Life insurance product innovation: What insurers can learn from leading tech and consumer companies

Insurers can develop a competitive advantage by looking to how leading technology and consumer-product companies accelerate product development and improve product innovation.

The vast majority of life and annuities executives believe product development is a core competency, yet just over one in ten think their process delivers strong product innovation. To get there, insurers can learn from leading technology and consumer companies and implement tactical changes in their approach to the organization, the process, and talent.

Seven bold approaches can result in reduced product development cycle time, increased revenue and margins, and improved customer service and satisfaction.

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