Innovation Insurance Group

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You are here: Home / Our Services / Product Development Services

Product Development Services

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.

Case Studies of new to the market products created and launched by Innovation Insurance Group.

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  which can be purchased directly from this web site.

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:

  1. Refreshes or rewrites of existing products to match and exceed the market
  2. Products existing in one part of the organization that need to be “transferred” to another
  3. Products which exist in the marketplace but are new to the organization
  4. Products which are completely new to the insurance industry

Deliverables may include:

  1. Complete project management
  2. Drafting of all forms
  3. Draft underwriting guidelines
  4. Draft business case, and present if desired
  5. Training (both internal and external)
  6. Sales and sales management
  7. Tracking and Metrics management

 

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Product Development

Ty Sagalow for 30 years has helped create new and improved insurance products for the insurance industry resulting in billions of dollars in new revenue. He is a leading authority on new insurance product development, particularly in the areas of D&O, professional liability, cyber, reputation risk and new-to-market products.

Mr. Sagalow served as President of AIG Product Development and as Chief Innovation Officer for Zurich North American and the Tower Insurance Group. Insurance products developed or revamped by Mr. Sagalow and his teams have generated hundreds of millions of dollars of gross premium for these companies, and many have become standards in the industry. These products include Y2K Insurance, Cyber Insurance, (Entity Cover) D&O Insurance and Reputation Insurance.

At each of these companies, Mr. Sagalow created or overhauled the product development processes to improve creativity, efficiency and profitability. Mr. Sagalow built product developments teams that included specialists needed for every aspect of product development, from Actuarial to Claims to Marketing, and he produced a Guide for New Product Development, which remains unique in the industry.

Since its founding in 2011, Innovation Insurance Group has created a number of new to the market insurance products, including Intellectual Property Collateral Insurance and bitcoin theft insurance, in addition to assisting many insurance companies create or improve upon their existing insurance policies. Mr. Sagalow is the host of two series about innovation produced by World Risk and Insurance News: Innovations in Insurance Hosted by Ty Sagalow and What’s New In Insurance with Ty Sagalow.

Lisa Vivori, VP, Strategy and Business Development, also brings experience in insurance product development to Innovation Insurance Group. As VP, Marketing for AIG Executive Liability Division, she initiated a new product development process that served as the foundation for subsequent product development efforts throughout the company. It was Lisa who first suggested incorporating entity coverage into the Directors and Officers policy, and she partnered with Ty Sagalow to drive the product development process, rolling the product out in record time. She also worked closely with Ty Sagalow on the development of value-added products, listed above, for existing AIG Executive Liability products.

Innovation and Product Development Interviews and Publications

RIMS 2015- FOR003- Bitcoins: The Next Cyberinsurance?

Financier Worldwide: Innovation in the Insurance Industry

Insurance Thought Leadership Speaks with Ty Sagalow on Innovation

A.M. BestTV with Ty Sagalow: Insurers Must Innovate

Oasis Loss Modeling Framework

Ty Sagalow Previews New Product Innovation at RIMS 2013

Ty Sagalow: The Evolving Process of Innovation Within Insurance Companies

Ty Sagalow: What Influences Creativity and New Product Development in Insurance

Ty Sagalow: The Impact of Government Regulation on Innovation

Company Profile

Innovation Insurance Group is an insurance consulting firm and insurance brokerage founded by 30-year insurance executive, Ty R. Sagalow, former Chief Underwriting Officer, General Counsel and Chief Innovation Officer at AIG, and former Chief Innovation Officer at Zurich, NA and Tower Group. IIG focuses on three core practice groups: product development, expert witness services (primarily in the Management and Professional Liability areas), and bitcoin industry brokerage services.

Learn more about Ty R. Sagalow
Learn more about Innovation Insurance Group
Learn more about InsurTech Consulting
Learn more about Bitcoin Insurance Agency

Innovation Insurance Group, LLC BBB Business Review

Featured Topics

  • InsurTech
  • Innovation and Product Development
  • Directors & Officers Liability Insurance
  • Cyber Risk Insurance
  • Reputation Risk
  • Bitcoin Risk and Insurance
  • Emerging Risks
  • Interviews of Ty Sagalow
  • Gallery
  • Testimonials
  • Speaking Engagements

Featured Video Series

  • "What’s New in Insurance with Ty Sagalow"
  • "Innovations in Insurance hosted by
    Ty Sagalow"

Recent Speaking Events

  • Lawline How Is InsurTech Impacting the Insurance Industry? (Update) (8/16/23) (video)
  • The Future of Insurance (with Bryan Falchukc) (Video Podcast Aug 2022)
  • InsurTech Ohio Spotlight with Ty Sagalow (Podcast 5/10/22)
  • Meet the Godfather of Insurtech… (The Insurtech Leadership Podcast)(12/20/21)
  • Why Insurance Industry needs Lemonade Insurance-Style Business Models (Silicon Review, 2019)
  • CIIA Conference: Innovation, Culture and Technology
    May 13, 2021, Chili (Virtual)
  • Latin American Conference New Perspectives and Innovations for the Future of Insurance
    Nov 4, 2019, Mendoza, Argentina
  • All Speaking Engagements
  • 2016 Insurance Consultants Award
    2016 Insurance Consultants Award
  • 2017 Insurance Consultants Award
    2017 Insurance Consultants Award
  • 2017 Insurance Expert Witness of the Year
    2017 Insurance Expert Witness of the Year
  • AI 2017 InsurTech Consultant of the Year Award
    2017 InsurTech Consultant of the Year Award - AI International
  • 2018 Best Advisor Award – M&A Today
    2018 Best Advisor of the Year - M&A Today
  • 2018 Best Consulting Firm – Lawyers International
    2018 Best Consulting Firm - Lawyers International
  • 2018 Best Advisor of the Year - Corporate USA Today
    2018 Best Advisor of the Year - Corporate USA Today
  • 2018 Insuretech Consultant of the Year - Business Excellence
    2018 Insuretech Consultant of the Year - Business Excellence
  • 2019 50th Fasting Growing Company
    2019 50th Fasting Growing Company

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