Frank took part in the annual event of the Czech actuaries on May 26. About 70 actuaries found their way to the event location close to Prague. In his first presentation, Frank deals with different perspectives and altitudes of product development in life insurance business. Some of the key messages have been:
- There are many non-actuarial topics to consider in order to have a successful product launch.
- FinTech is a big opportunity for a life insurance company. FinTech can help an insurance company to a breakthrough in the seemingly hopeless world of regulation, low interest rates and stagnating new business.
- A cultural (r)evolution is needed. All past and present business cultures (sales, product and risk culture) have a one-dimensional perspective. Unfortunately, one-dimensionality does not create satisfactory solutions. Single measures in different areas, such as a new product feature or a revised CRM tool, simply fall short. Especially, when measures are not matched. Therefore, the starting point for any activity should always be a holistic and individually derived (new business) strategy.
In his second part, dedicated to life product developer and all interested participants, seven teams of four or five members compete in a round-based networking business game against each other. Each team had to develop a single premium product for all sales channels. As in real life, each new round came up with some news on capital market, regulation and sales channels (cp. picture), giving all teams new impulses to reconsider their product parameters. In the end, all teams managed to earn a positive return with their product and a clear winner has been crowned, too.
Many thanks to the organizer and all participants for making it an exceptional day and experience!