Understanding the Product Development Process of Life and Annuity Companies
Sponsored by the Product Development Section, International Section, Smaller Insurance Company Section, and the Committee for Life Insurance Research, this study examines global product development (PD) practices of life insurance and annuity companies. Performed by LIMRA and RGA, this project consisted of a
survey of North American life insurance and annuity companies and examined current insurer PD processes including the evolution of the current strategy; variation of the strategies by company characteristics (e.g., size, life vs. annuity) and region (e.g., United States vs. Canada vs. Other companies); and
identified leading PD practices globally. The results of the research can provide the life insurance industry with a resource to help enhance resource management and current processes to better serve the needs of its stakeholders.
The Sponsors would like to thank the companies that participated in the study and the following individuals who served on the Project Oversight Group.
Ken Birk, Chair
Jan Schuh, SOA Sr. Research Administrator
Ronora Stryker, SOA Research Actuary
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