Product development - A time to repair

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When it comes to product development plans, health and protection providers need to stop repeating past mistakes and look to the future, says Wojciech Dochan.

Jack Trout, a famous strategist, said: “Good business is always the result of great ideas, but great ideas don’t always result in good business.” The financial services sector is littered with the debris of broken products, with the latest being PPI. Despite the opportunities that the changing landscape in pensions is offering, health and protection providers are not moving quickly enough to seize the moment and meet the future needs of their customers. The protection industry is still focused on designing products by internal committees and failing to really engage with customers....

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