Skip to main content
RAD Services
Products
We take a holistic view of products to ensure your success. Considerations in a good product design effort are:
1. Target market and market needs
2. Market positioning (low cost, unique products, loyal distribution, high service, etc.)
3. Distribution channels and compensation
4. Risk selection approach and extensiveness
5. Underwriting & issue processes
6. Product features and premium structure (policy fee, classes, age groupings, etc.).

 
Distribution & Marketing Organizations
We help carriers to develop good distribution strategy and to get better performance from their distribution channels.
We help marketing organizations improve their operations, and we provide assistance with negotiating commission financing and profit sharing arrangements with carriers.

 

Operational enhancements for competitive advantage, growth, or expense reduction 
Competitive Advantage: If you are easy to do business with, agents may prefer selling for you than for companies with lower premiums or fancier products.
Growth: If your new business acquisition costs are very low, you can afford greater growth than a company with high acquisition costs.
Expense Reduction: Paradoxically, good processing structures can improve service while reducing costs.

 

Part-time or interim Chief Actuary
Provide Chief Actuary services on a part-time basis for small firms or on a full-time interim basis for larger firms that have a vacancy.

 
Deal support (joint ventures, acquisitions and divestitures, capital projects)
Many insurers have gaps in the skills and expertise require to put complex deals together and implement them - and the cost of not doing the job right can be very great.

  
 

 
Products

We take a holistic view of products to ensure your success. Considerations in a good product design effort are:
1. Target market and market needs
2. Market positioning (low cost, unique products, loyal distribution, high service, etc.)
3. Distribution channels and compensation
4. Risk selection approach and extensiveness
5. Underwriting & issue processes
6. Product features and premium structure (policy fee, classes, age groupings, etc.).
 
Services
• Product strategy, design, development, pricing - all types of individual, worksite and trusteed group life and annuity products, plus individual disability and supplemental health products. Distribution channel expertise includes direct response, worksite, association group, banks, wirehouses, various types of career agencies, association and affinity groups
• Obtaining reinsurance for products or reinsurance partners (including joint ventures or private labeling with other direct insurers) for development of a new line. Also provide contract negotiation assistance.
 
Past projects
Interim product leader
Helped small fraternal determine what types of products to develop and to prioritize among them. Led product design and development process for multiple products developed for direct response and agency channels.

Develop product portfolio for new mass marketing insurer
Designed and developed:
• Term Life, AD & D and Hospital Income products for direct response channel with a variety of coverage riders
• Universal Life and Disability Income products for worksite channel

Entry into new markets
Provided management, actuarial and financial consulting advice to several of the largest US life insurers with large captive sales forces who were actively investigating expanding into alternative distribution channels such as direct response, worksite, banks and independent marketing organization (IMO) while minimizing channel conflict.

Streamlined an IMO’s product pricing feasibility process
Resulted in faster turnaround and quick approval of new product and pricing proposals by the IMO’s carrier partners



Distribution & Marketing Organizations

We help carriers to develop good distribution strategy and to get better performance from their distribution channels.
We help marketing organizations improve their operations, and we provide assistance with negotiating commission financing and profit sharing arrangements with carriers.
 
Services

• Distribution strategies and methodologies – face-to-face selling, direct to the consumer via mail, live media or the internet, institutional, worksite
• Improving productivity and cost-efficiency of agencies, marketing organizations and other distribution channels
• Improving agency training and discipline
• Helping Marketing Organizations develop financial arrangements to improve their financing and increase their participation in product profitability
 
Past projects
eBusiness/CRM
Provided support to the $65m eBusiness/CRM initiative of a major US life and health insurer, with specific focus in the areas of strategic planning, program management, team building, process design, and change management.

Agency systems
Redesigned agency systems that resulted in improved service levels and a 31% reduction of accounts in arrears.

Sales automation
Designed and directed the pilot of a sales automation technology for a large life and health insurance provider.

Agency training
Improved employee training and discipline which contributed to a 50% reduction in field shortages.

Profit sharing enhancement for broker
Helped one of the largest COLI brokers capture a substantial portion of their 50% share of the profits on the business they wrote for their primary carrier by developing and implementing an innovative approach using a reinsurer and collateralizing the broker’s future commissions to support the disproportionate profit sharing that allowed the broker to retain most of their share of the carrier’s profits as long as the business performed as expected

 

Operational enhancements for competitive advantage, growth, or expense reduction
Competitive Advantage: If you are easy to do business with, agents may prefer selling for you than for companies with lower premiums or fancier products.
Growth: If your new business acquisition costs are very low, you can afford greater growth than a company with high acquisition costs.
Expense Reduction: Paradoxically, good processing structures can improve service while reducing costs.

Services
Evaluation of changes that will promote objectives, vendor and technology evaluations and recommendations, project assistance/management. We are particularly noted for our expertise in RAD (Rapid Assessment and Delivery) to dramatically reduce new business acquisition costs and to reduce turnaround time.
 
Past projects
Development of RAD process for marketing organization
Developed an e-process to guide agents through a scripted sale, a drill-down application, and automated nonmed underwriting including acceptance of payment and policy issue at point-of-sale. Result for carrier would be elimination of most policy issue and underwriting costs.

New business model for variable products company to improve competitive positioning
Company desired rapid upgrade in servicing capabilities in order to improve sales. Identified, vetted and recommended BPOs and helped client develop model for integrating front-end processes with vendor back-office services. The company transitioned to the new model within a year.

Streamlined processes for major life and health provider
Resulted in an increased focus on customer service, and a 12% improvement in business retention.

Call center upgrade for large multi-line insurer
Co-led the contact center review. The initiative was to determine how to convert multiple call centers within the firm to a more efficient structure. We proposed a single contact center with both inbound and out bound capabilities, supplemented with an outsourced outbound function. These recommendations reduced by 30% and increased sales by 52%.

 



Part-time or interim Chief Actuary
Provide Chief Actuary services on a part-time basis for small firms or on a full-time interim basis for larger firms that have a vacancy.
 
Services
Oversee and coordinate all actuarial services and provide actuarial perspective and strategic advice for senior management team.
 
Past projects
Chief Actuary and Appointed Actuary for large insurer being reorganized and its 2 subs
Strengthened reserves based upon asset adequacy analysis, provided data for divestitures of blocks of business and for regulators, secured stop-loss reinsurance.

Head line actuary for young direct response line of business for large insurer

Developed new products, performed GAAP acquisition cost recoverability analysis on inforce products, valued the liabilities for the line.

Chief Actuary and Financial Officer for start-up mass marketing sub of large insurer

Developed term life, hospital income and AD&D products with a variety of coverage riders for direct response channel. Developed universal life and disability income coverage for worksite channel. Secured reinsurance as needed. Set up banking, managed budget, established reserve basis for all products.
 

 
Deal support (joint ventures, acquisitions and divestitures, capital projects)

Many insurers have gaps in the skills and expertise required to put complex deals together and implement them - and the cost of not doing the job right can be very great. RAD Insurance can fill many of these gaps.
 
Services

Project management, participate in negotiation team, oversee actuarial analysis and evaluation of offers, transaction implementation support.
 
Past projects
Secured capital infusion for insurer via coinsurance cession of life insurance block
Solicited bids and led negotiation for coinsurance deal which secured $95 million for client.

Divested disability income line for insurer

Prepared block for sale, solicited bids, evaluated offers and negotiated coinsurance and administrative contracts. Secured positive ceding commission for this block, although it was losing money.

Negotiated private label agreement for variable life

Client was providing product for another carrier.

Led project team to acquire blocks of life business
Evaluation of available blocks, project management and negotiation support
.