insurance product development, designing and evaluation

1. DESIGNING, DEVELOPING
AND EVALUATION OF
INSURANCE PRODUCT
By
Dr.maimoon sulthan
MBA – 2nd sem

3. FEATURES OF THE PRODUCT
Better risk coverage
Additional benefits to customer
Reasonable price

4. STEPS IN DEVELOPING
Identify
Assess
Analyze

5. DESIGN CLARIFICATION
Marketing
Finance
Administration
Investment

6. DESIGN REFINEMENT
Test market acceptability before launch
Feedback- customer expectations, delivery
compatibility

7. FACTORS AFFECTING
Development of rates- underwriting
Development of forms and systems- risk
Development of reinsurance- high risk
management
Other factors- avoid ambiguous words, eligibility
standards

8. EVALUATION
Sales volume
• Financial performance
• Contribution
percentage, ROI,
expenses
Audit strategies
• Marketing
performance
• Strength and
weakness, profitability,

9. EVALUATION
Market share
Loyalty of customers
Actual vs. expected
quality

10. MODIFICATIONS
Innovation
Customer expectation
Adapting to new technology
Market survey