Description: Long-term guarantees place unanticipated burdens on companies because of the degree to which the environment can change. These risks are compounded when combined with estimation of policyholder behavior, especially when solid experience data is not available. When risks are properly reflected, long-term guarantees do not always provide value to the customer in excess of the manufacturing cost. The product development actuary is challenged to compare customer value to company cost and use that measurement to identify novel ways to design products to better serve customers.

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: Are You A Product Actuary or A Marketing Actuary? Several years ago, the concept of a marketing actuary was in vogue. Many job titles were changed to reflect this new concept, and some new jobs were created. But the question is, did the job really change? There is a distinct difference between a product development actuary and a marketing actuary.

Description: A discussion of adjustments to the issue and underwriting process to speed up the process in order to succeed with bank distribution of insurance products.

Description: A discussion of risk-relevant resources available at the Society of Actuaries Risk Management Task Force Web site

Description: This article discusses a variety of new developments in the annuity market.

Description: Provides a review of the available lapse experience for lapse-supported Life and Long-Term Care products.

Description: How Ready Are You for the Critical Illness Challenge? by Johan Lotter from Product Development News, August 2000, Issue No. 50.

Description: Discussion of January 2008 'Living to 100 and Beyond' Symposia co-sponsored by the Society of Actuaries.

Description: Product concepts that are born in one country often find their way to the other. This article discusses which products are the hot products in the United States and Canada, and what we can expect for future sales for these products.