The New Standard in P&C Insurance
There’s a new standard in P&C insurance in terms of the efficiency, execution, and innovation required to better protect people, property, and organizations.
Product factories enable insurers to innovate new, market-relevant products, reusing common product definitions across their portfolios, allowing them to offer tailored coverages without creating a massive library of products that are expensive and time-consuming to maintain.
In this outcome brief we will address:
- What exactly is a product factory?
- The old standard vs. the new standard
- How to get there with a process that evolves over time
- Benefits of the new standard