Software supplier Exaxe has warned pension providers they could lose the edge over their competitors if they do not bring new products to market within the timeframe of a month.
The company, which has offices in London and Dublin. says that with heightened competition in the pension arena and extra pressure to create new types of products to adapt to shifting consumer demand, the speed of delivery to the marketplace is crucial to the success both of individual products and overall product strategy.
Business development director Philip Naughton says: “Product development and maintenance should be measured in days not months. This is a shift away from the old project-based way of developing new products. Our experience has shown that significant business can be lost if the process is not concluded inside a month.”
He says life and pension providers will need to review and alter their policy admin because their legacy systems will not be able to adapt to new and nimbler product lifecycles. “Life offices need to embrace new tools to bring together the key parties in product development – IT specialists, product consultants, actuaries and product developers – to speed up the product-to-market process,” says Naughton.