#USA #Insurance #Hartford #Product Management #Tessera

Introducing Tessera: A New Era for Product Management in Insurance

The landscape of property and casualty (P&C) insurance has experienced substantial transformations over the years, yet one fundamental aspect always remained untouched: the approach to product management. Enter Tessera, an innovative platform that promises to redefine how the P&C insurance sector effectively manages and grows product lines.

Tessera emerges as a groundbreaking system aimed at enhancing the operations of product management within P&C insurance aimed at small and mid-sized carriers. With this innovative technology platform, Tessera transitions traditional reactive practices into proactive strategies that promise sustained profitability and growth.

1. The Problem

For far too long, product management in the P&C insurance industry relied on outdated methods. Insurers frequently struggled with fragmented data and isolated systems that obscured visibility on market conditions. This disjointed approach often led to missed opportunities and hindered profitability. As Sean Meehan, Chief Product Officer at Tessera, puts it, "By the time a Product Manager identifies a problem in today's environment, it's already become a real problem...with lost business and rising loss ratios."

2. A Game-Changing Solution

Tessera enters the market as the first-ever dedicated Product Management Operating System specifically tailored to P&C insurance. This platform transforms how insurance companies interact with their data, enabling them to harness the full potential of their resources. Tessera integrates three primary capabilities into one continuous system:
1. Real-Time Data Access: Most insurers only utilize 20-30% of their data due to the labor-intensive processes required to make it actionable. Tessera automates data discovery and classification, providing a unified view of essential information from day one.
2. AI-Driven Insights: With proprietary AI models tailored to a company’s specific datasets, Tessera delivers insights at unparalleled speed, closing gaps between market occurrences and the decisions that follow.
3. A Learning System: Tessera captures user interactions to inform future decisions, improving decision-making continuously without starting from scratch.

3. Bridge to Competitiveness

Tessera's platform levels the playing field for smaller carriers who may have lacked the infrastructure and resources to compete with larger firms. By providing an enterprise-grade product management capability without the exorbitant costs associated with data science or infrastructure investments, Tessera empowers smaller insurers to stand shoulder to shoulder with the industry giants.

4. Proven Results

Tessera has already begun testing its platform with five beta customers, including a regional insurer founded in 1877. They utilized Tessera to spot gaps in their rating strategy, enabling them to pivot their competitive approach after nearly 150 years. Another participant in the beta program completed a comprehensive analysis in just 30 days, a task that would typically take six months. Customers report a fundamental shift from merely reactive portfolio management to ongoing, intelligence-driven decision-making.

5. Expertise Behind the Innovation

Founded by a team of industry veterans, Tessera was born from insights gained through extensive experience in both the insurance and AI fields. The founders recognized persistent gaps in product management capabilities that needed addressing. By utilizing advanced machine learning and analytics, Tessera encapsulates mature methodologies employed by leading insurers in a platform designed for every carrier, regardless of size.

Ray Sprague, co-founder, boasts over four decades in the insurance industry. Meanwhile, other founders — including Kevin Finn, a veteran of both Liberty Mutual and The Hartford, and Sean Meehan, a leader in product management and analytics — bring extensive knowledge to the table. Their goal was to craft a comprehensive platform that anyone in the insurance space can deploy effectively.

Conclusion

In summary, Tessera revolutionizes P&C insurance by introducing a technologically advanced product management platform that promises to transform the decision-making landscape for insurers of all sizes. With the ability to harness data smarter and faster, firms can now focus on driving profitable growth without the cumbersome overhead typically tied to conventional methodologies. As Tessera continues to roll out its platform, one thing is clear: The future of product management in insurance is here, and it’s powered by innovation.

For further details, visit their official site Tessera.