Product development

  • Develop innovative profitable products adapted to your distribution network, and which can be integrated into your management system.
  • Improve and stabilise your portfolios.

What?

In the context of an ever more competitive market and where profitability is essential, the development or modification of a product and risk analysis of a portfolio can be determinant for the development of insurance companies.

Why?

  • To improve your market share,
  • To achieve profitable growth,
  • To develop innovative products and clearly position them on the market,
  • To optimise, or introduce, pricing and to measure the profitability of products,
  • To improve the performance of insurance portfolios

Who?

All insurance companies - life and non-life - and reinsurance actors.

How?

Developing a product requires

  • A good knowledge of the market
  • The introduction of a correct pricing policy
  • Assuring the product's profitability through profit testing techniques
  • Defining the general conditions and specific characteristics of the product, and checking its legal and regulatory aspects
  • Presenting a dossier to the appropriate supervisory authorities
  • Integrating the product into the procedures and systems

Companies should also periodically analyse the performance of their portfolio in function of the competition and the evolutionof the risks. Such analyses often lead to :

  • The modification of the risk classification of the portfolio
  • Redefinition of the price structure
  • A market study: benchmarking
  • Pricing
    • insurance ratemaking ,
    • risk classification,
    • experience rating
  • Improving and stabilising the portfolio

The advantages of Elips Actuarial Services ?

Our experience

Elips Actuarial Services has a team of actuaries experienced in this domain

Guaranteeing results

We offer undertakings on deliverables, budget and planning.

Project management

We can manage all the organisation, delivery and follow-up on a project.

Transfer of know-how - training

Elips Actuarial Services is the natural partner in this business area because of our experience in similar projects. We can deliver the actuarial know how in a mixed management team of actuaries and risk managers. We can take the lead in the work with your company's dedicated staff. We can offer both a complete, or a specific projects service.

Elips Actuarial Services References

We defined the marketing strategy for different insurance companies in the Belgian and Luxemburg markets

  • Definition of an innovative product for the market, following consultation with the stakeholders: commercial department, back-office, IT, legal, compliance, marketing and actuarial.
  • Introduction of the product: adaptation and testing of the IT system
  • Development of sales assistance tools: pricing tools, simulation and fiscal arguments.
  • Development of an internal pricing tool to test the IT system.