1273572 Manpreet Kaur F1 Q) 45. Comment on product innovation matching the risk profile of the policy holders.

Ans 1}  https://www.youtube.com/watch?v=j6btvKjCu-U&feature=youtu.be


Ans 2}   Innovation

The development of new products, changes in design of established products, or use of new materials or components in the manufacture of established products^.

Thus product innovation can be divided into two categories of innovation development of new products, and improvement of existing products.

1} New product development

New product development describes the complete process of bringing a new product or service to market. There are two parallel paths involved in the process: one involves the idea generation, product design and detail engineering; the other involves market research and marketing analysis.

2} Improvement of existing products

This includes, but is not limited to, improvements in functional characteristics, technical abilities, or ease of use. Product innovation often takes place when a product's sales are in decline. This is an obvious and commonly used method to extend the life of a product.

Innovation in Insurance.

“Innovation” is a word used so often that it leaves many people jaded. While innovation is undeniably important in moving economies and businesses forward, there is a right way and a wrong way to approach it, whether that’s in insurance or another industry.

When any type of changes on the rules and regulations of then it is called  Innovation in Insurance.

Relationship between  innovation and policy.

It’s a great relationship between  innovation and policy. It takes high growth when any type of innovation have done into any insurance policy because when needed things of customers are added into the policies then it will liked by policy holders so with this effect the sale of the policies by company is increased.

Product Innovation & Risk

Product innovation helps to decrease the risk of the policy holder because in product innovation all needed things are added into the policy, on other hand we can say that in this only that type of thing are added which is helpful for decreasing the risk so we can say that Product innovation is helpful for decreasing the risk of the policy holder.