Why do new insurance products take so long to hit the market? The gaps can be obvious, the risks well known and the market open, yet insurers will still drag their feet to address the situation. From a broker’s perspective, it can be intensely frustrating to see business walk out the door simply because a product doesn’t exist or can’t be tailored to customer demand.
But there’s change on the horizon. With the right tools, insurers will be able to develop and release new products at a far more rapid rate, and increase innovation within the insurance industry – which should mean better business for brokers. By embracing SaaS and effective use of data, there’s the potential to secure coverage for more clients than ever before.
In this feature from Duck Creek Technologies, you’ll gain insights into:
- How the insurance industry mimics car manufacturing – and why the current paradigm doesn’t allow for rapid innovation
- How the right tech enables greater market adaptability
- Why SaaS will build better insurance platforms
- Why cyber insurance is more than a monolith