Developing a successful insurance product is no small feat. It takes more than a great idea, it demands detailed planning, seamless collaboration across departments, and the ability to make smart decisions, often with limited data. When executed properly, a strong pre-launch strategy sets the stage not only for a smooth rollout but also for long-term sustainability in an increasingly competitive InsurTech landscape, according to Edwin Graham, Principal Actuarial Data Scientist at Akur8.
Laying the groundwork during the pre-launch phase
The pre-launch phase sets the direction. Teams must identify their target customers, define unique product value, assess risk tolerance, and set clear policy terms like exclusions and limits. These decisions align underwriting, pricing, marketing and development efforts from the outset.
Building a data-driven strategy without internal data
Launching without internal data is a common challenge. Insurers can turn to external sources—filed rates, price comparison sites, government statistics, or non-traditional data like credit scores—to build a market-informed pricing strategy. Tools like Akur8’s DATA module help consolidate and use these insights effectively.
Iterative pricing: A smarter approach to actuarial modelling
Rather than perfecting a model upfront, insurers should iterate through segmentation, calibration, and competitive analysis. Segmentation defines risk groups, calibration aligns with business goals, and market analysis keeps pricing competitive. Akur8’s RISK and RATE modules support continuous refinement.
Collaboration and technology: The launchpad to success
Successful launches depend on cross-functional teamwork and the right tech stack. Platforms like Akur8 Pricing use automation and machine learning to enhance accuracy and speed. This enables teams to move faster while staying in control.
Planning for the long haul
Pre-launch planning is just the start. Ongoing monitoring, iteration, and adaptability are key to staying competitive. Insurers that combine data, agile pricing and collaboration are better positioned for lasting success.
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