Product Development & Innovation Services

Product Development & Innovation Services

Product Development & Innovation

  • Development of new products to differentiate organizations
  • Introduction of new technologies to enhance existing products
  • Development of product illustrations
  • Training underwriters and sales staff on new products or technical innovations
  • Since P&C is so heavily regulated, there’s not a ton of “product development” going on. One can use manuscript policies, but for the majority of the business that a small new insurer would write, it’s probably most cost-effective to use ISO policy wording and forms
  • Reserve Estimation and evaluation for self-insured entities

Product Pricing

  • Development of stochastic and deterministic pricing for life, health, health related, and disability products
  • Development of value based pricing strategies for risk management, risk modeling, and care management strategies
  • Development of stochastic and deterministic pricing for most property/casualty lines of business (such as auto, workers compensation, general liability, homeowners (if there is state and territory-specific data available, such as in a mandatory filing state), medical malpractice, healthcare capitation insurance)

Product Integration

  • Integration of new technologies for care management and risk management into existing products
  • Product integration and cooperative strategy development for partnering initiatives
  • Model building
  • Statistical validation of models and observed patterns in healthcare data
  • P&C data analysis and model building as well as healthcare

Risk Modeling and Analysis

  • Development of innovative stochastic and deterministic risk models
  • Simulation model evaluation
  • Risk scenario development and analysis
  • Reinsurance transaction modeling

Healthcare Data Analysis and Model Building

  • Analysis of Healthcare data supporting model building
  • Healthcare cost and utilization analysis
  • Distribution development for model building
  • Demographic analysis of utilization
  • Model building
  • Statistical validation of models and observed patterns in healthcare data
  • P&C data analysis and model building as well as healthcare