce time to market can have a huge impact on its overall success. Facilitating even the slightest change in a product offering can be a daunting task considering the complex, segmented nature of most insurers' policy administration systems. An effective insurance product configurator can help carriers develop new products and modify existing products with better, faster results.
Benefits of an Insurance Product Configurator
One of the biggest hurdles insurers face when they add or modify products is the endless array of internal operations that need to be updated as a result. Tedious, often repetitive actions must be taken across many different departments in order to accommodate new policy features. Insurers must often apply the same update to multiple systems each time a change is made. From the agent portal to claims and billing, these modifications must be done manually in most cases and IT professionals often find themselves consumed with this type of work for long periods of time. As a result, it becomes hard to bring new products to market quickly and efficiently.
The right insurance product configurator can help insurers develop agile process applications that can be changed quickly and universally. As a part of unified life insurance software platform, for example, an insurance product configurator can transform the product development process from a time-consuming bottleneck to a source of strength and competitive differentiation. An insurance product configurator can be a valuable component within a P&C insurance software or commercial insurance software platform.
An Insurance Product Configurator that Puts Business Users in the Driver’s Seat
Pega Applications for insurers features an intuitive insurance product configurator that enables business users to drive the product creation process. Pega’s market-leading insurance software embeds predictive analytics for insurance to assist in the testing, creation, and roll out of new products that are responsive to current and projected consumer needs and desires.
Pega’s unified platform for insurance applications helps to bridge operational silos and facilitate the easy implementation of policy changes throughout an organization. Insurers using Pega technology save time and money as new products are developed and integrated across departments in days or weeks rather than months or years. The Pega insurance product configurator helps insurance carriers differentiate their products, respond to market changes, and stay a step ahead of the competition.