· Development of new products to differentiate organizations

· Introduction of new technologies to enhance existing products

· Development of product illustrations

· Training underwriters and sales staff on new products or technical innovations

· Since P&C is so heavily regulated, there’s not a ton of “product development” going on.  One can use manuscript policies, but for the majority of the business that a small new insurer would write, it’s probably most cost-effective to use ISO policy wording and forms

· Reserve Estimation and evaluation for self-insured entities

 

Product Pricing

· Development of stochastic and deterministic pricing for life, health, health related, and disability products

· Development of value based pricing strategies for risk management, risk modeling, and care management strategies

· Development of stochastic and deterministic pricing for most property/casualty lines of business (such as auto, workers compensation, general liability, homeowners (if there is state and territory-specific data available, such as in a mandatory filing state), medical malpractice, healthcare capitation insurance)

 

Product Integration

· Integration of new technologies for care management and risk management into existing products

· Product integration and cooperative strategy development for partnering initiatives

· Model building

· Statistical validation of models and observed patterns in healthcare data

· P&C data analysis and model building as well as healthcare

 

Risk Modeling and Analysis 

· Development of innovative stochastic and deterministic risk models

· Simulation model evaluation

· Risk scenario development and analysis

· Reinsurance transaction modeling

 

Healthcare Data Analysis and Model Building

· Analysis of Healthcare data supporting model building

· Healthcare cost and utilization analysis

· Distribution development for model building

· Demographic analysis of utilization

· Model building

· Statistical validation of models and observed patterns in healthcare data

· P&C data analysis and model building as well as healthcare

 

Product Development and Innovation