Last updated on Dec 5, 2023
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Customer segmentation
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Risk assessment
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Pricing strategy
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Distribution channels
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Regulatory compliance
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Competitive advantage
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Here’s what else to consider
Designing an insurance product is not a simple task. You have to balance the needs and preferences of your customers, the risks and costs of your coverage, and the regulations and competition of your market. In this article, we will explore some of the key factors that you should consider when creating or improving your insurance product.
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1 Customer segmentation
One of the first steps in designing an insurance product is to identify and understand your target customers. You need to know who they are, what they need, what they value, and how they behave. You can use various methods, such as surveys, interviews, focus groups, or data analysis, to segment your customers into different groups based on their demographics, psychographics, needs, preferences, and behaviors. This will help you tailor your product to meet their specific expectations and pain points.
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O melhor case é construir o produto a partir da demanda de possíveis clientes, ou seja, a partir da necessidade de um público específico. E a pesquisa de campo dará o caráter quantitativo à demanda
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2 Risk assessment
Another important factor in designing an insurance product is to assess the risks that your product covers. You need to estimate the frequency and severity of the events that could trigger a claim, and the potential losses that you would have to pay. You also need to consider the factors that could affect the risk, such as environmental, social, economic, or technological changes. You can use various tools, such as actuarial models, historical data, or scenario analysis, to measure and manage the risk exposure of your product.
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Estas estimativas podem vir de experiências deste mesmo produto em outros mercados ou de fora do país e adaptado às condições locais.Caso não exista histórico, o melhor a fazer são pequenos testes piloto para controle e ajustes antes de impor escala.
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3 Pricing strategy
A third factor in designing an insurance product is to determine the pricing strategy that you will use. You need to set a price that is fair and competitive, but also profitable and sustainable. You need to consider the value proposition of your product, the willingness and ability of your customers to pay, the cost of providing the service, and the margins that you want to achieve. You can use various techniques, such as cost-plus, value-based, or market-based pricing, to optimize your pricing strategy.
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4 Distribution channels
A fourth factor in designing an insurance product is to choose the distribution channels that you will use. You need to decide how you will reach and communicate with your customers, and how you will deliver and service your product. You need to consider the preferences and behaviors of your customers, the characteristics and benefits of your product, and the costs and capabilities of your channels. You can use various options, such as agents, brokers, direct sales, online platforms, or partnerships, to distribute your product.
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- Suyog Gangal Principal @ Azentio Software | Insurance Product Development | PAS Transformation Expert | Gen AI Enthusiast
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Just a point to add - when a product is served through distribution channels that are not owned by the insurance company, it is important that the design promotes/is aware of, the needs/aspirations of the distribution channel also. The ecosystem should enable co-existence as well as independence. Product features need to be geared and configured towards such relationships.
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5 Regulatory compliance
A fifth factor in designing an insurance product is to ensure that your product complies with the relevant laws and regulations in your market. You need to follow the rules and standards that govern the insurance industry, such as licensing, solvency, disclosure, consumer protection, or taxation. You also need to monitor and adapt to any changes or updates in the regulatory environment. You can use various resources, such as legal advisors, industry associations, or regulators, to understand and comply with the regulatory requirements.
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6 Competitive advantage
A sixth factor in designing an insurance product is to create a competitive advantage that differentiates your product from others in the market. You need to identify and leverage your unique strengths and capabilities, and communicate them clearly and effectively to your customers. You also need to monitor and respond to the actions and strategies of your competitors, and anticipate and satisfy the changing needs and preferences of your customers. You can use various methods, such as innovation, personalization, or branding, to create a competitive advantage.
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7 Here’s what else to consider
This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?
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Você deve considerar que o seguro nem sempre será o protagonista ou o principal desejo do segurado, então pensar numa jornada de compra clean que se encaixe com outros produtos é importante.
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