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Our
Approach
We adopt
a rigorous approach to ensure every new product developed by us meets
the company’s marketing strategy and is financially sound.
In a
typical product development exercise, we provide at least the following
analyses for our clients:
·
review of
company-specific and industry experiences, underwriting standards,
acquisition and maintenance expenses, competition and relevant
regulations and taxations;
·
product
design and rate determination;
·
product
cash flow projection and profitability testing;
·
product
risk profile and management strategy;
·
regulatory compliance and certification.
All
pricing modeling work is performed using advanced actuarial software to
ensure its accuracy and on-time completion of the project.
Our
Expertise
Our areas
of expertise include:
·
Traditional life insurance and annuity
·
Interest-sensitive and investment-linked life insurance and annuity
·
Disability income insurance
·
Critical
illness insurance
·
Accident
& medical insurance
·
Long term
care insurance
·
Group
life and health insurance
·
Customized products
End-to-End New Business Solution
Actuarial
pricing work is only a part of the whole new product launch exercise.
At Prescience, we can provide an end-to-end new business solution that
will help companies to speed up the launch process and take up an
advantageous market position.
We can:
·
prepare/review policy documents such as application form, policy
contracts, agency contracts, etc.;
·
negotiate
reinsurance treaties with reinsurers for the new products; (More
about our reinsurance consulting service...)
·
provide
Proposal Software to assist sales and marketing. (More
about our Proposal Software...)
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