Part 2: Herding Cats – Capturing a Market Opportunity
The heart of any life insurance company lies in its ability to develop products that provide a value to the customers who buy them and the distributors who sell them in the market. This second article looks at what happens after a product idea has emerged, as this extended team gets organized and prepared for launch. There are several latent processes and technology issues that surface during this period. Communication and transparency are the key challenges that sorely need to be addressed.
According to recent survey from McKinsey & Company:
– The fastest companies move through each stage quickly, and overlap phases. However …
– Of those ideas being explored, 55% do not even make it out of the ideation
– Budget, cost resource, and resource constraints are reasons cited for abandonment of ideas
Mantissa and Penn River’s joint solution is specifically designed to solve for this, and digitizing Product Development.
We hope you enjoy this article: Mantissa Brief