Getting a new insurance product to market is a journey, and while speed is an important component of that journey, it’s not the only requirement for success. Consider getting to market in terms of running a 5K race. It’s something a lot of people are very capable of doing, just like most insurers are adept at bringing products to market. The goal of running a 5K is not just to get to the finish line (preferably first!) but to get there healthy enough to continue running and improving. Every runner will have a different set of needs for accomplishing these goals, depending on their physical health, schedule, long-term running goals, and other factors. The same is true for bringing insurance products to policyholders. Each insurer will have different needs and markers for success, and speed is only one of them.
Where Are You?
A huge factor in both outdoor running and insurance product launch is location. As a runner, your climate will have a significant impact on what you need to be successful. As an insurer, your geographical location affects regulatory requirements, cultural expectations, language, currency, rating structures, and more. It’s not enough to just grab a product model from anywhere and go. Your product must be tailored to your region.
Borrow Best Practices
Despite the differences between regions, many lessons learned and best practices will apply to a majority of product launches. Whether it’s the product-specific nuances of pet insurance or a general need to include coverage tiers in a rating structure, some things are universal. Just like a runner will always need proper hydration and good shoes, taking on lessons learned is a wise way to get to market not just faster, but more successfully. Additionally, best practices for launching a global product can be immensely helpful when offering region-specific versions of that same product, and vice versa. If you’re a runner in an area with vastly different weather seasons, consider how helpful it would be to take some cues from runners who live in places that are always cold or always hot!
Build on a Solid Foundation
In many ways, a good product is a good product. Starting with something that works and then adjusting it for different needs is a winning strategy. Let’s say you typically train on flat terrain, but are planning to race in a different city where the terrain is more variable. You’re not going to throw out all your successful training regimens – schedule, fuel, recovery, etc. – just because one element changes; that would be counterproductive. You’ll change up some of your training to prepare for the hilly route and continue working toward that race. So, if you, or someone else, has successfully launched something like cyber insurance, much of that strategy can be applied to launching the same product in a new region. Consistency is nearly always a good idea.
Win Your Race with the Flaine Release of Guidewire GO
Guidewire GO is Guidewire’s version of a base training program. It’s where you start, and we’re building up that foundation with every new software release. We brought regional content into the Guidewire GO program in the Elysian release, and added more in Flaine. In case you missed it, here are the enhancements we made to Guidewire GO in Flaine:
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Americas
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New Commercial Auto line of business for InsuranceNow
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New AAIS Inland Marine line of business for InsuranceSuite
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Australia
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Australian Business Register (ABN) Lookup
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Automated management of Australian Personal Motor (PMA) claim limits
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Address integration for ContactManager
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London Market
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Improved premium handling and pre-bind support for underwriters
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Enhanced policy lifecycle support
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Increased efficiency for claims handling
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Japan
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New Japan Pet line of business – our first multi-language GO Product
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Japan country layer for ClaimCenter
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GIAJ integration
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Global
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New Global Pets line of business
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As we noted at Connections, we will continue to offer more regional support AND new lines of business in every release moving forward. It’s an exciting time to release new products on Guidewire!
Visit Guidewire Marketplace to download not only product models and mind maps that work with Advanced Product Designer and PolicyCenter, but also region-specific content. This combination, all proven in Guidewire implementations and vetted by the Guidewire team, is your secret sauce for getting to market first and continuing to win.
Not a Guidewire customer yet? Contact our team to schedule a demo and see the power of Guidewire GO for yourself!