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Today, with all the disruptions in the markets and lack of face to face, personal meetings possible, the insurance sector has been forced to look at alternative ways of approaching and servicing their customers. The one area where many insurers face a challenge is the rapid time to go to market with new products. Working with traditional methods, insurers spend months if not years before they can launch a new product. This in turn leads to a loss in business and new opportunities.
Some of the challenges faced by insurers today are:
Pricing Impact Review
Coding Quality Impact
So, this gives rise to a question – “How will companies create customer loyalty going forward as products become increasingly commoditized and new digital entrants disaggregate customer relationships?”
It is quite interesting to note that Gartner had predicted over a decade ago “… approximately 40% of Type A insurers in the United States will purchase or build new product configuration capabilities by the year-end 2004”
So, what is this product configurator? It is a tool or a solution that enables insurers to incorporate all the elements in an insurance product so that the final product meets the user’s expectation, which in turn will help to cover all their requirements and needs. Today, most product configurators work on the digital platform and include applications that one can use through the insurance company website or an app that works across smart devices [phone, tablet and others] and helps the insurers to configure a relevant and “perfect” product.
Opportunity for change, for transformation
Neutrinos launched a product configurator called “NeuSprout” to address the challenges listed above. This is a comprehensive solution to manage product lifecycle including configuration, calculations, validations rules and integration. NeuSprout expedites traditional processes from months/weeks to mere days, which redefines the way insurers go about the business.
What are the main features within NeuSprout? Read on to know.
The era of – Acturers and Product Configurators. Companies often use product configurators to fulfil these needs, as they allow you to create new products quickly, based on specific parameters. Product configurators, however, come with their challenges. Introducing these involve considerable investment of both time and resources. While some companies still rely on excel sheets, some others have invested in configurators, but they come with predefined rules. Largely, insurance companies run on legacy systems and find it hard to meet changing needs.
The main stakeholders in the business of insurance are the actuaries/insurers and underwriters. With a good product configuration system in place, they can define the product structure, covering all stages of the policy’s life cycle:
Giving insurers the ability to make modifications and corrections to the existing product list, and the ease of computing the premium coverage amount, the product configurator brings with it a few benefits. The system also allows insurers to create rules and use the traditional excel sheets to pull in data from whenever required.
The main objectives of NeuSprout were,
Key benefits of NeuSprout are,
With such a robust system in place, Neutrinos has been helping companies redefine their remote insurance sales and new product launch abilities. And do reach out to us if we can help you transform your product lifecycle and business.