Product Development Process

This chapter aims to illustrate the process of product development and launch. This process can be split into six stages: identifying the product concept, defining the macro-structure and model of the product, product realisation, internal validation of the product, presenting the product and sharing it with channels, final release of the product in the industry. In the following paragraphs, we provide the details of the activities. At the end of the chapter, we describe the recent regulation Product Oversight Governance—POG. Nowadays the process of developing and launch of a product must abide by what is laid down under the new regulations. For the first time, lawmakers have defined rules for a new system of governance and monitoring of the process of product development in the insurance industry.