To quote the great Maverick from Top Gun, “I feel the need for speed!” and who doesn’t when they have an incredible idea for a new insurance product? While launching your product isn’t as theatrical as Top Gun, you want to build it and get the product in front of customers as soon as possible. But why does getting your product out there quickly matter and how can you do it? Let’s dive into it.
What is speed to market?
Before we begin, let’s clarify what the term means. “Speed to market” refers to how quickly your business can go from conceiving a product to getting it in front of your customers.
This includes building, testing, and launching your new and exciting insurance product as well as updating the product when needed. The key here is to find a strong balance between accelerating the launch of your product while still maintaining high standards and delivering the best possible solution.
But, why does speed to market matter and why is it something you should keep in mind when searching for a policy administration system?
We’ve managed to answer this question by laying out key reasons speed to market should matter to your insurance business, the benefits of getting your insurance products into the market quickly, and why you need good tech to support this.
Why speed to market matters
There are many reasons why getting your product built and in front of your customers quickly is important. Genasys has chosen the four key reasons you should focus on launching quickly:
1. First-mover advantage
As the first insurance business to introduce a product to the market, you’ll gain strong brand recognition and customer loyalty before other entrants. You’ll also set your company up as the industry standard for a niche policy, for example, taking strategic control of resources, and tapping into new customer bases. Although there is potential for mistakes to be made along the way, you’ll be in a position to update, correct, and improve your product as you go.
Optimising your speed to market allows you to respond quickly to changes in customer preferences and demand by making decisions quickly and adjusting to changes in the insurance market. It also supports the flexibility and agility of your product offering.
3. Enhanced customer experience
When you can quickly deliver the insurance products your customers need, you’ll boost demand and increase the likelihood of gaining their loyalty. It’s important to stick to the timelines for your launch and deliver your product when it’s promised, as it’s easy for product launches to get delayed, which may strain your customers’ trust in your company.
4. Increase your value proposition
Getting good products to market fast increases your chances of product differentiation. You’re proving that you understand your consumers and the wider market, and showing that you can satisfy their needs quicker than other insurers. You can focus on fostering brand loyalty rather than competing for attention in the market.
Benefits of speed to market
The insurance space is complex, and getting new products to market can be painfully slow, however, when you take advantage of faster product launches and updates, you’ll be sure to reap the rewards.
Here are the top benefits of getting to market quickly:
· Recognising revenue opportunities quickly
Maximise your ROI by reducing the time from product idea to revenue.
· Increasing your customer base
Respond to new opportunities and target new customer segments before your competitors.
· Growing your portfolio
Reduce your reliance on specific risks and mitigate against external changes.
· Meeting customer needs
Grow your existing customer relationships with faster and more frequent product updates.
· Increasing innovation
Get more products to market, get faster feedback, and test and learn as you go.
· Reacting to market changes
Respond to changes in regulations and industry standards by responding to changes quickly.
Having the right tech
One of the greatest barriers to success is having bad technology in your tech stack. The right software can make or break the execution of your product ideas.
Genasys policy administration system is a cloud-based software solution built to handle all of your insurance administration requirements at speed.
It allows you to build, launch, and continually update new products with easy-to-use no-code tools, enabling continuous innovation and faster responses to customer needs.
Genasys is a trusted partner in insurance and we have the track record to prove it.
During the COVID-19 pandemic, we helped GENRIC set a new record in speed to market. GENRIC quickly recognised the need for a new insurance product in a fast-moving landscape.
The product was Pandemic Shield, a parametric product which pays a lump-sum stated benefit if the policyholder is hospitalised due to COVID-19 or any pandemic declared by the World Health Organisation (WHO). A hospital admission longer than 48 hours triggers the benefit.
They decided to bring Pandemic Shield to market to protect consumers against the financial ramifications of a COVID-19 hospitalisation, and they knew time was of the absolute essence.
GENRIC used Genasys’s Build toolkit, providing an underwriting platform and online portals that were fully compatible with their existing systems and processes using an open API.
The entire process from the initial product concept to launching live in the market was completed in 50 days, of which the technology rollout and development based on the Genasys platform took just 10 days, Cornel Schoeman COO of GENRIC, puts this into context:
“This kind of speed and cost efficiency is unheard of in the financial services sector and in fact sets a new record for GENRIC when it comes to launching a new product.”
Read the full case study here.
If you’d like to learn more about leaving legacy tech behind, getting to market quickly, and growing your revenue, speak to our team for a friendly, no-obligation chat.