Agility is a key differentiator in today’s evolving insurance landscape. The ability to respond quickly to changes in customer demand, regulatory standards and market pressures will enable you to get the right products to the right markets, fast. That’s why innovation needs to be at the core of your business model. If you are able to get new ideas into the market quickly and at a low cost, you will have the upper hand when it comes to capturing the market share.
So, how do you become a pioneering insurer? Traditionally, many insurance companies choose to be “fast-followers” – organisations that quickly imitate the innovations of competitors. As a fail-safe strategy, this approach enabled insurers to reap the benefits of cutting-edge innovations without incurring the risk that comes with being first out of the gates. However, as competition increases and regulatory pressures force organisations to adapt and evolve within a new environment, a reactive approach to digital disruption is no longer sufficient.
To cut through the noise, insurers need to adopt a proactive approach to innovation. Essentially, this requires embracing a test-and-learn, fail-fast approach. In order to attract customers, you need to get fresh and relevant products to market quickly.
Being first to market in an unaddressed segment means you’ll face less competition. You’ll also be more desirable in the eyes of your customers – who naturally gravitate towards forward-thinking, innovative brands. That’s right, “innovation leads to increased brand recognition and perceived value” (Deloitte). Concentrate your efforts on bringing tailored and scalable products and services to market, fast and at a low cost and you will gain a significant advantage over those that can’t.
The Tia Sales Product Designer empowers your sales and marketing teams to create their own targeted products independent of IT, back office or the product organisation. A product that traditionally takes three months to hit the market can now be defined, tested and released on a day-to-day basis.
Not only does this accelerate product development within your organisation, enabling you to get products that today’s consumers are looking for – it also empowers your sales and marketing departments to configure targeted offerings without the need for back-end adjustments. All this equates to a sharper marketing-driven sales process.
Part 1 – The importance of self-service and time-to-market
Part 2 – How boosting efficiency can improve the customer journey and cut costs