Product Development Process

Massimiliano Maggioni and Giuseppe Turchetti
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Massimiliano Maggioni: University of Milano
Giuseppe Turchetti: Sant’Anna School of Advanced Studies

Chapter 20 in Fundamentals of the Insurance Business, 2024, pp 437-451 from Springer

Abstract: Abstract This chapter aims to illustrate the process of product development and launch. This process can be split into six stages: identifying the product concept, defining the macro-structure and model of the product, product realisation, internal validation of the product, presenting the product and sharing it with channels, final release of the product in the industry. In the following paragraphs, we provide the details of the activities. At the end of the chapter, we describe the recent regulation Product Oversight Governance—POG. Nowadays the process of developing and launch of a product must abide by what is laid down under the new regulations. For the first time, lawmakers have defined rules for a new system of governance and monitoring of the process of product development in the insurance industry.

Keywords: Analysis of competition; Product benchmark; Channel involvement; Definition of product concept; Bill of materials (BoM) of the product; IT operating model; Product launch scheduling; Pricing (technical bases); Sales and after-sales processes; Contractual documents; Functional analysis and IT parametrisation; Third Party Administrators (TPA); Reinsurance agreements; Internal validation; Product presentation; IT development; Sales kit; Commercial agreement; Product Oversight Governance (POG) (search for similar items in EconPapers)
Date: 2024
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DOI: 10.1007/978-3-319-52851-9_20

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