Sustainable product development delivers long-term growth

  • Fang Zhong

    Fang Zhong

    Executive Director, Business Development, Regional Marketing, RGA Asia

  • Neill Muller

    Neill Muller

    Chief Marketing Actuary, Asian Markets

We seek to understand market needs in depth and provide the best solutions to address them, which is more important than ever in this rapidly changing industry environment.

Starting an innovation program is one thing; sustaining one is another, particularly when it comes to insurance product development amid a pandemic. While the COVID-19 crisis has required insurers to adapt quickly to meet market needs – extension of grace periods, alternative medical evidence, non-medical limit campaigns, post-recovery case underwriting guidelines, and support for healthcare workers, among other measures – long-term success still rests on the ability to develop sustainable solutions to meet consumer demand on an ongoing basis.

The key is to adapt to the dynamic present with an eye toward the future, and proactively drive product innovation by leveraging additional data sources, technologies, and ways of doing business.

Sustainable innovation requires an end-to-end solution design process that balances marketability, feasibility, and risk management, combining the right capabilities and resources at the right time.

At RGA Asia, this approach forms the basis of our solution design process – beginning with product ideation, extending to execution, and concluding with the product launch and post-launch analysis. A continuous feedback cycle embedded in the process helps ensure rapid prototyping, testing, and constant improvement. Most importantly, RGA’s solution design process leverages decades of experience in delivering successful, sustainable insurance products in diverse markets for our clients’ long-term business growth.

We seek to understand market needs in depth and provide the best solutions to address them, which is more important than ever in this rapidly changing industry environment.

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      Tony Cheng

      Executive Vice President, Head of Asia

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