Product Innovation-MEIF-Jabran Noor
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1 Product Innovation Innovating and Creating Solutions Tailored to Specific Market Needs in the Middle East Jabran Noor Executive Director – Tajweez Advisory
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Transcript of Product Innovation-MEIF-Jabran Noor
1
Product Innovation Innovating and Creating Solutions Tailored to Specific Market Needs in the Middle East
Jabran Noor
Executive Director – Tajweez Advisory
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change is the process by which the future invades our lives
- Alvin Toffler
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Insurance Industry is undergoing a radical transformation globally
business model innovation
product & service innovation
process innovation
technology innovation
4 � Product Innovation | Jabran Noor | MEIF 2015
Product & Service Innovation
Mass Market
Personalised
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Personalised Products & Services
Unbundled
Fully integrated Packaged
Future of Insurance Products is
“Modular” Approach
� Product Innovation | Jabran Noor | MEIF 2015
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Emerging Trends Customer defining coverage
Priced for underwriting profits
Leverage technology for rating
Social Network Integration
Gamification of Insurance
BI / Big Data / Analytics
24 / 7 / 365 Service
� Product Innovation | Jabran Noor | MEIF 2015
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Pricing
.
1 2 3 4
Appropriate Rating Factors
Claims Management
Operational Efficiency
Predictive Analytics
� Product Innovation | Jabran Noor | MEIF 2015
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Supporting Tools
CRM
E-commerce
Portals Rules Engine
Integrated Analytics
Financial Systems
� Product Innovation | Jabran Noor | MEIF 2015
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Under penetrated
Culturally different
Potential for growth
Favourable demographics
Expatriate Population
Basic Regulations
Middle East Insurance
Self Regulate
Embrace Technology
Optimise
Nurture Niche Markets
“Borrow” Innovation
Indigenous Innovation
� Product Innovation | Jabran Noor | MEIF 2015
