1.

Introduction
 Provide a brief overview of the Personal Accident insurance product.
 State the purpose and objectives of the BRD.
 Describe the importance of introducing this product to the market.
2. Business Objectives
 Define specific business goals and objectives for launching the Personal
Accident insurance product.
 Outline how the product aligns with the company's strategic goals and
objectives.
 Specify key performance indicators (KPIs) to measure the success of the
product.
3. Market Analysis
 Conduct a comprehensive analysis of the market for Personal Accident
insurance.
 Identify target customer segments, their demographics, needs, and
preferences.
 Analyze competitors' offerings, market trends, and potential
opportunities or threats.
4. Product Features and Benefits
 Define the features and benefits of the Personal Accident insurance
product.
 Specify coverage options, including accidental death, disability, medical
expenses, and other relevant benefits.
 Highlight unique selling points (USPs) and value propositions of the
product compared to competitors.
5. Regulatory Compliance
 Identify and comply with regulatory requirements related to Personal
Accident insurance.
 Ensure that the product meets all legal and compliance standards in
relevant jurisdictions.
 Document any licenses, permits, or certifications required for offering
the insurance product.
6. Underwriting Guidelines
 Develop underwriting guidelines for assessing risk and determining
premium rates.
 Define eligibility criteria, factors affecting coverage, and risk assessment
processes.
 Ensure fairness, consistency, and transparency in underwriting
decisions.
7. Claims Management Process
 Outline the claims management process for the Personal Accident
insurance product.
  Specify how customers can file claims, and describe the documentation
and information required.
 Define the procedures for claims evaluation, processing, and
settlement.
8. Distribution Channels
 Determine the distribution channels through which the Personal
Accident insurance product will be sold.
 Consider partnerships with insurance agents, brokers, online platforms,
or other distribution channels.
 Define strategies for reaching target customers effectively.
9. Marketing and Sales Strategy
 Develop a comprehensive marketing and sales strategy to promote the
new product.
 Define pricing strategy, promotions, advertising channels, and sales
targets.
 Outline customer acquisition and retention strategies.
10. Technology Requirements
 Identify the technology infrastructure needed to support the product.
 Specify IT systems for policy administration, claims processing,
customer service, and data analytics.
 Ensure compatibility and integration with existing systems and
platforms.
11. Risk Management
 Assess and mitigate risks associated with the product, such as
underwriting risk, claims risk, and regulatory risk.
 Develop risk management strategies to safeguard the financial stability
of the company.
 Establish contingency plans for managing unforeseen risks and
challenges.
12. Timeline and Milestones
 Define the project timeline and key milestones for product
development, testing, regulatory approval, and launch.
 Allocate resources and establish deadlines for each phase of the
project.
13. Budget and Resource Allocation
 Estimate the budget required to develop, launch, and support the new
product.
 Identify resources, including personnel, technology, and external
vendors, needed to execute the project.
 Monitor and control expenses to ensure that the project stays within
budget.
14. Approval
  Obtain approval from relevant stakeholders, such as senior
management, legal, compliance, and regulatory authorities, for the
BRD.
 Document approvals and sign-offs to ensure accountability and
commitment to the project.
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