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Product & Propositions consulting

Product development is an indispensable activity for a life insurance company, especially today when the world is changing fast, and the customer is getting too demanding. The customers today do not buy products; they buy propositions.

With a design thinking mindset, we believe life insurance proposition development cannot happen in silos where the product team develops, and the other departments play a supporting role. Opening the product development process to include diverse views of both internal and external customers will help regain perspective on what customers want and really care about, which can fundamentally change the life insurance business by presenting new opportunities and giving it the means to address them.

We strongly believe that customers should be creative participants rather than passive recipients of life insurance products.

With that mindset, we partner with your company to help you determine what products to sell, how to sell them, and at what price so that you can focus on sales, marketing, and customer service. We can help your company implement products and pricing designed to fit with your broader business objectives.

While we focus on product management, we also have experts in below functional areas that are critical to the product’s success:

  • Marketing
  • Actuarial
  • Finance
  • Risk & compliance
  • Operations
product consulting
product development
Plug and play proposition development
The end-to-end design and delivery of products and propositions to meet your defined objectives. When you outsource your product development to us, we will create the product with all the necessary documentation and marketing collaterals for you. This process is not in isolation; we collaborate with your teams and customers and co-create the products the customers will love. We will support your company in launching the product and designing an effective go-to-market strategy.
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business launch
Set up the products and propositions department
If you are a general insurance company with a vision to go composite, we can help you set up your Life Product department by • Drafting the product lifecycle management framework
• Setting up the product governance committees
• Helping in hiring the product team and mentoring them
• Supporting you with actuarial services
• Designing products and help you distribute
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Product Management
Stepping in as an interim Head of products/Product manager
•While your company is hiring someone to fill the role permanently or do not want a long-term fixed cost but want to build innovative life products, we can serve as head of products to set vision/strategy or manage the team as hiring takes place..
•Fill a gap (e.g., while an employee is on a sabbatical or parental leave)
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review
Products review
Conducting timely product reviews is essential to check whether the product meets its obligations and achieves good customer outcomes. We can guide the team in doing risk-based product reviews, and to be a strong advocate for a customer-focused approach to internal assessments.
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Ideation workshops for innovation
• Collaborate with teams with the mission of creating new strategic offerings
• Help participants adopt a “beginner’s mind,” with the intent to remain open and curious, to assume nothing
• Shape the participant’s thinking during workshops, validating assumptions with potential customers and gathering additional fieldwork insights.
• Introduce creativity and innovation tools to participants and guide their thinking along the process.
• Push teams outside their comfort zone and challenge their standard assumptions to bring out radical ideas for innovation
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