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4 key areas that speed up carriers' time to market

Changing customer demands drive smarter product development. In personal lines and, increasingly, commercial lines, insurance customers are no longer satisfied with one-size-fits-all product offerings. They now expect products that are tailored, not just to their specific market segment, but to their individual needs.

By Cindy De Armond, John Mulhall | Updated on March 26, 2015

The insurance industry is changing at a pace that would have been unimaginable just a few years ago, and it is the customer driving much of this change. In personal lines and, increasingly, commercial lines, insurance customers are no longer satisfied with one-size-fits-all product offerings; they now expect products that are tailored, not just to their specific market segment, but to their individual needs. 

New competitors are working hard to meet these changing customer demands. A 2013 Accenture survey reports that 23% of consumers would be open to buying insurance products from Internet giants such as Google and Amazon.com. Today, Walmart and Overstock.com are offering property and casualty insurance, and an entity called Google Compare Auto Insurance Services has obtained licenses to sell insurance in more than half of the states in the country.

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