Insurance products must comply with specific regulatory requirements designed to protect both the solvency of the insurer and the interests of the policyowners. To ensure that these concerns are met, a product concept goes through various stages, typically handled and overseen by a product development team. Members of such a team include members of different technical areas of expertise from throughout the company, including actuarial, marketing, underwriting, claims, investments, information technology, policyowner service, accounting, legal and compliance.
While specifics may vary by organization, the product development process generally consists of idea, generation, proof of concept, business analysis, research of both the market and laws, product design, product implementation and introduction to the market. Most insurance products must be filed with individual state insurance departments prior to introduction to the market to ensure the product is viable and meets all state requirements for the type of insurance provided.
Featuring: Anita Dulmes, Product Compliance Director, First Consulting; Stacy Koron, Compliance Consultant, Milliman
Hosted by: Dave Milligan, Assistant Vice President, American Equity Investment

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