Once upon a time when I was an underwriter, my manager was fond of telling me we didn't sell a product, we sold a promise. And at a high level, he was entirely correct.
But at a more granular level, that promise differs from product to product based on the detail of the contract, whether it's a life, health, or P&C policy. Furthermore, a set of promises that's right for one customer may not be right for another.
Like any product manufacturer, insurers seek to find ways to make their offerings stand out in the marketplace. It's not just the oft-cited speed-to-market goal–it's about delivering the right product at the right time to the right customer.
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