In today’s insurance marketplace, coverage enhancements and creative new lines of insurance are essential to maintaining a competitive edge. When developing or updating insurance products, many carriers take action without considering important details. They do not develop their products with market evolution and regulatory hurdles specific to each state or line of insurance in mind.
Many insurance companies also try to go it alone, relying on their in-house departments to design insurance products that fit the bill. But this method is fraught with risk and can result in rejection by the State Departments of Insurance that require additional time and resources to correct.
As an insurance carrier, you understand what your clientele wants but are you prepared to design the most appropriate insurance product to achieve it? This is where insurance product design specialists come in.
They have years of experience in unique lines such as gap products in the accident and health arena and uncommon coverages like emerging inland marine lines for technology products, insurance for pets, and animal mortality. Specialists can provide advice and guidance on any aspect required by a particular line. Most in-house teams are simply not set up to provide such extensive insight.
Insurance product consultants think outside the box and develop innovative solutions to get you from idea to an approved product that satisfies regulators in a timely period. Many product design consultants have decades of experience and can handle all aspects of your development, or fill in for a gap in your staff. You can utilize their services to whatever degree you are comfortable. They can handle your entire project or simply slot into your existing team and lend their expertise.
With today’s rapid technology advancements, what worked in the past might not be the best solution. For example, millennials are buying insurance today in a completely different way than their parents or grandparents. They want instant quotes and payment submissions with a single touch on their smartphone. A specialist can help ensure that your product–and how it is delivered–keeps pace with the times.
They understand the distinct operating nuances specific to state Departments of Insurance and the submission requirements for each department. Some have personal relationships with individuals at the departments and can obtain answers quickly. As independent contractors, insurance product specialists can also make anonymous inquiries about new products or product enhancements without spotlighting exactly who is asking. This can save a tremendous amount of time during filing, enabling you to meet all regulatory requirements ahead of time.
We always recommend that you bring your product design consultant onboard as close to your project’s inception as possible. While specialists can handle your project at any stage–before, during, or after filing–you get the true value of their expertise when you enable them to contribute to your product’s development early on.
If you would like to know more about how an insurance product design specialist can help your business, call us at (888)201-5123 Ext. 3 and we will gladly discuss your product needs.