japan product development - reinsurance group of america · product design or ideation 29% weighted...
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Japan Product Development Survey 2018
Respondents' Most Important KPIs for PDand to Monitor Sales Performance
24%21%
79%31%
Risk appetite for products
21%
KPIs used for product development and monitoring are predominantly topline –
premium, face amount, # of policies
topline
present value
Consumers arehighly interested
in medical and cancer living benefit
products
Medicalincluding riders
Productdesign ORideation
29%weighted
Long-Term Care &Disability Income
Japan Product Development Survey 2018
40%
24%21% 45%
79%31%
focus on the standard risk
segment
focus on the preferred
health risk market
40% 20%focus on
sub-standard and currently declined risk
Risk appetite for products
Wholeof Life
[if affordable]
KPIs used for product development and monitoring are predominantly topline –
premium, face amount, number of policies
profit of the year
Top Products of FocusOver the Next 3 years
Largest Challenge forImplementing New Products
Top Product Choice
30RESPONDENTS
34%14%
24%
20%
5%
6%
7%
10%
Life and Living BenefitsSavings Products
MIDDLE/MASS
HNW/Affluent
Retiree/Boomers
Young Family
COLI
Millennials
Target segments for Benefitsin the next 3-5 years
19%
34%14%
24%
20%
5%
6%
7%
10%
MIDDLE/MASS
HNW/Affluent
Retiree/Boomers
Young Family
COLI
Millennials
Target segments for benefitsin the next 3-5 years
19%
5%
4%
Living benefits/ morbidityproducts
40%
40%
Majority of companies launch newproducts less than once a year
43%
47%Risk or non-cash value productsAnother 47%once a year
Savings or cash value products40%COLIproducts40%
Majority of companies launch newproducts less than once a year
KPIs most important to PD
KPIs to monitor sales performance