insurance product development

Insurance product development is the process of designing and creating new insurance policies or improving existing ones to meet customer needs and market demands. It involves assessing risks, understanding what customers value, setting coverage details, pricing the product appropriately, and ensuring regulatory compliance. The goal is to offer a product that provides valuable protection while being competitive and profitable. This process often includes research, testing, and collaboration between actuaries, underwriters, marketers, and other stakeholders to deliver insurance solutions that address specific needs effectively.