Framework for Product Harmonization in Insurance PPT
This PPT slide, part of the 31-slide Product Architecture Blueprint - Proposal for a US Insurer PowerPoint presentation, outlines key components of product harmonization within an insurance context. It emphasizes the disaggregation of various product elements to identify opportunities for standardization across participating products.
In the Pricing section, it specifies that risk premiums should be calculated using uniform formulas and values for all products involved. The commercial premium calculation allows for different values while maintaining a consistent structure. Notably, it mentions the potential for price adjustments based on sales through various distribution channels, indicating a flexible approach to pricing strategies.
The Underwriting Rules section highlights the necessity for compliance with automated underwriting principles. It stresses that underwriting rules must be definitive, either black or white, without room for subjective human judgment. In cases where ambiguity exists, it suggests that the participating label should make the underwriting decision, rather than relying on a shared service center (SSC).
Claims Rules are also addressed, indicating that these rules dictate the total claims payment size. They must align with the principles of standard and simplified claims handling, ensuring consistency in claims processing.
Lastly, the Terms & Conditions segment proposes the creation of a unified set of terms applicable to all participating labels. This aims to maximize efficiency by allowing multiple products to share similar terms, fostering a streamlined approach to compliance and operational management.
Overall, the slide presents a structured framework for harmonizing insurance products, focusing on consistency and efficiency across various operational aspects.
This slide is part of the Product Architecture Blueprint - Proposal for a US Insurer PowerPoint presentation.
The Affinity Consulting Partnership is a global powerhouse of experienced consultants, specializing in technology and digital-driven change.
EXPLORE MORE SLIDES FROM THIS PRESENTATION
EXPLORE MORE PRESENTATIONS ON
Flevy is the world's largest knowledge base of best practices.
Leverage the Experience of Experts.
Find documents of the same caliber as those used by top-tier consulting firms, like McKinsey, BCG, Bain, Deloitte, Accenture.
Download Immediately and Use.
Our PowerPoint presentations, Excel workbooks, and Word documents are completely customizable, including rebrandable.
Save Time, Effort, and Money.
Save yourself and your employees countless hours. Use that time to work on more value-added and fulfilling activities.
