How to launch a new product

At Ignite we are often involved with launching new products and services.

If someone wants to launch a new product we give that client an implementation template to fill out.  The idea is to make sure that they’ve thought through the key parts of their business: product, distribution, regulation, automation, administration, and accounting. 

How many fill this in properly?  Hardly any.  They always miss out a section they’re either not interested in or don’t know about.

Our advice?  Fill in the template.  Without it, you can guarantee yourself delays and frustrations further down the line.  That moment when you say “but we expected it would do x…” is the moment we will refer you to the specification.  

More often than not we will charge new clients for a scoping document.  Be prepared to pay for us to do your specification if you haven’t done it yourself.  It’s a very important document, for you and us.  

One way or another, someone has to do the detail.  

How to be successful

As a software company for insurance brokers, we get approached by lots of brokers with plans to set up new schemes, products or even companies.  We’ve seen lots, and that gives us a pretty good idea of what works and what doesn’t.  

What is the thing that divides the successful ones and the unsuccessful ones? 

Speed to market

If you’re slow off the mark you’ll never catch up. 

Certain factors are out of your hands, namely the insurer.  And large = slow.  So use a small one or an MGA.  You can always get more capacity when you’re established.  Large insurers are frothing at the calculator for access to profitable brokers. 

When we hear the words: “We’re in negotiations with some of the UK’s largest insurers” all we think is “this one’ll never get off the ground”