What are the key stages of the life insurance software product development process?

The main stages of life insurance software product development include business analysis (discovery phase), software architecture and design, development, testing, deployment, launch, and support. In case an insurance carrier needs additional features later, maintenance is provided.

What are the challenges in developing life insurance software products?

The key challenges usually include the lack of understanding of the insurance business and its processes, poor understanding of business goals, gaps between functionalities and customer needs, and more. To develop an effective solution, a software vendor should conduct a business analysis to clearly understand business needs and challenges they would like to address with the help of a particular software product.

How can the Agile methodology be applied to life insurance software product development?

Agile methodology is based on 2-week periods with different tasks for each. The model provides for continuous development, which begins with an MVP and then adds more functions to the product regularly. Plus, a client can leave feedback during each sprint.

How important is user experience (UX) design in life insurance software product development?

User experience is paramount for every software product used in insurance, either a simple chatbot or a sophisticated web portal. Designers should consider user personas and user journeys to create user-friendly experiences and interfaces for all customer segments.

How can life insurance software product development be aligned with business goals and objectives?

Defining business goals is probably the first step of the discovery phase. It is one of the important things because only knowing the objectives can developers offer the right solution. For example, if the company's goal is to decrease paperwork, developers would suggest implementing special tools like OCR (optical character recognition) for better document processing.