Five Priorities for Optimum Insurance Product Strategy & Profitable Growth
An exclusive Reuters Events whitepaper featuring insights from senior product executives at Prudential Financial, MetLife, CSAA & Allstate.
How do carriers ensure their products are attractive to consumers in a tough socioeconomic environment? How do they stand out against the competition and meet evolving demands with speed and accuracy? The key to successfully navigating these questions is held in a watertight product strategy.
That’s why ahead of Reuters Events: The Future of Insurance USA 2023 (June 27-28, Chicago), we spoke to 4 insurance companies to hear their thoughts on product trends, and where they are focusing their energy.
Featuring perspectives from industry thought-leaders:
Covering the future of product, including:
- Prioritize Adaptability: Products must be flexible to meet customer needs and evolving risk – design a strategy that utilizes innovation labs and customer feedback to ensure your products continually align with the changing ecosystem.
- Invest in Innovation: Foster a culture where outside-the-box thinking is encouraged, and new, productivity-boosting products can be quickly introduced to remain competitive in a commoditized market.
- Balance Human & Machine: Many customers want to purchase and manage their policies digitally, simply, and quickly. Focus on embedded and digital-first products to better resonate whilst retaining the balance of human support where needed.
Key insights to look out for:
“Consumers have made it unequivocally clear that we’ve got to be digital today.”
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Rob Schaffer, Head of Product, Individual Life Insurance, Prudential Financial
“We can’t move so fast that we can roll out new products every week or month and meet the needs of society. But what we can do is, through partnerships, deliver more of that value”
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David Essary, President, Allstate Health & Benefits
“We are granting access to everyone who’s enrolled. We are helping close that financial gap by removing concern over cost”
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Loi Stoddard-Graham, Vice President, Business Growth & retention, Metlife Legal Plans
I hope you enjoy the insights!
Best wishes
Nuriya
Nuriya Powell
Conference Organiser
Insurance
Reuters Events
Telephone: +44 (0) 20 3197 8332
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