New Tools for Product Management: Four Tips for Getting It Right
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The job of the product manager is changing. Data will become the key differentiator, but only if insurers can use it well.
Key research questions
- How are insurance products changing, and what is the impact on the role of product management?
- How do product managers conduct analysis today, and what more do they wish they could do?
- Where is product management going, and what tools will product managers need in the future?
With the fight for new customers growing more and more competitive, carriers continue to look for new ways of differentiation through their products. Insurance carriers have always needed to develop innovative products, get them to market in a timely fashion, and manage risk. Those are key ingredients to build market share and maintaining profitability.
But creating new products is only part of differentiation. Keeping products up-to-date is an ongoing challenge as revisions come out from ISO daily. While tools exist to streamline the modifications of rates and rules, much of a product manager’s job is trying to understand how the proposed changes will impact them in the market. How much of an impact will a rate change make? How do their own deviations compare to the new rates being released? What will the competitive and market impact be of taking a rate change? And how can you benchmark the rates for specific segments? Are your most profitable segments getting the best rates?
This report looks at some of the challenges that carriers have when thinking through these questions and looks at some of the new tools and techniques that carriers use to address these issues.