Market Share Driven by Speed

As the insurance industry is facing a faster evolving risk landscape, consumers are getting used to immediate satisfaction through digital means. Therefore, insurance companies that rely on more traditional models will begin to see their business erode from those insurers who begin to give the customer what they want. Yet, what does this mean?

This article explores how the fierce competition in the insurance industry and speed to market drives market share. Now, more than ever, insurers must learn how to be agile and use modern technology to seize opportunities ahead of competitors.

Consumers want speedy access to policies

First, consumers do not want to wait on a quote, they want to see what their policy will cost today. In other industries, consumers already receive immediate results – speedy food delivery, instant book downloads and information at the click of a button. Yet, in insurance, consumers still have to wait several days or weeks to receive a quote.

Secondly, renewals with the traditional agent will not always be a given. Consumers are being bombarded by insurance companies who have already transitioned to the digital space and have found easier ways to get an insurance policy to those consumers. With the fierce competition between insurers and consumer expectations, it is no wonder that innovative companies are succeeding at gaining market share through speed and innovation.

Gain market share through speed and innovation

So, what is the solution? First, insurers need to have a clear idea on their end goal, then they should add the technology. At INSTANDA, we walk our clients through the product design and implementation process and help insurers to:

1. Clearly articulate their business vision
2. Begin with the consumer in mind
3. Figure out the policy lifecycle process (rate, underwrite, quote, bind, issue, and service)
4. Design and implement an MVP release
5. Evaluate the release and make changes
6. Finalize changes and implement a full-scale launch.

These steps empower insurers to have the flexibility to test and learn, while getting a product to market quickly. Through this, insurers can let go of the idea of perfection and build a product, one step at a time. If companies begin to realize they can take small, agile steps to build products, they can quickly gain market share and beat the competition by providing easier access to insurance consumers.

If you are interested in learning more about this idea of timing being an important factor to success in the insurance industry, then contact us today. Our typical deployment takes around 12 weeks from idea to implementation, so you can revolutionize the way you do insurance!