1
Q
Product Development
Product Development Cycle
A
- Innovate
- Design Product
- Building Product
- Sell Product
- Assess
- Revise
2
Q
Product Development
Product Development Cycle: Innovate
A
- Understanding company’s strategic perspective
- Drivers of Product Ideas
- Idea Screening
- Market Assessment
3
Q
Product Development
Product Development Cycle: Build
A
- Project enrollment
- Price product
- Financial assessment
- Implement necessary infrastructure
- Senior management approval
4
Q
Product Development
Product Development Cycle: Sell
A
- Test Marketing
- Mass-marketing
5
Q
Product Development
Product Development Cycle: Assess
A
- track financials
- A/E studies
- Consumer and market feedback
6
Q
Product Development
Teams Involved in Product Development (List, Define)
A
- Senior Management: set tone, make ultimate decisions
- Marketing: attract customers
- Sales: sell product, insight on price sensitivity
- Underwriters: quantify risks of plan features
- IT: build infrastructure
- Operations: claims processing/admin
- Compliance
- Actuarial: projections, pricing/reserving
- Finance: determine if projections meet targets
Design & Pricing
flashcards
Decks in class (64)
# Cards
-
Life Insurance42
-
Disability18
-
US Medical Benefits22
-
Canada Health Benefits20
-
Dental Benefits8
-
Pharmacy Benefits26
-
LTC14
-
Combination Products6
-
Individual Health Products9
-
Medicare Advantage Expanded Benefits4
-
Critical Illness Insurance in Canada4
-
Types of Insurers39
-
Setting Premium Rates14
-
Pricing Group Insurance6
-
Life Claim Costs3
-
Medical Claim Costs9
-
Pharmacy Claim Costs9
-
Pharmacy Pricing14
-
Disability Claim Costs9
-
Disability Pricing6
-
Disability Income6
-
Canadian LTD2
-
Dental Claim Costs8
-
Pricing LTC15
-
Pricing Med Supp7
-
Pricing Critical Illness3
-
Proposed Cancer Claim Tables2
-
Medical Trend15
-
Product Development6
-
Underwriting and Rating5
-
ASOPs14
-
Employee Benefit Environment4
-
Functional Approach to Designing and Evaluating EE Benefits2
-
Voluntary Benefits3
-
Strategic Benefit Management21
-
Cafeteria Plans11
-
Small Company Employee Benefits2
-
Employee Benefit Strategy6
-
HDHPs and HSAs13
-
Private Exchanges13
-
Flexible Accounts8
-
Adverse Selection4
-
Payroll Contribution Strategies3
-
Bundled Payments6
-
ACOs17
-
Provider Networks14
-
Physician Remuneration4
-
Value-Based Care8
-
Provider Payment Arrangements23
-
Episode-Based Profiling5
-
Physician Cost Profiling6
-
Tiered Network Health Plans8
-
Experience Rating and Funding Methods19
-
Group Underwriting7
-
Multiple Choice Environment8
-
Health Risk Adjustment5
-
Managing Antiselection12
-
Conducting Expense Study4
-
Self-Funding LTD Issues2
-
LTD Credibility8
-
Medical Credibility7
-
Level Funding5
-
Actuary Role in Self-Insurance17
-
Stop Loss21
