Insurance Product Development Training Course

Participants can assess market attractiveness and select defensible product opportunities.

• PESTLE analysis focused on insurance regulation, income patterns and infrastructure
• Porter's Five Forces applied to insurer, intermediary and platform competition
• Market sizing using population, eligibility, penetration and conversion assumptions
• Competitor product mapping across benefits, exclusions, pricing and service
• TAM, SAM and SOM estimates for priority insurance customer segments
• Strategic fit tests against risk appetite, distribution capability and capital

Participants can create evidence-based customer segments for insurance product decisions.

• Jobs to Be Done interviews identifying financial shocks and protection needs
• Customer journey mapping from awareness through renewal and claim payment
• Behavioural barriers: distrust, present bias, complexity and claims uncertainty
• Segment criteria using income volatility, dependants, assets and risk exposure
• Personas built from research evidence rather than demographic stereotypes
• Affordability analysis using income cycles, payment frequency and household obligations

Participants can translate customer evidence into a clear and testable insurance proposition.

• Value Proposition Canvas linking customer pains to insurable benefits
• Problem statements distinguishing protection needs from savings or credit needs
• Product concept cards defining customer, peril, promise and delivery channel
• Prioritising features through desirability, viability and feasibility criteria
• Trust signals including transparent wording, visible service standards and proof
• Concept testing questions measuring comprehension, relevance and purchase intent

Participants can specify insurance coverages that balance customer value and controllable risk.

• Insuring agreement drafted around covered events, limits and payment triggers
• Benefit structures: fixed benefit, indemnity, cashless service and reimbursement
• Waiting periods, deductibles, co-payments and limits matched to risk appetite
• Exclusions assessed for necessity, clarity, fairness and adverse selection
• Eligibility rules covering age, occupation, location and pre-existing conditions
• Policy term and renewal structure aligned with customer cash-flow patterns

Participants can select suitable structures for life, health and credit-linked protection products.

• Term life benefits sized against household income replacement requirements
• Hospital cash plans designed around admission triggers and benefit durations
• Credit life coverage linked to outstanding loan balances and repayment schedules
• Group master policies compared with individual certificate structures
• Health network models: reimbursement, provider panels and cashless arrangements
• Anti-selection controls for voluntary enrolment and simplified underwriting

Participants can structure non-life and parametric products for identifiable customer exposures.

• Property coverages matched to asset values, construction and peril exposure
• Agricultural insurance options: indemnity, area-yield and weather-index products
• Parametric trigger design using objective data, thresholds and payout schedules
• Basis risk assessment for index insurance customer communication and governance
• Sum insured methods using replacement cost, market value and loan value
• Catastrophe accumulation controls by geography, peril and exposure concentration

Participants can build transparent pricing assumptions for an insurance product proposition.

• Premium equation combining expected claims, expenses, risk margin and profit
• Frequency-severity models for estimating expected loss cost by segment
• Exposure units selected for lives, vehicles, loans, hectares and assets
• Claims triangles introduced for incomplete development and reserving awareness
• Expense allocation between acquisition, administration, claims and overhead costs
• Sensitivity analysis testing loss ratio, lapse rate and commission assumptions

Participants can test whether proposed pricing supports sustainable portfolio performance.

• Loss ratio, expense ratio and combined ratio calculated for product portfolios
• Target loss ratios adjusted for product maturity and distribution model
• Break-even volume estimates based on fixed costs and contribution margin
• Renewal and lapse assumptions incorporated into multi-period profitability projections
• Scenario analysis for adverse claims, inflation, currency and growth conditions
• Reinsurance costs incorporated into net premium and retention decisions

Participants can define proportionate underwriting rules and referral controls.

• Risk appetite statements translated into eligibility and acceptance criteria
• Underwriting questions selected for predictive value and customer burden
• Straight-through processing rules for low-risk, high-volume customer segments
• Referral thresholds for unusual exposures, high sums insured and exceptions
• Evidence requirements matched to product value, fraud exposure and channel
• Adverse selection indicators monitored through sales and claims data

Participants can design claims journeys that are fair, efficient and operationally feasible.

• Claims journey maps covering notification, evidence, assessment and payment
• Service-level agreements for acknowledgement, decision and payment timeframes
• Claims documentation simplified for low-value and remote customer claims
• Fraud controls balancing verification requirements with legitimate claimant access
• Complaint handling workflows aligned with fair customer treatment principles
• Claims repudiation reasons documented through clear wording and audit trails

Participants can select distribution models that support customer access and economic viability.

• Agency, broker, bancassurance, affinity and digital distribution model comparisons
• Channel selection criteria: trust, reach, capability, cost and regulatory permissions
• Commission structures aligned with acquisition quality, renewals and conduct
• Sales journey design from lead generation through policy issuance
• Assisted digital models combining agents, mobile tools and call centres
• Channel profitability calculated using conversion, retention and service costs

Participants can incorporate practical digital enrolment, payment and service features into products.

• Digital onboarding flows using consent, identity checks and disclosure records
• Mobile money premium collection matched to irregular household cash flows
• USSD, app and agent-assisted interfaces selected by customer capability
• Electronic policy documents designed for accessibility, retrieval and evidence
• Payment failure rules covering grace periods, reminders and reinstatement
• Data consent notices addressing collection purpose, sharing and retention

Participants can identify when reinsurance supports product capacity and volatility management.

• Quota share treaties assessed for capital relief and portfolio support
• Surplus treaties matched to large individual risk retention requirements
• Excess-of-loss protection designed around severity, attachment and limits
• Facultative reinsurance triggers for exceptional exposures and specialist risks
• Reinsurance pricing effects incorporated into product profitability assessments
• Treaty wording dependencies identified before making customer coverage commitments

Participants can prepare product governance records that support accountable approval decisions.

• Product approval committees defined through authority, quorum and escalation rules
• Target market statements specifying suitable customers and foreseeable exclusions
• Fair value assessments comparing customer benefits, costs and foreseeable harm
• Product disclosure documents tested for plain language and material information
• IFRS 17 considerations for contract boundaries, cash flows and profitability
• Product governance files documenting assumptions, approvals, changes and reviews

Participants can plan a controlled launch across people, processes, systems and partners.

• Launch readiness checklists covering systems, training, wording and claims processes
• Business requirements translated into configuration, testing and acceptance criteria
• Sales training content aligned with product eligibility and disclosure obligations
• Pilot design selecting locations, channels, volumes and success measures
• Operational incident plans covering system outages, complaints and claims backlogs
• RACI matrices assigning product launch responsibilities across functional teams

Participants can monitor product performance and initiate evidence-based product changes.

• Product dashboard metrics covering sales, conversion, lapse, claims and complaints
• Cohort analysis comparing retention and claims experience by enrolment period
• Early warning thresholds for loss ratio deterioration and sales-quality concerns
• Root cause analysis applied to low take-up, disputes and claim repudiations
• A/B testing principles for communications, payment prompts and enrolment journeys
• Product review cycles linking findings to remediation, repricing or withdrawal

Participants can manage trade-offs between customer value, risk, operations and financial performance.

• Product committee papers structured around decisions, evidence, risks and recommendations
• Trade-off analysis between richer benefits, affordability and anti-selection exposure
• Decision matrices comparing product options against weighted approval criteria
• Challenge sessions testing assumptions from actuarial, claims and compliance perspectives
• Issue logs tracking dependencies, owners, deadlines and approval conditions
• Change control procedures governing amendments after product approval

Participants can build, review and present a complete insurance product business case for approval.

• Market opportunity statement supported by segment evidence and demand estimates
• Customer persona, journey map and affordability assessment for target buyers
• Product specification covering benefits, exclusions, eligibility and service standards
• Pricing model with claims, expense, commission and profitability assumptions
• Distribution, underwriting, claims and reinsurance operating model decisions
• Governance pack containing risks, controls, launch plan and monitoring dashboard