Product Creation

Through a collaboration with RGA, a client was able to launch a competitive term portfolio of 10-, 15-, 20- and 30-year products incorporating credit scoring and accelerated underwriting – 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.

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

RGA 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).

RGA 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."

Through a partnership with RGA, 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.

RGA 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.”

To support the client, RGA 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.

RGA 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. RGA'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.

RGA 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, RGA 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 RGA 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 RGA "for all the hard work in getting us here. It's been a real pleasure working on the same team!"