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Insurance products development and launch involves multiple departments. Some examples of departments involved in Insurance product development are:
- Policy Issue and Administration
- Claims Department
- Actuarial and Statistical Department
- Accounting Department
- Investment Department
- Legal Department
- Audit Department
- Loss Control Department
A cross functional team like this must understand their roles and responsibilities and be accountable to the team leader. Adhering to a common process and keeping all decisions, discussions, and action items on record in a common platform helps with clear understanding of the roles and responsibilities and improves accountability.
Insurance product development involves market analysis, brainstorming for new products and features, deep understanding of regulatory framework, marketing expertise among other things. A Typical insurance product development and launch follows a set of steps. An example of such steps can be seen below:
- Idea Generation: Brainstorm Ideas for gaps and opportunities in the market. Review and screen the ideas to identify candidates for formal analysis and feasibility study.
- High-Level Feasibility: Feasibility studies are done for each candidate idea. Selected ideas are grouped into projects and funded.
- Product Planning and Design: Products and features are designed and detailed.
- Establish Underwriting Guidelines: Establish underwriting rules and processes, with an appropriate classification of risks.
- Analyse and establish Pricing: Actuarial pricing that includes setting the rates, reserves, compensation and any other pertinent data.
- Update IT Systems: Systems requirements are developed and implemented for each gap to cover anything a customer can do.
- Develop Business Procedures: Operations and business procedures are developed for each gap.
- Marketing Plans: Marketing materials and campaigns are developed and executed.
- State Filings: Product forms are drafted and filed. This includes informational product filing and full forms and rates filing.
- Product Launch: Product Development Completed and launched.
- Tracking Results: comparing actual business results to pricing/plan to gauge assumptions versus experience
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