Speed to market

{
  "id": "MLC-T-INS-003141",
  "term": "Speed to market",
  "field": "Insurance and risk management",
  "definition": "The rate at which an insurer can develop a new insurance product, secure regulatory approval, and launch it for sale to the public. This concept measures the time from product conception to its first sale, encompassing actuarial analysis, policy form drafting, systems programming, and marketing. Insurers using pre-approved policy templates or operating in states with flexible filing laws can reduce their product development cycle times.",
  "url": "https://mlchart.com/terminology/insurance/speed-to-market/"
}