Product Design

in

A specialty of the house. We hold significant experience designing insurance products for personal lines, most of which involves things on wheels. We have designed profitable programs for:

  • Personal automobile
  • Small commercial auto
  • Motorcycles
  • Recreational Vehicles (RVs)

You can engage iji analytics in two ways.

Product Design Review

If you aren’t sure where you stack up or what your needs are, start with the Product Design Review. You will see how your product stacks up to the most sophisticated and most profitable product designs, scored on our proprietary 5-level sophistication scale. You will receive a detailed assessment of your rating factors, rating variables and segmentation, and product features, which will give you specific action steps for improving your product design and its effectiveness. This can be provided globally for your standardized product platform, or on a state-by-state basis. A great quick-start to see where you stack up.

Product Development

Once we have completed the review, or if you already know what you want to build, iji can help you develop your next-generation product design for an existing line of business, or help you move into new lines to round out your product portfolio, and provide greater value to your agents and customers. 

Contact iji today for a free, no-obligation discussion of your Product Design needs.

iji results

A leading auto insurer needed to upgrade its core product, to keep pace with or advance beyond its chief competition, which had recently leapt ahead with new sophisticated product designs. We did a complete review of those competitive offerings, noting where the company had fallen behind the leaders. We then conducted a series of brainstorming sessions with internal leaders, across all functions, to glean out innovative ideas. Those ones that fit best with the company’s culture and its strategic advantages, and that were feasible with the technology, were selected for the new design.

The new product enabled the company to regain its foothold with one of the Top 2 Product Designs in auto insurance, and was the chief platform during record profits over a 3-year period.