This article was originally published on the Dais website as part of the "Lessons from the Frontlines of Innovation" series.

Speed to market is a must. The race is on as innovative insurers strive to outpace their competitors, recognizing that the first to market often reaps the biggest rewards and delays of just a few months can cost millions in lost revenue.¹

Traditional product launch timelines of 12-18 months are no longer acceptable.² By embracing new no-code platforms like Dais, insurers are bypassing the complexities of legacy systems to become more agile and responsive.

Being quick off the mark means capturing untapped market segments and meeting customer expectations head-on.³ The future of insurance belongs to those who can keep pace with change and deliver products and product changes fast.

In the following case studies, we'll explore how some of our customers have used Dais's cutting-edge no-code platform and flexible conversational API architecture to get to market fast and save millions on implementation costs.

Defying Industry Norms: How One Insurer Launched a Groundbreaking Product in Record Time

When an innovative insurance company set out to introduce a product designed to serve a previously uncovered market, conventional wisdom said it would take 12-18 months. That was simply not an option for this insurer.

Partnering with Dais by selecting our cutting-edge no-code platform, the company bucked industry trends, getting their game-changing new product up and running in under 30 days. A small internal team was able to transform their vision into reality in a fraction of the usual time. No costly consultants or extensive service packages needed.

"This journey has been amazing," said the insurance company's CEO, who spearheaded the project. "Their no-code platform made it easy to turn our idea into a reality quickly and affordably. Dais allowed for rapid iteration with minimal effort."

The results speak for themselves. The insurer was able to achieve an estimated $1.2 million in implementation cost savings, and even more impressively, they got to market 11 months faster than the industry standard.

In an era where speed to market can make or break a business, this insurer has proven that the future belongs to those willing to challenge convention and adopt new strategies.

Highlights:

• Deployed in less than 1 month
• Used no-code for implementation
• Saved an estimated 1.2 million in implementation costs

Embedded and Usage-Based Coverage Isn't as Hard as You Might Think

One of our clients is a tech-based company built around a mobile app that helps with risk mitigation. They wanted to add insurance options to their current offering and had to get their insurance product to market in under 30 business days in order to be ready for a major holiday.

"[The insurer’s] technology is truly impressive," said Jason Kolb, President of Dais. "They exemplify how seamlessly complex insurance solutions can be woven into daily operations, setting new standards for the industry. We're excited to be part of this innovative journey."

This success story serves as a powerful testament to the potential of no-code technology and event-driven API architecture. When forward-thinking companies partner with visionary solution providers, the impossible becomes not just possible, but profoundly impactful.

Highlights:

• Embedded and usage-based product
• Used no-code for implementation
• Leveraged APIs to streamline customer intake and simplify sales
• Delivered in under 30 business days

As a custom line that relied on usage data in order to determine premium, the product needed to be sellable through the normal flow that their customers were already using. By using our no-code platform and conversational API architecture, this company was able to meet their deadline and benefit from the influx of holiday customers.

What's Next: AI and Speed-to-Market

A critical decision made early on by the Dais team was to construct a truly future-proof system — one that could seamlessly adapt to the rapidly evolving insurance landscape. At the heart of this vision lies our conversational API architecture and event-based automation framework.

These innovative components don't just enable us to leverage our own AI capabilities. They also empower our customers to integrate a vast array of publicly available AI tools, as well as any proprietary solutions they may develop internally. By embracing an event-based approach, Dais has created a nimble, highly interoperable platform that can streamline insurance processes from end to end.

AI is on the cusp of sparking a true revolution — one that goes beyond simply doing things faster. This transformative technology has the power to redefine the entire insurance lifecycle, from product ideation to customer service.

So what specific AI-driven advancements are we monitoring and working on? Let's take a closer look.

Staying Ahead of New Market Trends

The insurance industry has long leveraged AI tools like machine learning and robotic process automation to streamline operations. However, the emergence of generative AI (GenAI) is taking these capabilities to unprecedented heights.

GenAI is revolutionizing how insurers analyze and respond to market dynamics. By combining data analysis with content creation, it's providing a more nuanced understanding of emerging risks and opportunities. For example, in the aftermath of events like the Baltimore bridge collapse, GenAI can quickly assess the market to determine if there's a need for new products to address specific risks, such as protecting ships in high-risk areas.

Perhaps most significantly, GenAI is empowering insurers to be proactive, rather than reactive, in the market. By incorporating AI into their modeling processes, insurers can uncover untapped markets and develop innovative products ahead of their competitors. This capability is crucial in an industry where being first to market can provide a significant competitive advantage. As such, GenAI is not just enhancing existing processes; it's fundamentally changing how insurance products are conceived, developed, and brought to market.

Expediting Product Launches

Expediting product launches is crucial for insurers in today's competitive insurance landscape. With market share being a primary focus, the race to offer new coverage before competitors can make or break an insurer's success. However, the traditional process of setting up a new product in a policy administration system has been a significant bottleneck, often requiring substantial time and resources.

We are currently evaluating ways to use GenAI to streamline the entire product launch cycle, from conception to implementation. It starts with understanding policy documents and creating content for system configuration, a task that previously required extensive manual effort. GenAI can quickly analyze existing policies, extract key information, and generate the necessary documentation for new products.

AI for Rating Factors and Question Selection

Another interesting application is using AI to streamline the intake process by intelligently selecting rating factors and question selection. By analyzing vast amounts of data, AI can identify the most relevant factors for accurately pricing risks and determine the most crucial questions to ask during the application process.

What You Can Do Now

Many tools promise to get your product to market, but they often come with high implementation costs and lengthy timelines. These tools are often inflexible, unable to adapt to the evolving needs of today's insurance landscape. Success requires a system that delivers speed and cost-efficiency, built for where insurance is going, not just where it is now. With Dais’s no-code, event-based platform, you can easily integrate AI innovations and stay ahead of the curve, ensuring you are always ready for what's next.

Watch our webinar to see how no-code platforms and API integrations are transforming insurance.