General Insurance Article - Optimum Insurance Product Strategy and Profitable Growth


Cheaper, quicker, better – the demands of an increasingly price-sensitive customer base are growing every year. Insurance products must be affordable, easy to purchase and offer value beyond simple protection if they are to attract the modern customer, but how can carriers achieve this whilst maintaining profitability?

 
  
 To answer this question, Reuters Events put together a quick 10-minute read on what’s hot in product design, and the implications for North America’s carriers.
  
 Featuring perspectives from industry thought-leaders:
  
 • David Essary, President, Allstate Benefits & Health Solutions
 
 • Paul Montanari, Executive Vice President & Chief Operating Officer, Allstate Benefits
 
 • Rob Schaffer, Vice President, Product Solutions, Individual Life Insurance, Prudential Financial, Inc.
 
 • Loi Stoddard-Graham, Vice President, Business Growth and Retention, MetLife Legal Plans
 
 • Ryan Vigus, Executive Vice President of Personal Lines Product Management, CSAA
 
 Covering top tips on how to create a watertight product strategy:
 
 • Prioritize Adaptability: Products must be flexible to meet customer needs and evolving risk – design a strategy that utilizes innovation labs and customer feedback to ensure your products continually align with the changing ecosystem.
 • Invest in Innovation: Foster a culture where outside-the-box thinking is encouraged, and new, productivity-boosting products can be quickly introduced to remain competitive in a commoditized market.
 • Balance Human & Machine: Many customers want to purchase and manage their policies digitally, simply, and quickly. Focus on embedded and digital-first products to better resonate whilst retaining the balance of human support where needed.
  
 Actuarial Post on behalf of Reuters Events
  

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