How long, on average, does it take for your business to design, test, and deploy a new insurance product?
Over 60% of all respondents to Duck Creek’s recent global survey of insurance professionals said it took either six months to a year – or over a year – to design, test, and deploy a new product.
Among the respondents who left comments, there was a degree of uncertainty, with many confirming that they simply did not know how long it actually took to launch a new product from start to finish.
Other common observations included factors such as the complexity of a new product impacting the timescale and the availability of data to develop the product.
There is no need for slow product development and deployment to hold our industry back any longer. Building a product factory made on Duck Creek allows insurers to innovate with new, market-relevant products, reusing common product definitions across portfolios to offer tailored coverages without creating a massive library of products that are expensive and time-consuming to maintain.
Download the full white paper – The New Standard in Insurance – why do we need it and what should it look like?