PRODUCT DEVELOPMENT IN LIFE INSURANCE BUSINESS

8/7/2019 PRODUCT DEVELOPMENT IN LIFE INSURANCE BUSINESS

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Chanchala MBA/1001/09

Sona Raaj MBA/1018/09

Sipra Kamal MBA/1066/09

Karthika V.NAIR MBA/1095/09

Sonia Kalia MBA/1104/09

Puja Shree MBA/1107/09


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pledges payment of an amount to the person

assured/nominee upon the occurrence of the

insured individuals death or other event,

major categories of life-based contract:-

Protection policies

Investment policies


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Term Assurance

Whole of Life Assurance

Endowment Assurance

Annuities-

Non Traditional Covers


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LIFE INSURANCE PRODUCTS:-

Health insurance

Death cover insurance


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insurance against the risk of incurring medical

expenses

renewable annually, monthly or be lifelong

type and amount of health care costs that will be

covered by the health insurance company are

specified in advance, in a member contract or

"Evidence of Coverage" booklet


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a policy that pays benefits to the beneficiary if

the cause of death is due to an accident

pays benefits in addition to any life insurance

held.

traffic accidents, exposure, homicide, falls, heavy

equipment accidents, and drowning


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Phase 2-

develop

Phase 1-

Ideation

Phase 4-

fund

Phase 3-

refine


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Form Diverse Teams

Project focus: specific topic (channel, product,

market processes or technology)Brainstorming


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Evaluate ideas and select the Strongest

StrategicBusinessSkills Development

Develop FullBusiness Plan


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Present ideas to Executive Management Team

And Management Advisory council

Refine

Business Plan based on feedback and

management buy-in


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Present at Venture Fair

Executive Management team selects Winning

Plan(s) for fundingWinning plans move into BusinessUnit for

implementation.

Awards


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Primary data &Secondary data.

Research design: Descriptive and Exploratory

Sample size: 50

-10agents- 10 customers through agents

- 30 customers(randomly)

Instruments: Questionnaire, Focus groupinterview & PI(agents).


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Do you have a life insurance policy?

84

15

YES

NO


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Does it provides for health insurance

coverage?

75

25

YE

S


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Are you satisfied with the health

insurance service?

68

32

YES

NO


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Where does the health insurance policy

lacks?

REMARKS

..


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Does your life insurance provides death

insurance coverage?

87

13

YES

NO


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Are you satisfied with the death

insurance service?

66YES

NO


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Where does the death insurance policy

lacks?

REMARKS

.


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HEALTH INSURANCE DEATH COVER INSURANCE

SHORTCOMINGS

No hassle free andCashless service.

Lack of Propercoverage.For ex. Policy not

covering theanesthesiologist andother specialist billsusually not covered.

SHORTCOMINGS

Death by

illness, suicide, or

natural causes not

covered.

accidental death

caused from war or

terrorism


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The insurance industry is turning more of its

attention to product development

Product development is still driven primarily by

the process people

Product Innovation is best brought about by:

Promoting a continuous cycle of exploration and

learningLeveraging Diversity

Working across the organization will allow you to

avoid the usual excuses


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From the Findings:

HEALTH INSURANCE

should provide a hassle free cash service.

should provide room for reimbursement ofbills associated to problems mentioned in the

contract.

o DEATH INSURANCE

should provide coverage for accidents resultingfrom wars or any other environmental mishap.


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Documents

PRODUCT DEVELOPMENT IN LIFE INSURANCE BUSINESS