Actuarial and insurance expertise that helps turn product ideas into commercially viable insurance programs and keeps them performing and compliant

Developing and managing a successful insurance product requires commercial, actuarial, operational and regulatory considerations to come together. Rates need to be sustainable, coverage needs to meet market demand, systems need to support the product and regulatory requirements need to be addressed – both at launch and as the product evolves.

Davies helps insurers, including mutual insurance companies, MGAs, and other insurance organizations develop new products, manage and strengthen those already in the market, and meet ongoing filing and compliance requirements. Our consultants combine actuarial expertise with practical knowledge of insurance operations and regulation, enabling us to consider pricing, forms, systems filings and compliance as interconnected parts of the product lifecycle.

We work alongside management, actuarial, underwriting, compliance, and technology teams providing support from initial product strategy and design through to regulatory approval, implementation and ongoing product management.

Our product development and management services include:

• Product strategy and feasibility
• New product and program development
• Existing product review and enhancement
• Rate and rating plan development
• Rate and rule manual development
• Policy form and endorsement development and review
• Competitor and market analysis
• Bureau-based, proprietary and hybrid product development
• Product implementation and policy administration system support
• State rate, rule and form filings
• SERFF filing support
• Countrywide product rollouts and state expansion
• Regulatory filing strategy and objection support
• Bureau monitoring and regulatory data calls

Our consultants support mutual and other insurance companies with product development throughout the product lifecycle. At the development stage, this includes helping organizations determine which products and markets to pursue, developing appropriate rates and rating structures, reviewing or developing policy forms and endorsements, and supporting implementation.

Once a product is in the market, our focus moves to its ongoing management and enhancement. Changes in claims experience, competition, regulation, technology and customer behavior can all affect product performance. We help clients assess those changes and determine where rates, coverage, underwriting, product or supporting systems may need to evolve.

Product compliance is an integral part of that process. We support clients with rate, rule and form filings, including the SERFF filing process from submission through to approval, as well as countrywide rollouts and expansion into more challenging regulatory jurisdictions. Our consultants also provide ongoing support with bureau monitoring, state filing objections and regulatory data calls.

The team’s wider actuarial and regulatory experience provides an important additional perspective. By bringing together product, pricing and compliance expertise, we can help clients address the underlying technical or product issue when regulatory questions arise, rather than treating the filing as a standalone administrative process.