Rapid product launch strategy for the insurance business.
Before the pandemic, the demand for the insurance business was different from what it is today. As human lifestyles keep changing, the need for insurance is also changing. Insurance is a dynamic industry that needs to adapt according to market demands. The insurance companies keep on balancing the business strategies and customer demands.
Technology allows the insurer to understand market opportunities and come up with new policies. During the pandemic, many insurers have seen the demand for new policies is high. To fulfil these requirements they start implementing rapid product strategies. It is a bit more challenging to make the rapid product launches as not every product or policy will result in a smashing success.
According to the Marketing Research Association, not every product makes it into the market. Only 40% of developed products succeed and survive in the market.
Following are some steps for Rapid Product Launch :
1. Understand the correct product/policy:
Most of the product launch gets affected at the beginning of the launch and collapse. As the product that the market demand and business provide is different. An insurer should create that market demand and look forward to it.
Here are some other reasons for the product launch failure:
1. Wrong Target Customers
2. Inaccurate estimation of consumers needs
3. Time for Product Launch
4. Lack of Promotion
5. Poor After-sales Service
For the insurance business, providing the right product at the right time to the right audience is essential.
2. Apply ideas
Research about the customer’s need and market demand helps to build the right policy. Multiple ideas if implemented properly help to minimize the errors. These ideas can be a combination of different assumptions and strategies. For the rapid product launch, the decision-makers should choose ideas that are efficient and clear to implement. Some businesses apply all the assumptions about the market before launching the product, while others prioritise working ideas. For the rapid product launch, the insurance business should choose the strategy that saves time, money and energy.
3. Connect with customers
A product made without considering the customer always ends up being a disappointment. Consider what customers are looking for and make changes in the product accordingly. For the rapid product launch, businesses should consider customers’ needs and wants. Taking Customer feedback and asking them questions helps to add essential features and make changes to the product.
4. Product is the primary features are secondary
The rapid product launch is for fulfilling the instant demand of the customers. It is provided to the customers as soon as possible. Adding basic features at the start of the product makes the product ready for sales.
For example: During a pandemic, when customers were not using vehicles. They were looking for a premium option that gives them the leverage of paying when they drive. Many insurance companies launch the product “Pay as you drive”. This product provides the benefits of paying an insurance premium amount when they use the vehicle. The companies who launch the product sooner get more sales than those who start a little later. Many companies provided the products to the customers and generated sales. After the product launch, the business added the features like video upload and photo upload for claiming the insurance.
Sometimes it is better to not waste thousands and millions of dollars on identifying and adding features. For digital product content, user interface, user experience and customer support are significant.
5. Test your plans
The reaction of the customer decides whether the product stays in the market or gets thrown out. For the rapid product launch, the insurer can make a very pricey mistake if they do not test their product on a customer. Talk to the customers, identify what they are looking for, ask them for feedback and implement the plans.
6. Digital platform
The is difficult to align the IT resources, connecting data and new product ideas. When it comes to the Rapid product launch, an insurer should look for a platform that gives more flexibility to add new policies or products. To survive in the competitive market, rolling out the competitive product is key. Select the digital platform that provides the flexibility and features required for the business. Launching a new policy and product requires less time if the digital platform is perfect.
7. IT expert team
An insurer should look for IT members who are insurance domain experts. Insurer most of the time, mistaken to choose the technology partners. While selecting the IT partners, an insurer should look at the following points:
1. Acknowledge the company’s experience
2. Companies adherence to Industry Standards
3. Companies dedication towards delivering promised results
4. Experienced members
8. Marketing and promotion
Gone are the days when an insurer needs a large amount of money for product marketing. Now online platforms like social media, websites, blogs and paid advertisements are some ways for marketing. Using the power of digital platforms, an insurer can launch and start selling new policies. These platforms connect business with the customers. Promotional activities like the presale offer, launch offer help to generate sales. These offers generate revenue while the product or policies are still under development.
9. Policy launch
There are multiple factors involved in the successful policy launch. Some of them are time, place, platform, brand, customer support system and strategies.
10. After the launch
For the rapid product launch, it is the time where the actual work started. Take feedback from the product, answering customer queries and providing solutions and upgrading the product.
The rapid product launch needs fast decisions and actions. A good insurance business knows how to launch the product. An insurer should choose a technology partner wisely. For the rapid product launch, the insurance business needs support from technology experts.
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