Description: Mandatory implementation of life principle-based reserves (PBR) is just around the corner, and there is no shortage of work to do, as most products have yet to be moved to PBR. Oliver Wyman recently completed its 2019 PBR survey, with more than 40 participants covering 85 percent of the individual life market, including 23 of the top 25 life writers and five reinsurers. This article will expand on the key survey findings including implementation status and model simplifications.

Description: Hear from the chairperson on themes in the March 2017 issue of Product Matters published by the Product Development Section

Description: Hear from the chairperson on themes in the February 2018 issue of Product Matters published by the Product Development Section.

Description: SOA Product Development Section Contest Winning Article. Contest was to provide a creative article on future technology for the life insurance industry.

Description: Follow up of Illustration testing published in October 2015 on AG 49

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: 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: his article contains a summary of some of the presentations given at the 2015 SOA Annual Meeting & Exhibit, held October 11–14, in Austin.

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

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.