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A leading UK life insurer turned to Accenture for help in bringing innovative products to market quickly and effectively.
This leading UK life insurer needed to increase its speed and agility in bringing to market innovative and profitable life insurance products.
A review of its approach for product development identified a number of opportunities for improvement, including the polling of consumer attitudes, faster speed-to-market due to increased process efficiency and a streamlined best-practices approach to product design.
Accenture worked with the life insurer to review and re-engineer its proposition development processes and to implement a set of tools and procedures to support the end-to-end development lifecycle.
The marketing transformation for this UK life insurer resulted in a number of key benefits including better filtering and prioritization of products; reduction of average product development lifecycle from 250 to 60 days; better alignment of resources and budget allocation; improved compliance with regulatory and legal requirements; ability to measure and monitor performance of the end-to-end proposition lifecycle from concept through to launch and then in-market performance.
The client was operating in an increasingly competitive and crowded marketplace, where the sophistication of the available insurance products meant there was limited opportunity for radical new products due to the complexity of updating these products for new market demands. At the same time, stricter regulations and previous industry challenges with product governance had resulted in increased scrutiny from the financial authorities and auditors.
These factors all contributed to the complexity that made it difficult for the client to develop and launch effective products rapidly.
A review of the current approach for product development identified numerous opportunities for improvement including:
Accenture worked with the life insurer to review and re-engineer its proposition development processes and to implement a set of tools and procedures to support the end-to-end development lifecycle, with specific focus on four key areas:
The marketing transformation for this UK life insurer resulted in a number of key benefits:
With Accenture’s help, the operational effectiveness of this UK life insurer’s product development and marketing processes has been improved to create a more agile and effective organization able to respond rapidly to changing business needs and market expectations, and placing the client firmly on the road to high performance.
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