CH 20 (Product Design) Flashcards

1
Q

Process of designing and pricing an insurance product

A

–Needs
–Distribution channel
(+ Marketing)
–Design
–Launch date
–Product spec
(cross-subsidies + consistencies, guarantees, risk characteristics, admin systems, regulatory compliance)
–Burning costs
–Expense costs
–Profit requirement
–Lapse assumptions
–Profit testing
–Competitor comparison
–Revise and fine tune

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2
Q

3 Components of Service in Life Product

A
  • Savings
  • Protection
  • Administration
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