Product management is one of the most important - if not only - tool for insurance companies to develop and sustain winning strategies, as all national markets are developing into highly competitive invironments. Insurance companies need to have their development and management processes in place as time-to-market, development costs and product launch success are becoming more and more important as indicators of their performance.

Product development always has a ring of creative and innovative thinking. This being an important part of the whole process Product Development is also hard work and - if not well managed - an opportunity for making mistakes with possible huge strategic and financial impact.

Since actuaries are highly involved, in both leading and participating roles, in product management and - development and the related risk management issues, they have to be thoroughly familiar with the latest concepts of product management and its implications.