Having innovative products is a necessity in today’s competitive environment. The extent of innovation will depend on where in the product life cycle the takaful operator is designing or revising a product.
Actuarial Partners can assist in all aspects of the product development cycle, including:
- Identification and research of the target market
- Policy design and pricing with sensitivity testing
- Competitive analysis
- Business plan projection
- Management of risk including the use of retakaful and other financial instruments
- Analysis of capital required
- Measurement of return to policyholders and operator
- Analysis of existing experience for mortality, lapsation, investment and expenses for continued development after the product is sold
Product pricing: Medical & Health Takaful
We are an industry leader in pricing medical and health takaful products. We can also assist in specific medical product development and pricing, and subsequently track results.