Study of insurance product development process: Indian and European perspective

Abstract

The following report is an effort to understand the life insurance product development mechanism. Emphasis has been give to understand the actuarial aspects of the product development process, though functions of other departments have also been touched upon to a significant extent. The approach followed to understand the process has been to start with macro picture of the insurance sector and the market scenario in India. Gradually report tries to go into specifics of product development process and actuarial pricing of the product. A similar but abridged approach has been followed to understand the product development mechanism in European market. Based on the differences in Indian and European markets, regulations and the value chain a couple of recommendations have been suggested at the end of the repot. In order to make the report meaningful the models used to actually understand the process have been annexed at the end in soft format.