Product Creation

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At ˿ƵAPP, we partner to bring the best product ideas to life. We commit to creating new opportunities, growing markets, and succeeding – together.


Whether targeting new segments, insuring new risks, innovating in new channels, or assimilating the latest technologies, ˿ƵAPP has the experience, expertise, and approach to deliver solutions that work. 

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Why Partner with Us? 

˿ƵAPP's record of successful product launches is unmatched. For the 11th consecutive year in 2022, we were ranked #1 in product innovation by ceding companies on NMG Consulting's Global Life & Health Reinsurance Study.

As the only reinsurer to focus exclusively on life and health, ˿ƵAPP is distinguished by our expertise. Still, our partnership mindset truly sets us apart. We don't just focus on identifying – or creating – opportunities. We work together with you to ensure success. We have successfully launched hundreds of products both within and across business lines, regional and local markets, and traditional and emerging distribution channels. 

Explore Partnership at ˿ƵAPP

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Our Approach

Our proven approach to product innovation is replicable and sustainable. We offer:

  • Support from end to end, considering marketability, feasibility, and risk management. Product developers should expect value-added services from any reinsurer, but ˿ƵAPP takes support a step further.
  • Ability to combine the right expertise, capabilities, and resources at the right time. We bring the best ideas to you from around the world, from ready-to-go products that can be customized to market-first, co-developed solutions.
  • A feedback loop to ensure rapid prototyping, testing, monitoring, and continuous improvement.
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You Have Opportunities
Explore our Successful Solutions

Case Studies

Accelerated Underwriting

Accelerating life underwriting through data

 

Client Objective

The client wanted to launch a term life product with data-driven accelerated underwriting

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Traffic blur signaling acceleration and speed in underwriting

Through a collaboration with ˿ƵAPP, a client was able to launch a competitive term portfolio of 10-, 15-, 20- and 30-year products incorporating credit scoring and accelerated underwriting –&Բ;while also complying with new regulations.

The re-designed underwriting journey accelerated ~25% of policies, allowing for policies to be sold at lower cost at faster issue times.

˿ƵAPP provided strategy, product design, product development, and pricing support and contributed underwriting capabilities to the partnership. In particular, the use of ˿ƵAPP's risk scoring solutions made underwriting acceleration possible.

Critical Illness

Reimagining an existing product in a competitive market 

 

Client Objective

The client sought to revamp an existing multi-pay critical illness product to maintain market share

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˿ƵAPP was able to collaborate with the client to develop an extra benefit that covers the needs of previously excluded customers for benign breast, uterine, fibroid, or prostate conditions and undetected congenital conditions in children.

After a strong launch, the benefit became a key feature for multi-pay Cl products. The product boasted not just one but three market-first features: Benign Extra Benefit, Undetected juvenile congenital condition protection, and Payor Benefit (Death).

˿ƵAPP brought significant knowledge of the impaired lives segment to the strategy design and pricing of the offering. We worked in close partnership with the client, introducing insights and innovations, and actively training teams. Sales not only met expectations, but the client noted that the results were so strong that "the product has become a key offering in our portfolio."

Alternative Distribution

Partnering for embedded insurance-linked wellness

 

Client Objective

The client sought to leverage a thriving retailer’s customer base to market an innovative wellness product

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Through a partnership with ˿ƵAPP, a retailer/insurer was able to design and launch an innovative life product linked to a wellness solution. Billed as "the first life insurance that pays you for walking", the offering enables consumers to receive a voucher on a quarterly basis (gift cards) based on the number of steps taken, promoting healthier habits and improved engagement.

Following a highly successful launch, our client was able to access a younger demographic and to re-brand as an innovator and industry leader.

˿ƵAPP developed and proposed the idea and worked to integrate a third-party wellness provider that could manage the program’s incentives. This proactive approach and high level of support accelerated time-to-market and yielded strong results, prompting the client to note that the "product has made 'positive noise' in the market, especially taking into account the size/resources of this company compared to other bigger insurance companies in the region.”

 

 

Bancassurance

Blending bancassurance and alternative distribution “FAST”

 

Client Objective

The client sought out ˿ƵAPP to find ways to utilize bank data to better identify, upsell and cross-sell, simplify underwriting, and enhance the customer experience

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To support the client, ˿ƵAPP introduced a new risk scoring model – FAST – that applies bank data to a customized underwriting decision. Because the FAST model does not rely on the use of individual or seriatim customer data, it addresses data privacy concerns.

By applying the FAST model, the client was able to achieve high conversion rates, including a greater than 10% gross rate as a percentage of appointments set and a greater than 5% net conversion rate based on contacted leads. In addition, take-up rates reached three-to-four times the volume of typical upsell and cross-sell campaigns. This proved crucial during the COVID-19 lockdown, when the FAST model enabled the client to pursue non face-to-face sales and navigate a challenging transition to digital sales.

˿ƵAPP leveraged experience from predictive modeling, financial underwriting, wellness projects, and other data and behavioral science projects across the world to support the client through the FAST framework. ˿ƵAPP's FAST model is built based on deep technical research, as well as actuarial and population studies. Part of a suite of Bancassurance Data-driven Solutions (BDDS), FAST utilizes bank data to identify better risk customers, simplify underwriting and customer experience, and improve cross-sell performance.

 

Capital Management

Better managing regulatory capital at low cost

 

Client Objective

The client needed to reduce the amount of solvency capital necessary in the event of mass lapse

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˿ƵAPP worked with the client to develop an elegant capital solution based on the SAM mass lapse shock model. The approach leveraged reinsurance to help reduce the amount of solvency capital the client had to hold on its books. 

The client was able to release a significant amount of capital that could be deployed to meet other, more value-added needs. In addition, ˿ƵAPP acted rapidly and with urgency, executing the deal within just three months of winning the tender and well within the client’s deadline. 


Unrivaled product design and financial solutions expertise and experience from ˿ƵAPP enabled the client to secure cover within a very short deadline, while navigating legal and offshoring challenges. The Head of Strategic Partners and Shared Value department at the client thanked ˿ƵAPP "for all the hard work in getting us here. It's been a real pleasure working on the same team!"

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You Might Also Be Interested In ...

Product Trends

Investigate product development trends and developments from around the world.

Distribution

Strengthen your distribution strategy by leveraging the power of partnership.

Honors

For the 13th consecutive year, ˿ƵAPP was rated #1 on NMG Consulting’s 2023 Global All Respondents Business Capability Index, based on feedback from insurance companies worldwide. 

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A product development leader, Carmony Wong, from ˿ƵAPP Asia in profile

Power of shared knowledge 

Clients trust ˿ƵAPP as their product development partner because of our openness to new ideas and willingness to share insight. Our global view of trends and data-driven research become your advantage. Get a sense of our deep local and global market knowledge.  

Explore our Insights

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Let's Connect

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Our Team is Here
to Help

We understand the core causes, and ultimate effects, of the most pressing challenges insurers face today, and we have built an accessible and wide-ranging network of experts and partners to help you deliver solutions.

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