Product Development

At RMC, we understand you face many challenges as you try to grow your business profitably. What makes us a trusted partner and industry leader in developing and implementing new products for our clients?  Our dedicated and talented product development professionals have extensive actuarial, underwriting, claims, sales, promotion, product management, and research and development expertise. In addition, we are well known for providing outstanding client service.

We can provide you with expert advice and guidance on new and existing products, and help you manage your product portfolios. Because product development is a core initiative at RMC, our commitment to your product development efforts includes partnering with you through joint risk-sharing and aligned incentives.

Equally important, we believe new products are best driven by our local experts who have in-depth knowledge of your market and your regulatory environment because they live and work in the region. Our local experts also work closely with their RMC colleagues around the world to bring you information and insight about new products introduced in other parts of the world that could have potential in your market.

 

Product Development Services

RMC provides assistance in virtually every aspect of the product development cycle:

Leverage Global Knowledge to Generate Ideas

  • ‚ÄčSeminars and workshops on product ideas and trends around the globe
  • Voice of the customer/voice of the channel research

Idea Selection

  • Market research and feasibility studies
  • Assistance with the filtering process by analyzing market needs, core competencies, competition and global trends

Product Design

  • Product design consultation including packaging, pricing and risk management
  • Actuarial assistance from a dedicated team of professionals
  • Advice and consultation on distribution options

Implementation Support

  • Assistance improving time to market
  • Sales tools and sales process support
  • Training for client underwriters, agents and claims associates
  • Filing support, which can be a challenge in certain markets

Product Management Support

  • Monitor and review experience
  • Assumption analysis, including mortality, lapses, expenses, commissions and distribution
  • Product enhancements
  • Portfolio reviews

Reinsurance Support

  • Risk-sharing to control volatility, manage unknown risks and provide relief on implementation and distribution costs

Additional Support

  • Benchmarking trips to meet customized objectives

Let us help you introduce new, innovative and profitable products in your market. Please contact us to learn more.