Source: Skywire Software
Skywire Software, a leading global provider of software and services for the insurance industry, today announced the release of Launcher, an innovative first-of-a-kind application designed to improve, coordinate and measure the process of getting new insurance products to market.
Launcher is a new approach to managing the process of developing insurance products. Traditional processes have relied heavily on informal methods such as email, spreadsheets, forms, meetings and telephone calls. Launcher takes all of that information and puts it in one place, creating a centralized repository where insurers can track all the information related to the process of crafting or refreshing an insurance product.
"With Launcher, insurers can accelerate the whole process of getting new and enhanced products to market, and measure the results," said Debbi Marquette, product manager, Skywire Software. "It's easy to deploy, provides management and operational reports, tracks time to market, and supplies a level of accountability to the process that has traditionally been lacking."
Launcher provides a browser-based interface where users can collaborate on the forms, documents, and language used in developing new insurance products. Actuaries, underwriters, marketers, lawyers, and other insurance professionals can post questions to each other, read the responses, upload documents and forms, and route them to the appropriate parties for approval via Launcher's workflow capabilities. Everyone involved in the highly collaborative cross-functional process can immediately view all the information related to a product development initiative and track its status. This accelerates time to market and reduces the risk that critical information, reviews or approvals may be overlooked.
Research from independent insurance industry analyst firms has underscored the importance of accelerating product development. "Insurers who engage in timely and effective product development will have an advantage in the marketplace," said Donald Light, senior analyst, Celent, LLC in his report Product Development Best Practices. "A steady stream of new products will maintain interest and enthusiasm among both independent and exclusive agents, which is always helpful in a sales environment."
In addition to managing and accelerating the process, Launcher provides measurable results. It lets insurers quantify the time it takes to develop a product, from inception to approval by regulatory bodies, as well as other metrics. These fact-based insights into their current processes equip insurers to improve the effectiveness and efficiency of their product development activities.
"Just as Skywire Software's Tracker application has sped up the process of regulatory filings, Launcher will speed up time to market for new and revised insurance products," said Wendy Gibson, chief marketing officer at Skywire Software. "Insurance executives are under intense market pressure to keep their products current and competitive. Skywire Software has listened to their business needs and concerns, and developed software that will help give them an advantage in an aggressive marketplace. This is part of our commitment to customer focus and continuous innovation."