PRODUCT DEVELOPMENT AND MANAGEMENT

Insurance Product Development

There are many ways to increase revenue within an insurance company:  Writing new lines of business – Expanding your geographic footprint – Creating new paths to deliver current products.

No matter the approach, our consultants are insurance experts who combine a strong actuarial foundation with a thorough understanding of insurance company operations.  Our insurance product development experience includes the entire process, from company formation to regulatory compliance.  We partner with your company to help you determine what products to sell, how to sell them, and at what price.  Our product development consulting experts can help your company implement products and pricing designed to fit with your broader business objectives.

Insurance Product Management

If you are focused on the maintenance and enhancement of products already in the marketplace, our product management consultants are ready to help you define your products, goals, and marketplace advantages to meet your business objectives.

We understand insurance language which allows us to work closely with your staff to manage your company’s products.  Changes in the marketplace happen quickly, and we use sophisticated technology and statistical models to provide support that includes managing the operational and financial facets of your products.  We also have deep experience helping carriers integrate their products with policy management software upgrades and changes.

News

• California “Safer from Wildfires” Program
• New Mexico Auto Insurance Compliance Alert
• M&A Introduces Product Development & Compliance Group

PLANNING & STRATEGY

• Understand Company’s Goals and Expectations

POLICY FORMS AND ENDORESMENTS

• Bureau adoption – ISO, AAIS, state rate bureaus
• Competitor research and comparisons
• Proprietary Forms Creation
• Coverage enhancements from 3rd parties
• Estimate Rate level impact of forms language changes
• Flesch Scoring
• Miscellaneous forms – declaration pages, amendatories, policyholder notations

PRODUCT DESIGN, REVIEW, IMPLEMENTATION

• Work together to develop program
• Review program you have already developed
• Independent, bureau‐based, or hybrid

RATE AND RULE MANUAL DEVELOPMENT

• Bureau adoption – ISO, AAIS, state rate bureaus, LCM development
• Competitor research and comparisons
• Hybrid me-too of competitor manual rates & rules
• Data analysis
• 3rd-party models and coverage enhancements
• Rate & rule manual creation and updates