Unlike the physical components of a typical manufactured product, insurance products are considered less tangible, and are most often considered "intellectual property." However, product life cycle management functions the same in both a manufacturing and insurance environment. Both require:* Support for product lifecycle business processes (IT, labor)
* Platform for building
* Knowledge repository
* Integration of disparate pieces
* Effective change management
* Single enterprise version of the truth
* Access, share and manage product information securely
* Scorecards, formal review
* Governance/accountability to stakeholders
Even from a regulatory reporting and compliance perspective, requirements of both industries are similar. From an insurance product development perspective, compliance means an insurer must only sell products with language and prices that have been approved by regulators and conform to appropriate laws and regulations.
From a manufacturer's perspective, a manufacturing company can only sell products that have been approved by regulators and conform to laws and regulations.
