May 18, 2016
Omni Nashville Hotel
Competency (Learn more)
SOA Product Development Section
The product development process is a hot topic in the industry; as companies innovate, speed to market and the ability to implement new ideas have become paramount. This seminar is an interactive deep dive into the various phases of the product development process, including ideation and innovation, feasibility, design, pricing, compliance, systems and other topics. Presenters at this seminar will reveal best practices and possibilities for improvement to achieve faster, cheaper and better results.
Products are only as good as the process through which they are created. Speed to market, innovation and efficiencies in the product development process are achieved throughout the process and go beyond actuarial topics like pricing. Attendees interested in learning more about opportunities to improve their processes should attend this seminar.
During this interactive seminar, presenters will share best practices across a wide variety of product development topics and facilitate hands-on case studies. Attendees will leave the seminar with a deeper understanding of all aspects of product development, and be ready to help their companies bring innovative products to market faster.
- Overview of the product development process
- Stages of the product development process
- Results from SOA survey on benchmarking the product development process
- Ideation and Innovation
- Innovation lab
- Idea generation
- Product idea summary
- Feasibility, Gap Analysis, and Design Alternatives
- What makes a product feasible?
- Gap analysis - how do we get from here to there?
- Design alternatives
- Underwriting considerations
- Design - Building Out the Details
- Product description and specifications
- Defining product features
- Pricing - Indicative and Comprehensive
- Indicative vs. comprehensive - what's the difference?
- Assumption setting
- Compliance, Contract Drafting and Filing
- Compliance considerations
- What's in a contract?
- The filing process
- Systems and Operations
- Downstream impacts of new products
- Flexible build options
- Other Implementation Topics, Product Launch, and Monitoring Success
- Handoff to valuation
- How do you measure success?
- Profitability monitoring
- What did we learn and how can we use that information going forward?
- What is a product fails?
- Summary of key points
- Question and answer session
At the conclusion of this seminar, attendees will:
- Have a deep understanding of and ability to execute all phases of the product development process;
- Understand best practices around decision-making and documentation; and
- Know how to better work with other areas in the organization such as marketing, compliance, operations and IT.
Attendees should have a basic understanding of product development. Actuaries and non-actuaries who participate in the product development process may benefit from conversation on best practices and communication issues that are often the cause of delays or problems through the process.
Level of Difficulty
The seminar is designed for participants with moderate experience.
Results-Oriented Solutions; Strategic Insight & Integration