You can always point to product competitiveness as to why an insurance product does or does not sell. However, the long term success of an insurance product is based entirely on the initial pricing. Often insurance companies take steps to ensure a new product meets producers’ expectations first and then try to back into the pricing assumptions needed to hit profit expectations. These products usually sell very well in the short term but then need to be either re-priced or pulled just as the interest in the product peaks. This severely impacts the companies’ reputations and believability with future products.
Today, the risks inherent in the most successful insurance products are becoming more and more complex—and this is amplified by the focus on indexed products. Insurance companies interested in indexed products without that background are forced to either develop that knowledge internally or rely on expensive consulting firms with limited knowledge of distribution and marketing. Jason Konopik has been developing, pricing and implementing indexed products for close to ten years. His experience also includes hedging, filing, training, marketing, compliance, IT support, and administration support. He can work with a company in almost any capacity desired.
We at AMZ are looking to develop long term partnerships with insurance companies. As such we understand the products we assist in developing need to meet both the sales expectations and the profitability expectations.
Should you have any desire to find out more about AMZ’s pricing capabilities, don’t hesitate to call.
Jason Konopik, Chief Financial Officer, email@example.com, 866-204-7712 ext. 101