Product Documents/Tools
A visual tool used in the sales process to demonstrate a product's benefits, workings, and potential financial outcomes, helping customers make informed decisions.
Sales Illustration
An evaluation process conducted after a product's release to assess its performance, customer reception, and alignment with business objectives, enabling improvements and adjustments.
Post-launch review
The potential for damage to an organization's reputation, which can lead to loss of customers, revenue, or market value.
Reputational Risk
This marketing document is designed to give potential customers a quick overview of a product’s benefits, features, and pricing to aid in their decision-making process.
Product Brochure
A comprehensive document that outlines and tracks all the projects, tasks, and initiatives that an organization is currently working on or planning to undertake and enhances risk management by providing visibility, prioritization, and control over all projects and tasks.
Book of Work
The potential for financial or operational impact due to changes in laws or regulations affecting an organization’s industry.
Regulatory Risk
These are statements included in the policy contracts/highlight sheets to ensure that client expectations are met and includes a list of possible risks of the product they are availing.
Disclosures
Involves re-testing actuarial models and calculations after product updates to ensure that changes do not adversely affect the accuracy and reliability of pricing, reserving, and risk assessments.
Regression Testing
Risk that is monitored to ensure that complicated product features where customers may not be able to fully understand (or the feature is relatively new to the market), and can be prone to complaints / disputes in the future.
Client Suitability or Mis-Selling Risk
Which ePOS enhancement was launched in 2024 to ensure that customers buy the correct product suited to their needs and financial capability?
eFNA
This refers to the regular review of the performance of our product offerings to ensure the long-term sustainability and profitability of our products.
Basis Change
Risk monitored to ensure that the new product is consistent with the product strategy in the NB Plan to deliver the financial targets.
Strategic Risk
Refers to document used to provide a concise and clear summary of a product's key features, benefits, terms, and conditions, usually bundled as the first page of the sales illustration.
Product Highlight Sheet (PHS)
These are periodic reviews where products are reassessed based on the current existing and new risks that can affect the product impact to portfolio and clients. This is also done before a product is launched in the market.
Product Review Report
Risk related to the high lapsation rate given the high interest environment.
Disintermediation Risk