Gartner Research

Low Demand for Insurance Product Configurators Continues to Challenge the Market

Published: 20 November 2013

ID: G00248269

Analyst(s): Kimberly Harris-Ferrante

Summary

While product innovation is top of mind among global life and P&C insurers, few have invested in product configurators for product life cycle management. Within three years, this market will be facing obsolescence due to limited demand and growing competitive pressures.

Table Of Contents
  • Impacts

Analysis

Impacts and Recommendations

  • Low investment by insurers has resulted in a limited market for product configurators, leaving CIOs with few options and solutions that fit a single product line or geography in most cases
  • The focus on legacy modernization and improvements in policy administration/management systems will drive most insurance CIOs to choose full policy administration system replacement instead of buying stand-alone product configurators
  • Improved policy offerings and concerns about IT integration costs will make most insurers avoid buying product configurators, with few exceptions

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