April 2021 – Improving product speed to market depends on optimizing internal processes and technology for P/C insurers. Speed to market is a key concern for property/casualty insurers. Delays in introducing or modifying products can be due to technology issues, filing times, or internal business processes.

This study of more than 60 property/casualty insurers presents data about average speeds to market for new and modified products and analyzes the factors that correlate to faster speeds for different lines of business.

Key Points and Findings

• Smaller insurers are faster. Larger insurers tend to have more complex processes and are an average of 20% slower for new products and 10% slower for modifications.
• When technology is the long pole, it has a real impact. Technology implementation isn’t the longest phase for all, but when it is, those insurers generally have slower speeds to market.
• Newer technology is correlated with faster product modification speeds in most lines. Insurers with more modern core systems (homegrown or vended) tend to have faster product modification times.