Innovation Insurance Group offers full end-to-end insurance product development services to carriers, brokers and entrepreneurs. These services can apply to developing new products in existing or emerging risks (e.g., reputation, cyber, supply chain, intellectual property, climate change), or they can consist of product rewrites to meet the demands of a changing marketplace. We also work with companies to develop or improve their product development process.
Prior to creating Innovation Insurance Group, Mr. Sagalow developed several new to the market insurance products, including Cyber-Insurance, Directors and Officers Entity Coverage, Y2k Insurance, and Corporate Reputation Insurance, among others. Since creating Innovation Insurance Group, Mr. Sagalow has continued to develop new insurance products, including, most recently, Intellectual Property Collateral Insurance and BitCoin Theft Insurance.
The company also assists organizations in systematizing their product development processes. To assist in this process, Mr. Sagalow wrote the Guide for New Insurance Product Development.
Depending on your need, our services can include:
- For entrepreneurs and non-insurance professionals: we evaluate your new product, give you a written report on our opinion of its value to the market and suggest improvements. If we determine that the product is valuable, we find an insurance carrier(s) partner.
- For insurance carriers or brokers: we provide complete project management for your new product idea, or we present a new product idea for your review.
In both events, we can take your product idea (or one we came up with for you) and bring it to market quickly and profitably.
New products may include:
- Refreshes or rewrites of existing products to match and exceed the market
- Products existing in one part of the organization that need to be “transferred” to another
- Products which exist in the marketplace but are new to the organization
- Products which are completely new to the insurance industry
Deliverables may include:
- Complete project management
- Drafting of all forms
- Draft underwriting guidelines
- Draft business case, and present if desired
- Training (both internal and external)
- Sales and sales management
- Tracking and Metrics management