Product development and pricing: Insurance


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As consumers seek progressively sophisticated and customized insurance products at reasonable costs, Milliman's market-leading expertise is increasingly in demand. With the market undergoing dramatic changes in regulation and receiving outside influence on product design, companies rely on Milliman to stay current on the latest innovations and trends.

Milliman's product development team offers a flexible approach to meet clients' needs. We can serve as a complete, outsourced product-development department or provide support to clients' own product design efforts. Our market analysis can assist companies in launching new products or in introducing existing products into new markets.

We offer expertise on both technical and marketing aspects of product development. Our knowledge encompasses distribution strategies, regulatory compliance, underwriting approaches, and product implementation. Our sophisticated modeling of interest rate risks and equity guarantees means we can provide valuable insight into developing competitive and profitable products that meet specific strategic needs.

Strategy in new product design

We can assess the regulatory environment and assist in pricing and product design for a wide range of life and annuity products. We have expertise in the full spectrum of products from pre-need and final expense products to accumulation products, including indexed and variable life insurance products.

Our consultants work with the full range of marketing concepts from direct sales to the advanced sales market for highly affluent customers. We have priced and designed many of the popular secondary guarantee universal life products and have assisted companies in understanding complex reserve calculation.

We develop financial models, assist with due diligence, review the appropriateness of potential products in terms of business objectives, and assist in discussing alternate product designs, compensation strategies, and reinsurance applications. 

Because we have insurance expertise as well as a large healthcare industry practice, we're able to offer clients unique expertise on both the insurance and healthcare sides of these increasingly popular products.