Accelerate or Evaporate: Why Speed to Market Is Make-or-Break for Insurance Product Development in 2025
Remember when launching a new insurance product in 12-18 months was acceptable? Those days are gone. In today’s dynamic market, carriers taking more than 3-6 months to launch new products are watching their competitive advantage slip away with each passing week. That time is over. Just look what happened in 2024. New annuity product launches increased by 120%.
The Hard Truth About
Product Development Speed
Here’s a startling statistic: While 82% of life and annuity executives believe product development is a core competency, only 12% think they can deliver strong product development innovation, according to research from the Society of Actuaries. Why this massive gap? The answer lies in the tangled web of legacy systems, siloed processes, and complex regulatory requirements that have historically defined insurance product development. But let’s be honest – your competitors aren’t sitting still. They’re finding ways to slash development times while you’re still wrestling with that decade-old policy admin system. The cost of slow product development isn’t just measured in missed opportunities; it’s measured in lost market share, diminished relevance, and eroding profitability.highlight the cost of a “good enough” experience.