{"id":12504,"date":"2021-05-24T16:50:26","date_gmt":"2021-05-24T13:50:26","guid":{"rendered":"https:\/\/insly.com\/?p=12168"},"modified":"2024-03-14T15:58:39","modified_gmt":"2024-03-14T12:58:39","slug":"7-tips-for-quick-insurance-product-launch","status":"publish","type":"post","link":"https:\/\/insly.com\/en\/blog\/7-tips-for-quick-insurance-product-launch\/","title":{"rendered":"7 Tips for a Quick Insurance Product Launch"},"content":{"rendered":"<div style=\"margin-top: 0px; margin-bottom: 0px;\" class=\"sharethis-inline-share-buttons\" ><\/div><p>[vc_row css=&#8221;.vc_custom_1621858391488{margin-right: 10% !important;margin-left: 10% !important;}&#8221;][vc_column][vc_column_text]<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #333333;\">In a digital society where online channels and social media have taken over, our attention span has dried out. Insurance is affected by this as well \u2013 products must be made available across multiple channels, fast. This convenience is not only expected by consumers but also by brokers, demanding simple online products and a seamless buying process.<\/span><\/p>\n<p style=\"text-align: justify;\"><span class=\"TextRun  BCX0 SCXW92383335\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun  BCX0 SCXW92383335\">In order to adapt to <\/span><span class=\"NormalTextRun  BCX0 SCXW92383335\">market<\/span><span class=\"NormalTextRun  BCX0 SCXW92383335\">\u00a0needs<\/span><span class=\"NormalTextRun  BCX0 SCXW92383335\">\u00a0and be able to launch\u00a0<\/span><span class=\"NormalTextRun  BCX0 SCXW92383335\">insurance\u00a0<\/span><span class=\"NormalTextRun  BCX0 SCXW92383335\">products<\/span><span class=\"NormalTextRun  BCX0 SCXW92383335\">\u00a0<\/span><span class=\"NormalTextRun CommentStart  BCX0 SCXW92383335\">quickly<\/span><span class=\"NormalTextRun  BCX0 SCXW92383335\">, MGAs must have <\/span><span class=\"NormalTextRun  BCX0 SCXW92383335\">an <\/span><span class=\"NormalTextRun  BCX0 SCXW92383335\">excellent understanding of their product<\/span><span class=\"NormalTextRun  BCX0 SCXW92383335\">\u00a0and<\/span><span class=\"NormalTextRun  BCX0 SCXW92383335\">\u00a0its structure<\/span><span class=\"NormalTextRun  BCX0 SCXW92383335\">. They must\u00a0<\/span><span class=\"NormalTextRun  BCX0 SCXW92383335\">realise the cost of using customised<\/span><span class=\"NormalTextRun  BCX0 SCXW92383335\">\u00a0insurance software, be ready to change their business processes,\u00a0<\/span><span class=\"NormalTextRun  BCX0 SCXW92383335\">as well as\u00a0<\/span><span class=\"NormalTextRun  BCX0 SCXW92383335\">choose<\/span><span class=\"NormalTextRun  BCX0 SCXW92383335\">\u00a0a<\/span><span class=\"NormalTextRun  BCX0 SCXW92383335\">\u00a0<\/span><span class=\"NormalTextRun  BCX0 SCXW92383335\">software provider who is on the same page\u00a0<\/span><span class=\"NormalTextRun  BCX0 SCXW92383335\">as them<\/span><span class=\"NormalTextRun  BCX0 SCXW92383335\">.\u00a0<\/span><span class=\"NormalTextRun CommentStart  BCX0 SCXW92383335\">This\u00a0<\/span><span class=\"NormalTextRun  BCX0 SCXW92383335\">may sound easy, but reality turns out trickier<\/span><span class=\"NormalTextRun  BCX0 SCXW92383335\">.<\/span><span class=\"NormalTextRun  BCX0 SCXW92383335\">\u00a0This is why we put down\u00a0<\/span><span class=\"NormalTextRun  BCX0 SCXW92383335\">7<\/span><span class=\"NormalTextRun  BCX0 SCXW92383335\">\u00a0tips\u00a0<\/span><span class=\"NormalTextRun  BCX0 SCXW92383335\">to<\/span><span class=\"NormalTextRun  BCX0 SCXW92383335\">\u00a0MGAs for\u00a0<\/span><span class=\"NormalTextRun  BCX0 SCXW92383335\">a\u00a0<\/span><span class=\"NormalTextRun  BCX0 SCXW92383335\">quick product launch.<\/span><\/span><span class=\"EOP  BCX0 SCXW92383335\" data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<h2><strong>1) Product Completeness and Structure<\/strong><\/h2>\n<p style=\"text-align: justify;\"><span style=\"color: #333333;\">Where does your product begin and end? Completeness of product, including organised product materials, is crucial when it comes to product management. The biggest challenge for MGAs is to define the product, create structure around it and avoid scattered materials. Insurance products consist of two parts:<\/span><\/p>\n<ul>\n<li><span style=\"color: #333333;\">information MGAs collect from customers through the application form;<\/span><\/li>\n<li><span style=\"color: #333333;\">external information that MGAs forward to other databases.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"color: #333333;\">Often, the importance of external information is underestimated, but this is necessary to, for example, calculate the price. Full understanding of the quote form is essential and not just for the customer \u2013 It\u2019s more complex and affects the whole product design and pricing. Your product is not only built on data you get from your customers, but also on additional data you need to calculate the price and produce reports for insurers.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #333333;\">To launch products quickly, MGAs should think of two aspects when it comes to product design:<\/span><\/p>\n<ul>\n<li><span style=\"color: #333333;\">what is the list of possible covers and underwriting capacity, i.e. who are the insurers;<\/span><\/li>\n<li><span style=\"color: #333333;\">what are the product components, e.g. form, rating or underwriting guide, standard or special case documents, output reports (e.g. bordereau or BI), etc.\u00a0<\/span><\/li>\n<\/ul>\n<h2><strong>2) Cost of Customisation. Go for No-Code Software<\/strong><\/h2>\n<p style=\"text-align: justify;\"><span style=\"color: #333333;\">MGAs must bear in mind the project and product concept. When you go for a tailored solution that covers your specific business needs, there is a cost. In addition to the numbers on the invoice, the cost is slowness in progress and improvements. MGAs can pay for the set-up, but when each update or adjustment is charged, the solution becomes too costly in terms of time and money, since it\u2019s business-specific. That\u2019s why it\u2019s often wise to prefer an out-of-the-box<\/span> <a href=\"https:\/\/insly.com\/blog\/why-your-insurance-business-should-be-ready-for-no-code-and-low-code-platforms\/\">no-code insurance software<\/a>.<span style=\"color: #333333;\"> It pays off in the long term \u2013 you get a subscription-based plan that includes constant product updates. By choosing a no-code solution, MGAs don\u2019t limit their future possibilities \u2013 if the system develops, they automatically get all the upgrades, whereas users of customised solutions struggle. So, there\u2019s already one less problem in the way of quick product launches.<\/span><\/p>\n<h2><strong>3) Choose an Open Solution<\/strong><\/h2>\n<p style=\"text-align: justify;\"><span class=\"TextRun SCXW263142638 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW263142638 BCX0\">To be open towards customers, your underwriting software must be open and connectable. For ensuring seamless data flow, MGAs have to integrate their product to other systems like accounting or third-party reporting.\u00a0<\/span><span class=\"NormalTextRun CommentStart SCXW263142638 BCX0\">When the solution is closed or very specifically\u00a0<\/span><span class=\"NormalTextRun SCXW263142638 BCX0\">customised, its<\/span><span class=\"NormalTextRun SCXW263142638 BCX0\">\u00a0<\/span><span class=\"NormalTextRun SCXW263142638 BCX0\">implementation\u00a0<\/span><span class=\"NormalTextRun SCXW263142638 BCX0\">requires many development hours and can be a challenge.<\/span><span class=\"NormalTextRun SCXW263142638 BCX0\">\u00a0On the other hand, open solutions are really easy to\u00a0<\/span><\/span><a class=\"Hyperlink SCXW263142638 BCX0\" href=\"https:\/\/insly.com\/blog\/is-using-apis-in-insurance-essential-for-your-business\/\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"TextRun Underlined SCXW263142638 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW263142638 BCX0\" data-ccp-charstyle=\"Hyperlink\">integrate\u00a0<\/span><span class=\"NormalTextRun SCXW263142638 BCX0\" data-ccp-charstyle=\"Hyperlink\">in<\/span><span class=\"NormalTextRun SCXW263142638 BCX0\" data-ccp-charstyle=\"Hyperlink\">to other systems via APIs<\/span><\/span><\/a><span class=\"TextRun SCXW263142638 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW263142638 BCX0\">\u00a0\u2013 just like\u00a0<\/span><span class=\"NormalTextRun CommentStart SpellingErrorV2 SCXW263142638 BCX0\">Insly<\/span><span class=\"NormalTextRun SCXW263142638 BCX0\">.\u00a0<\/span><\/span><span class=\"EOP SCXW263142638 BCX0\" data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<h2><strong>4) Define Platform Users <\/strong><\/h2>\n<p><span data-contrast=\"auto\">Understand who\u00a0is\u00a0using your platform. It\u2019s an important criterion when\u00a0<\/span><a href=\"https:\/\/insly.com\/blog\/how-to-choose-insurance-software-an-8-step-guide-for-mgas\/\"><span data-contrast=\"none\">MGAs choose insurance software<\/span><\/a><span data-contrast=\"auto\">, since providers take different approaches. The most common players, which\u00a0Insly\u00a0platform can also accommodate, are:<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"7\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">insurance company\u00a0underwriter\u00a0who sometimes wants to be part of MGA\u2019s system, especially for complex cases, getting notifications, giving approvals, etc.;<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"7\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">MGA\u00a0underwriters and other staff;<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"7\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">agent or broker\u00a0staff;<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"7\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">end customer.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/li>\n<\/ul>\n<h2><strong>5) Flexibility to Build Your Own Products<\/strong><\/h2>\n<p style=\"text-align: justify;\"><span style=\"color: #333333;\">MGAs might have skilled project managers and other advanced users who want to design products or workflows themselves. No-code insurance software guarantees this flexibility since it doesn\u2019t require any coding knowledge to build, launch, or redesign products. But there\u2019s a catch \u2013 many no-code software providers claim that their solution enables this, but implement changes themselves and charge MGAs for adjustments and updates. That\u2019s why MGAs must clarify their possibilities for configuration and how much they can actually do on their own. For example, Insly admin interface is very flexible and MGAs can configure products on their own.<\/span><\/p>\n<h2><strong>6) Re-engineer Business Processes<\/strong><\/h2>\n<p style=\"text-align: justify;\"><span class=\"TextRun SCXW68794840 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW68794840 BCX0\">When creating structure around\u00a0<\/span><span class=\"NormalTextRun SCXW68794840 BCX0 CatchUpActivityHoveredHighlight CatchUpActivityHighlightBegin CatchUpActivityHighlightMiddle CatchUpActivityHighlightEnd\">a\u00a0<\/span><span class=\"NormalTextRun SCXW68794840 BCX0\">product, MGAs should be ready to change and\u00a0<\/span><span class=\"NormalTextRun SCXW68794840 BCX0\">re<\/span><span class=\"NormalTextRun SCXW68794840 BCX0\">&#8211;<\/span><span class=\"NormalTextRun SCXW68794840 BCX0\">eng<\/span><span class=\"NormalTextRun SCXW68794840 BCX0\">ineer business processes. Implementing a new IT system\u00a0<\/span><span class=\"NormalTextRun SCXW68794840 BCX0\">provides the o<\/span><span class=\"NormalTextRun SCXW68794840 BCX0\">pportunity\u00a0<\/span><span class=\"NormalTextRun SCXW68794840 BCX0\">to bring structure to\u00a0<\/span><span class=\"NormalTextRun SCXW68794840 BCX0\">products and processes<\/span><span class=\"NormalTextRun SCXW68794840 BCX0\">\u00a0\u2013 this is crucial for quick product la<\/span><\/span><span class=\"TextRun SCXW68794840 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW68794840 BCX0\">unch<\/span><span class=\"NormalTextRun SCXW68794840 BCX0\">es<\/span><span class=\"NormalTextRun SCXW68794840 BCX0\">.\u00a0<\/span><\/span><span class=\"TextRun SCXW68794840 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW68794840 BCX0\">Sometimes conflicts arise from the need to change corporate mindset, especially when a new IT partner is onboarded, who suggests to do things differently compared to the status quo. This is why MGAs should put trust in the cooperation with the IT partner who is an expert in its field, has worked with various customers and product lines.<\/span><\/span><span class=\"EOP SCXW68794840 BCX0\" data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<h2><strong>7) Choose a Reliable IT Partner and Understand Its Business Logic<\/strong><\/h2>\n<p style=\"text-align: justify;\"><span style=\"color: #333333;\">A myriad of insurance software is on offer for MGAs. In fact, here\u2019s a<\/span> <a href=\"https:\/\/insly.com\/blog\/no-code-and-low-code-insurance-software-providers-for-mgas\/\">comparison of no-code and low-code insurance software providers for MGAs<\/a><span style=\"color: #333333;\">, that you might find useful. However, it doesn\u2019t matter how much experience you have in using IT systems, each insurance software provider is different, and you need time to adapt to its business logic. This defines the speed of implementation \u2013 the faster MGAs comprehend the solution, the faster the deployment cycle.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #333333;\">This is why it\u2019s important that software providers engage MGAs already from the early stages to create an understanding of how the system works. The best way to do that is by designing an interface visual of the system, a so-called mock-up. MGAs should feel free to ask for this, since it gives the exact feeling of how the software will work in your case, on your terms. At Insly, we always pay attention to this and it\u2019s our standard to make sure our customers get a clear picture of their future solution from very early on.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #333333;\">An aspect that shouldn\u2019t be forgotten when choosing an insurance software provider is culture. We have experience with customers from very different cultural backgrounds and this clearly defines the speed of the project. Things that are taken for granted by MGAs from the UK might not be by those from India. This is where MGA-provider communication and minor technical details start kicking in. Daily interactions are important, especially during the implementation phase. Businesses from various cultures value communication differently which is why MGAs should bear in mind the culture of the insurance software provider.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #333333;\">These are our 7 tips for MGAs for quick product launch. Of course, you can go in more detail, but this is a great starting point. In general, structure around the product, deciding on an open solution that enables your team to work hands-on on building products, but also choosing the right software provider are the cornerstones that define quick product launch<\/span>.<\/p>\n<p style=\"text-align: left;\"><span style=\"color: #333333;\">If you have any questions, need advice on this topic, or have ideas that you would like to discuss, feel free to reach out to our team!<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"color: #333333;\"><span data-contrast=\"auto\"><span style=\"color: #000000;\"><a class=\"btn light-green-border medium radius animated animation-delay-1 book-a-demo, popmake-10953\" href=\"#\">Book a demo<\/a><\/span><\/span><br \/>\n<\/span><\/p>\n<p>[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[vc_row css=&#8221;.vc_custom_1621858391488{margin-right: 10% !important;margin-left: 10% !important;}&#8221;][vc_column][vc_column_text] In a digital society where online channels and social media have taken over, our attention span has dried out. Insurance is affected by this as well \u2013 products must be made available across multiple channels, fast. This convenience is not only expected by consumers but also by brokers, demanding [&hellip;]<\/p>\n","protected":false},"author":12,"featured_media":14146,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","inline_featured_image":false,"footnotes":""},"categories":[39,78],"tags":[257],"class_list":["post-12504","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-insurance-innovation","category-mga","tag-insurance-product-launch"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>7 Tips for a Quick Insurance Product Launch - Insly<\/title>\n<meta name=\"description\" content=\"In order to adapt to market needs and be able to launch insurance products, MGAs must have an understanding of their product.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/insly.com\/en\/blog\/7-tips-for-quick-insurance-product-launch\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"7 Tips for a Quick Insurance Product Launch - 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