Course Overview
This training course provides an in-depth understanding of the principles and processes involved in developing insurance products. Participants will learn how to design innovative, competitive, and regulatory-compliant insurance products that meet customer needs while ensuring profitability and sustainability. The course covers market research, risk assessment, pricing strategies, regulatory considerations, and product lifecycle management.
Course Duration
5 Days
Target Audience
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Insurance product managers and developers
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Actuaries and underwriting professionals
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Risk management specialists
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Business analysts in insurance firms
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Marketing and sales professionals in the insurance industry
Personal Impact
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Develop expertise in designing effective insurance products
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Enhance strategic thinking in product positioning and pricing
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Gain knowledge of regulatory and compliance requirements
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Improve decision-making in insurance product innovation
Organizational Impact
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Strengthened product development strategies for competitive advantage
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Improved customer satisfaction through well-designed insurance offerings
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Enhanced compliance with regulatory frameworks
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Increased profitability and sustainability of insurance products
Course Outline
Course Objectives
By the end of this course, participants will be able to:
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Understand the fundamentals of insurance product development.
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Conduct market research and analyze customer needs.
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Design insurance products that balance risk and profitability.
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Develop pricing and underwriting strategies.
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Navigate regulatory requirements for insurance product approval.
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Implement product lifecycle management strategies.
Course Modules
Course Outline
Module 1: Introduction to Insurance Product Development
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Key concepts in insurance product development
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Types of insurance products (life, health, property, casualty, etc.)
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Market trends and evolving customer needs
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Regulatory and compliance considerations in product design
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Case study: Successful insurance product launches
Module 2: Market Research and Customer-Centric Product Design
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Conducting market analysis for insurance products
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Identifying customer segments and their needs (STP Model)
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Competitive analysis and benchmarking
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Using data analytics in product development
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Case study: Designing a customer-focused insurance product
Module 3: Risk Assessment, Pricing, and Underwriting Strategies
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Understanding risk in product development
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Actuarial principles and pricing methodologies
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Underwriting policies and procedures
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Balancing profitability and affordability
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Case study: Risk-based pricing in insurance
Module 4: Regulatory Compliance and Product Approval Process
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Key regulatory bodies and compliance requirements
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Licensing and approval processes for new insurance products
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Consumer protection laws and policyholder rights
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Legal considerations in product development
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Case study: Regulatory challenges in launching an insurance product
Module 5: Product Lifecycle Management and Innovation
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Stages of an insurance product lifecycle
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Strategies for continuous product improvement
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Digital transformation and InsurTech in product development
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Emerging trends in insurance product innovation
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Case study: Leveraging technology for insurance product success
Related Courses
Course Administration Details
Methodology
These instructor-led training sessions are delivered using a blended learning approach and include presentations, guided practical exercises, web-based tutorials, and group work. Our facilitators are seasoned industry experts with years of experience as professionals and trainers in these fields. All facilitation and course materials are offered in English. Participants should be reasonably proficient in the language.
Accreditation
Upon successful completion of this training, participants will be issued an Indepth Research Institute (IRES) certificate certified by the National Industrial Training Authority (NITA).
Training Venue
The training will be held at IRES Training Centre. The course fee covers the course tuition, training materials, two break refreshments, and lunch. All participants will additionally cater to their travel expenses, visa application, insurance, and other personal expenses.
Accommodation and Airport Transfer
Accommodation and Airport Transfer are arranged upon request. For reservations contact the Training Officer.
Tailor-Made
This training can also be customized to suit the needs of your institution upon request. You can have it delivered in our IRES Training Centre or at a convenient location. For further inquiries, please contact us on:
Payment
Payment should be transferred to the IRES account through a bank on or before the start of the course. Send proof of payment to [email protected]
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