Insurance Product Innovation Training Course

Participants can identify and prioritise product opportunities using structured market and portfolio evidence.

• Market sizing using policy counts, premiums, penetration and growth rates
• PESTLE analysis of demographic, economic, legal and technology product drivers
• Competitor proposition mapping across coverage, price, service and distribution
• Portfolio data reviewed for retention, claims frequency and loss drivers
• Opportunity scoring matrix using attractiveness, feasibility and strategic fit
• Target-market hypotheses documented with evidence gaps and research priorities

Participants can define priority customer segments and their insurance needs with usable evidence.

• Needs-based segmentation using life stage, behaviour, assets and risk exposure
• Customer personas built from research, policy data and claims patterns
• Jobs to Be Done interviews identifying functional and emotional needs
• Moments of truth across purchase, policy servicing and claims journeys
• Customer vulnerability factors affecting product access, communication and support
• Segment prioritisation using value potential, unmet need and accessibility

Participants can create a differentiated insurance proposition linked to defined customer jobs.

• Value Proposition Canvas linking customer pains, gains and product features
• Benefit hierarchy separating coverage benefits, service benefits and reassurance
• Product bundles combining insurance, assistance, prevention and partner services
• Feature prioritisation using Kano analysis and customer value evidence
• Plain-language proposition statements tested against customer comprehension criteria
• Differentiation choices: price, coverage breadth, convenience, service or trust

Participants can specify coverage structures that balance customer value, clarity and risk control.

• Core cover, optional add-ons, endorsements and package architecture
• Policy limits, sublimits, deductibles, waiting periods and co-payments
• Exclusions drafted to manage uninsurable or unintended risk exposures
• Eligibility criteria aligned with target customers and underwriting appetite
• Coverage triggers based on indemnity, benefit, parametric or hybrid models
• Policy wording review for clarity, consistency and claims interpretability

Participants can design underwriting rules that support target segments and portfolio risk appetite.

• Risk appetite statements translated into product eligibility and referral rules
• Underwriting questionnaires designed for decision value and customer effort
• Straight-through processing rules for low-risk, standardised applications
• Risk scoring inputs from application data, external data and inspections
• Adverse selection controls through limits, waiting periods and evidence requirements
• Manual underwriting referrals defined by risk thresholds and exceptions

Participants can construct a product business case using transparent pricing and profitability assumptions.

• Technical premium components: expected loss, expenses, profit and risk margin
• Frequency-severity analysis supporting claims cost assumptions and rating factors
• Rating structures using bands, factors, discounts and minimum premiums
• Acquisition cost, commission and servicing costs modelled by channel
• Break-even analysis for policy volume, retention and claims performance
• Sensitivity testing for loss ratio, inflation, lapse and expense assumptions

Participants can assess how reinsurance and capital needs affect product feasibility and risk retention.

• Risk retention choices linked to severity, volatility and accumulation exposure
• Quota share, surplus and excess-of-loss treaty mechanics
• Facultative reinsurance triggers for unusual or high-value insured risks
• Reinsurance pricing effects on product margin and customer premiums
• Catastrophe aggregation assessed by geography, peril and policy concentration
• Capital consumption considered alongside growth, underwriting risk and product volatility

Participants can design claims and service requirements that make the product deliverable and credible.

• Claims journey mapping from first notification to settlement and recovery
• Service-level targets for acknowledgement, assessment, payment and complaint resolution
• Claims triage rules separating automated, fast-track and complex cases
• Fraud controls embedded within application, servicing and claims workflows
• Assistance services selected for relevance, availability and supplier capacity
• Customer communications designed for clarity during stressful claim events

Participants can evaluate digital product features, data sources and insurer technology requirements.

• Digital customer journeys covering quote, bind, service, claim and renewal
• API integration patterns for partners, payment providers and policy administration
• Telematics, wearables and sensors as underwriting and prevention inputs
• AI use cases for triage, document extraction and customer service
• Data quality checks for completeness, accuracy, timeliness and consent
• Build-buy-partner decisions based on capability, speed, control and cost

Participants can structure insurance propositions for banks, platforms, affinity groups and commercial partners.

• Embedded insurance placement within purchase, lending, payments and membership journeys
• Bancassurance product fit with deposits, loans, cards and wealth services
• Partner due diligence covering customer access, conduct, data and economics
• Revenue-sharing models using commission, fee, profit share and incentives
• White-label, co-branded and referral arrangements compared for control
• Partner operating models defining roles, handoffs, reporting and escalation

Participants can build product governance controls addressing customer outcomes, conduct and approval requirements.

• Product approval governance from concept note to post-launch review
• Target-market statements defining intended customers, needs and distribution limits
• Fair value assessments comparing price, benefits, exclusions and service
• Conduct risk indicators covering suitability, complaints, cancellations and claims outcomes
• Data protection requirements for consent, purpose limitation and retention
• Product committee papers documenting decisions, challenge, approvals and actions

Participants can define the operating model, system configuration and controls needed before launch.

• Operating model design across sales, underwriting, policy administration and claims
• Product configuration requirements for codes, rules, documents and rating tables
• Business requirements written with acceptance criteria and process dependencies
• RACI matrix assigning product, risk, technology and operations accountabilities
• Control points for premium collection, policy issuance, endorsements and cancellations
• Readiness assessment covering people, process, systems, suppliers and training

Participants can organise product development work using stage gates and iterative delivery methods.

• Design Thinking stages applied to insurance problem framing and testing
• Product discovery separating customer desirability, viability and feasibility evidence
• Minimum viable product scope defined by critical coverage and service assumptions
• Product backlog structured with epics, user stories and acceptance criteria
• Stage-gate decisions linking evidence quality to funding and approval authority
• Pilot design specifying customer cohort, duration, safeguards and learning metrics

Participants can select suitable distribution routes and prepare channels to sell products correctly.

• Channel selection comparing direct, broker, agent, bank and platform routes
• Channel economics calculated from commission, conversion, service and retention
• Sales journeys designed around needs discovery, disclosure and customer consent
• Adviser training requirements covering product scope, exclusions and eligibility
• Point-of-sale materials tested for clarity, accuracy and customer comprehension
• Distribution controls monitoring suitability, sales quality and channel complaints

Participants can prepare a cross-functional launch plan with dependencies, owners and readiness controls.

• Launch work breakdown structure covering product, legal, systems and operations
• Critical-path planning for approvals, configuration, training and partner onboarding
• Go-live criteria defined for testing, controls, communications and service capacity
• Change impact assessment across frontline teams, suppliers and support functions
• Launch communications plan for customers, distributors, staff and regulators
• Contingency plans covering system defects, claims surges and reputational incidents

Participants can monitor product performance and recommend evidence-based product improvements.

• Product KPI tree linking growth, value, risk, service and conduct
• Cohort analysis tracking conversion, retention, claims and profitability over time
• Loss-ratio monitoring segmented by risk factor, channel and customer group
• Customer outcome metrics covering comprehension, complaints, claims and satisfaction
• A/B testing principles for digital journeys, messages and offer design
• Post-implementation reviews turning performance evidence into product changes

Participants can manage a balanced pipeline of insurance product initiatives and investment choices.

• Innovation portfolio mapped by horizon, risk, investment and strategic value
• Three-horizons framework separating core improvements, adjacent offers and future options
• Business case comparison using net present value and strategic fit
• Innovation funding decisions based on evidence milestones and risk exposure
• Sunset criteria for underperforming products, features and distribution partnerships
• Product roadmaps sequencing research, pilots, launches and optimisation releases

Participants can defend product decisions before actuarial, risk, compliance, operations and executive stakeholders.

• Challenge questions anticipated from actuarial, underwriting, legal and claims teams
• Assumption registers recording sources, owners, confidence levels and validation dates
• Decision logs documenting trade-offs, alternatives and approval rationales
• Product committee packs structured around proposition, economics, risks and controls
• Executive presentations focused on decisions, evidence, investment and accountabilities
• Feedback incorporation without diluting target-customer value or risk discipline

Participants can build, review and present a complete insurance product proposal with customer, financial, operational and governance evidence.

• Opportunity statement supported by market evidence, customer needs and strategic rationale
• Target segment, customer jobs and proposition articulated with clear assumptions
• Coverage, underwriting, pricing and claims design integrated into one specification
• Business case tested for premium volume, losses, expenses and profitability
• Launch plan assigns owners, milestones, readiness controls and performance measures
• Product committee presentation responds to challenge from technical stakeholders