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What is the one thing customers seek from an insurer? Personalised service and products, discount on premiums, or something else? Well, we have discovered it all starts and ends with the “product”. The company’s ability to respond quickly to evolving consumer demands and increase speed to market have a huge impact on the business’s success and customer satisfaction.
Gartner defines Product Configurator as – “A stand-alone software that supports insurance product development activities, including pricing, product modeling and testing. Central components are a workbench, a calculation engine and a graphical user interface.
Reduces operating cost and helps maintain transparency and imparts agility to the business.
Improves operational efficiency and customer experience
Shortens and strengthens the product development cycle
Better utilization of consumer inputs might provide better targeting of consumer needs and therefore more innovative product solutions.
Businesses change their decisions/rules very frequently. Hence product modifications can be handled quickly.