The insurance industry was built on managing risk, but today’s increasing pace of change in the marketplace requires product and pricing agility. Flexibility will allow insurers to respond to increases in claims costs, prototype new usage-based products, and prepare for new products on the horizon. Achieving this in a way that meets regulatory requirements necessitates new capabilities. Identifying the key capabilities necessary for execution is the subject of the SMA paper, Dynamic Product Actualization for P&C: Leveraging a Single Platform for Rating, Pricing, UBI, and Product Personalization.
Topics covered in the include:
Defining Dynamic Product Actualization
Requisite business capabilities
Requisite technological capabilities
Resulting impacts for actuarial and IT teams