2004 CAS RATEMAKING SEMINAR PRODUCT DEVELOPMENT COM 4
- Slides: 17
2004 CAS RATEMAKING SEMINAR PRODUCT DEVELOPMENT (COM - 4) BETH FITZGERALD, FCAS, MAAA
Product Development n What is the Process? n Examples of new lines of insurance: § Employment-Related Practices Liability § Executive Liability (D&O) n Viewpoint of Actuary n Product Development Complexities
Outline of Process n n n n Product Need Business Case Proposal Policy Form Development Rule/Loss Cost Development Filing Preparation Statistical Impact Marketing/Sales Plans Future
Product Need n Customer Survey n Monitoring of Market
Business Case Proposal n Product Description n Business Risks n Financial Analysis
Business Case Proposal n n Revenue Projections § estimate number of customers § how product is to be priced Expense Projections § initial R&D of product § maintenance of product § IST costs § include expenses from all departments (Finance, Marketing, Sales, Legal, Government)
Policy Form Development n Research Coverages n Discuss Potential Coverages for Inclusion in Product n Draft Policy Forms & Endorsements n Discuss with Insurer Panels, Agents, Brokers, Risk Managers n Legal Approval
Rule Development - Premium Determination n Decide on Rating Structure for Basic Coverage Premium § practicality vs. accuracy § exposure base § classification plan § vary rates by state, territory? n Decide on Rating Structure for Optional Coverages § ILF’s, deductible/co-payment relativities n Manual Rules Reviewed by Insurer Panels
Pricing of Loss Costs/Relativities n Understand Coverages - inclusions, exclusions, endorsements n Data Needs n Data Availability n Decide on Methodology n Discuss Methodology with Insurer Panels
Filing Preparation n Loss Cost Filing n Conform to State Regulations/Statutes n Respond to Regulatory Concerns
Statistical Impact n Determine Future Ratemaking Statistical Needs n Balance Data Needs with Practicality/Cost of Data Collection n May Collect More Detail Than Used in Rating (e. g. territory, individual class) n Discuss with IST & Insurer Panels
Marketing/Sales Plan n Decide on Target Customers n Decide if Provide any Additional Services n Prepare Announcement Material for Customers n Coordinate with Internal Staff § Sales, Marketing, Finance n Follow-up/Feedback
Future Ratemaking n Develop/Modify Report Systems n Monitor Statistical Data n Determine Ratemaking Methodology for Updating Pricing n § short - term § long – term Modify Pricing for Coverage Enhancements
Product Development Complexities n Product uses information from a third-party vendor n Product requires development of unique software n Product is accessible to customers electronically
Third Party Vendor n Define business relationship – customer or partner n Document business relationship and all details of business arrangements § Involve legal staff n Evaluate responsiveness to concerns & questions in deciding on long-term commitment
Software Issues n Build software in-house? n Purchase existing software? n Evaluate different software products § Flexibility/options § Customer support/Reputation of firm § History of software § Allow for trial period
Technology Issues n Education on new technology § Web-based interface § API, EDI, SOAP n Set up beta testing prior to product launch
- Bài thơ mẹ đi làm từ sáng sớm
- Cơm
- New product development and product life cycle strategies
- Medium-term philippine development plan mtpdp 2004-2010
- Pengertian produk bersama
- What is a firm
- Types of product line
- Core product augmented product
- Cross product outer product
- Product/service desirability examples
- What is product line depth
- Sifat cross product
- Core product augmented product
- Product range vs product mix
- Perkalian silang vektor
- Difference between gdp and gnp
- Include diagramme de cas d'utilisation
- Cas treatment approaches