How fast can you launch a new insurance product? The usual answer we hear from insurers, regardless of size or line of business, is, “Not fast enough.” According to 2021 industry research, property and casualty insurers need more than eight months, on average, to launch a new product.
Let’s look past the numbers here. Even the outliers who are at the front of the bell curve still report product development and launch as a key area of improvement. Basically, it doesn’t matter where you are on the spectrum – you want to roll out products faster.
That’s easy to say and hard to do. Even the most efficient insurer in the market faces significant regulations to navigate when launching a new product, especially if they’re looking to roll it out in multiple US states. Since there’s no getting around that, we have to look for areas of improvement elsewhere.
We believe one way insurance carriers can speed up product development is to increase the efficiency and effectiveness of how they handle rating content. Verisk’s ISO Electronic Rating Content™ (ERC™) has been a significant tool in that process for our own clients. In fact, we’re proud to be an ISO™ partner. Using ISO™ rating content has long been a way for insurers to speed up product development, giving them a foundation for products they may tailor to their own business strategy and markets. ISO ERC™ digitizes that process, proving to be an important enhancement of capabilities and timelines. Research from analyst group Celent last September has quantified those benefits.
To illustrate these benefits in real life, we invited Bryan Guilbeault, Vice President of Technical Services at Ryan Specialty, to talk about his own experience in accelerating the launch of new insurance products. Bryan explained the best practices in increasing speed to market with ISO ERC™ and how they were able to leverage solutions from ValueMomentum, their long-standing vendor partner. We also welcomed Mark Sheehan, Vice President of Underwriting Solutions at Verisk, to discuss more of the details around ISO ERC™.
We’re excited to showcase our customers and their successes in upcoming webinars! If you’d like to learn more about our customer success stories in the meantime, check out our collection of Case Studies.