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
2
Q
3 Components of Service in Life Product
A
- Savings
- Protection
- Administration