Managing Products Portfolios
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New products and services are the lifeblood of all businesses. Investing in their development isn't an optional extra - it is crucial to business growth and profitability. But embarking on the development process is risky. It needs considerable planning and organisation. There's a lot at stake when developing a new product or service. To minimise risks and allocate investment and resources wisely, you should consider a number of factors. View how with Panorama 360 for insurance and wealth management, you will: - Cover the full life cycle of product development process - Address all business and IT responsibilities as a multi-disciplinary team endeavor - Improve the team communication using a more holistic approach - Ensure that all aspects have been addressed - Produce a comprehensive plan much faster www.InsuranceFrameworks.com
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Managing Products Portfolios
- 2. www.InsuranceFrameworks.com © Insurance Frameworks Cover the full life cycle of product development process Address all business and IT responsibilities as a multi- disciplinary team endeavor Improve the team communication using a more holistic approach Ensure that all aspects have been addressed Produce a comprehensive plan much faster
- 6. www.InsuranceFrameworks.com © Insurance Frameworks A deliverables group is a family of related deliverables. Examples for each deliverable content is also provided. This methodology identifies twelve deliverable groups: Value Offering Concept; Market Research; Value Offering Design; Distribution; Communications Program; Process; Structure; Financial / Business Plans; Quality Assurance; Education / Training; Organizational Effectiveness; Project Management
- 7. www.InsuranceFrameworks.com © Insurance Frameworks Deliverables Opportunity Assessment Engineering Development Implementation Operation Life Cycles (step-wise refinement) Benchmarks, 1. Identify issues and opportunities. Best Practices 2. Seek advice from experts, suppliers, regulators. 3. Value Offering design walk throughs. 4. Assess impact on design and business plan. 5. Develop specifications. 6. Test designs. 7. Prepare final specifications. 8. Ongoing monitoring / revising. Rating Factors 1,2,3 2,34,5 5,6 6,7 8 Underwriting Guidelines 1,2,3 2,34,5 5,6 6,7 8 Retention Limits 1,2,3 2,34,5 5,6 6,7 8 Value Offering Design 8 1 2,3,4,5,6 7 8 Technology Strategies 1 2,3,4,5,6 7 8 Coverages 1,2,3 2,34,5 5,6 6,7 8 Service 1,2,3 2,34,5 5,6 6,7 Deliverables Opportunity Assessment Engineering Development Implementation Operation Life Cycles (step-wise refinement) Value Offering Concept 1. Identification of activities, resources and / or processes. 2. High level documentation. 3. Approval. 4. Validation. 1. Definition of content. 2. Determination of the market segment. 4 Value Offering Description Form 1,2,3 Post Launch Value Offering Description Form Market Research Value Offering Market Information 1,2 3 4 5 5 Organizational Effectiveness Industry Scenarios 1 2,3,4 5,6,7 7 8 1. Identify issues / opportunities. 2. Seek advise from experts, suppliers, regulators. 3. Assess impact on business plan. 4. Obtain management commitment to implications. 5. Establish inter-corporate sharing processes. 6. Create competitive response mechanisms. 7. Develop and implement strategies for related value offerings - pricing & positioning. 8 Links to Other Business Units 1 2,3,4 5,6,7 7 8 Opportunity to Share Functions 1 2,3,4 5,6,7 7 Cross Value Offering / Division Training 1 2,3,4 5,6,7 7 8
- 8. www.InsuranceFrameworks.com © Insurance Frameworks Deliverable Name ◦ Principle ◦ Purpose ◦ Information needs ◦ Life cycle ◦ Deliverables ◦ Communications ◦ Program chart ◦ Areas impacted ◦ Deliverable description
- 10. www.InsuranceFrameworks.com © Insurance Frameworks Including Project Management deliverables and notes
- 11. www.InsuranceFrameworks.com © Insurance Frameworks Cover the full life cycle of product development process Address all business and IT responsibilities as a multi- disciplinary team endeavor Improve the team communication using a more holistic approach Ensure that all aspects have been addressed Produce a comprehensive plan much faster Panorama 360 is affordable and of great value immediately. Ask us at Pierre.Gagne@InsuranceFrameworks.com.