As consumers seek progressively sophisticated and customised 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 modelling of interest rate risks and equity guarantees means we can provide valuable insight into developing competitive and profitable products that meet specific strategic needs.
Client example: successful design innovation
One client approached Milliman with an interest in creating an innovative retirement product. Milliman researched the market potential for variable annuity products and supported the development of a strategic business case.
Milliman's wealth of design experience helped the client understand consumer requirements and the product dynamics, including the robust risk management programme needed to support the new product's features. The product launched successfully for the client and also won several prestigious market awards. These results were unique to this client's situation.