Redefining Product Management: IDD's Impact on Insurance Market Participants

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Dr. Diana Renata Bożek, from the University of Warsaw, discusses key aspects of product management in the insurance industry, including research thesis, definitional problems, target market identification, and the impact of IDD regulations. The presentation explores how IDD acts as a revolutionary legal act influencing all market participants and the challenges they face in compliance.


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  1. Redefining product management IDDs perspective Dr Diana Renata Bo ek, PhD Insurance Law Institute, Faculty of Law and Administration University of Warsaw

  2. ________________________________________________________________________________________________________________________________________________________________________________ AGENDA: 1. Research thesis. 2. Definitional problems. 3. Target market. 4. Insurance intermediary as a manufacturer. 5. IDD s impact on the market participants. 6. Preliminary Conclusions. _____________________________________________________________________________________________________ VIIIth AIDA Europe Conference Lisbon, 3-4 October 2019

  3. ________________________________________________________________________________________________________________________________________________________________________________ RESEARCH THESIS From the perspective of product governance IDD is the revolutionary legal act. It has significant consequences for all market participants and not all of them comply with IDD s goals. _____________________________________________________________________________________________________ VIIIth AIDA Europe Conference Lisbon, 3-4 October 2019

  4. ________________________________________________________________________________________________________________________________________________________________________________ DEFINITIONAL PROBLEMS 1. What is product? 2. Who is client? 3. How to govern the insurance product? _____________________________________________________________________________________________________ VIIIth AIDA Europe Conference Lisbon, 3-4 October 2019

  5. ________________________________________________________________________________________________________________________________________________________________________________ TARGET MARKET: DEFINITION Identification of target market by the manufacturer should be understood as description of a group of clients who share a number of features at the general and abstract level in order to adjust product s features to the needs, features and purposes of this group. _____________________________________________________________________________________________________ VIIIth AIDA Europe Conference Lisbon, 3-4 October 2019

  6. ________________________________________________________________________________________________________________________________________________________________________________ TARGET MARKET IN ENTREPRENEURS INSURANCE Which approach should be chosen: more detailed or general? Defining risk appetite is not a target group identification Large risks can we avoid IDD s obligations? _____________________________________________________________________________________________________ VIIIth AIDA Europe Conference Lisbon, 3-4 October 2019

  7. ________________________________________________________________________________________________________________________________________________________________________________ DISTRIBUTION OUTSIDE THE TARGET MARKET There is no general prohibition Individual cases: adapting products Mass distribution: necessity to take action in order to ease the situation and prevent future occurrence of the harmful event _____________________________________________________________________________________________________ VIIIth AIDA Europe Conference Lisbon, 3-4 October 2019

  8. ________________________________________________________________________________________________________________________________________________________________________________ INSURANCE INTERMEDIARY AS A PRODUCT MANUFACTURER When an overall analysis of their activity shows that they have a decision-making role in designing and developing an insurance product for the market. Sole manufacturer vs co-manufacturer _____________________________________________________________________________________________________ VIIIth AIDA Europe Conference Lisbon, 3-4 October 2019

  9. ________________________________________________________________________________________________________________________________________________________________________________ AGREEMENT ON JOINT PRODUCT GOVERNANCE Written agreement which specifies the collaboration between insurance company and intermediary to comply with the requirements for manufacturers, the procedures through which they should agree on the identification of the target market and their respective roles in the product approval process. _____________________________________________________________________________________________________ VIIIth AIDA Europe Conference Lisbon, 3-4 October 2019

  10. ________________________________________________________________________________________________________________________________________________________________________________ IDD S IMPACT ON INSURANCE MARKET Insurance intermediaries Insurance companies Clients _____________________________________________________________________________________________________ VIIIth AIDA Europe Conference Lisbon, 3-4 October 2019

  11. ________________________________________________________________________________________________________________________________________________________________________________ PRELIMINARY CONCLUSIONS governance at the statutory level allows national supervision authorities to carry out inspections and impose relevant sanctions. 1. Some changes implemented by IDD in the area of product governance do not comply with main IDD s goal. A broad approach to the obligations connected with product governance which does not take into consideration the individual risk-taking seems to be contrary to the IDD s objectives. Establishing certain rules connected with product 2. 3. _____________________________________________________________________________________________________ VIIIth AIDA Europe Conference Lisbon, 3-4 October 2019

  12. ________________________________________________________________________________________________________________________________________________________________________________ _____________________________________________________________________________________________________ VIIIth AIDA Europe Conference Lisbon, 3-4 October 2019

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