Description: This article contains a summary of some of the Product Development Section presentations given at the 2017 SOA Annual Meeting & Exhibit in Boston this past October.

Description: Presenting the customer a measurable value of life insurance that makes the advice process transparent to both the customer and adviser.

Description: Compares how other industries (in this case, Fast Food) researches and tests new products. Provides examples of how the insurance industry can efficiently research and test new product concepts before going to market.

Description: The article summarizes 2013 survey results of company assumptions for term products in the post-level period. The focus is on product design, shock lapse assumptions, and mortality deterioration assumptions. This article features highlights from the larger SOA-sponsored research project on this topic published in 2013 that compiled end-of-2012 assumption data from 41 companies. This content may prove useful to product development actuaries as they consider their current post-level term assumptions.

Description: A summary of sessions sponsored by the Product Development Section at the 2018 Annual Meeting.

Description: Against the backdrop of low interest rates, rapidly expanding data analytic capabilities, and increased consumer demand for better products, many life insurers struggle to innovate their product development initiatives. RGA conducted an online survey in the third quarter of 2018, asking 30 leading life insurance companies in Japan to identify current and future product development trends. A complementary survey of approximately 4,800 policyholders of life products in Japan was also completed in 2018. The findings highlight the product trends for risk, savings and living benefit products being developed, the market segments being targeted, and how insurers are differentiating product offerings through unique features and value-added services. Companies indicated they focused new product development efforts on substandard and standard risk segments, with only 20% pursuing the preferred market. Respondents indicated the Key Performance Indicators (KPIs) being used to measure successful product development are predominantly topline – premium, face amount and number of policies.

Description: The article summarizes results of a Milliman survey per the title. These products comprise about 40% of the total individual life market, and the survey covers a range of topics on these plans, which should be of interest to a large portion of the life industry.

Description: What are insurance companies promoting in the market? How are they framing their products and services? What is their value proposition to producers? Members of the SOA Marketing and Distribution section receive an exclusive benefit that addresses these questions.