For insurers, product lifecycle management is not what it used to be. Indeed, a constantly evolving technology ecosystem — paired with changing customer expectations and an uncertain business environment — mean that to prosper, carriers must now adapt the manner in which they conceive and manage their products.
Historically, carriers faced a variety of challenges getting products to market in a timely manner. For many years, technology was almost as much a hindrance as an enabler for some companies as new insurance products would need to interact with a hodge-podge of systems from policy administration to rating en route to market. Now a maturing set of product lifecycle management tools expressly built to enable insurers to better manage a product from conception through design, distribution and service, coupled with the advent of service-oriented architectures, have served to lower the IT hurdle in the product development cycle.
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