Product development is a key function of the company and is carried out by MIL’s Product Department. The Product Department co-ordinates and leverages both internal and external resources to develop new products from concept stage to launch through MedInSynC®, our proprietary product development process.
MedInSynC® is a collaborative development process drawing on MIL’s internal and external innovation network. The process aims to identify both core and incremental innovations aimed at delivering against client needs and enhancing the brand value of MIL. The various stages of the process include idea generation from internal sources, including MedLab®, Mediolanum’s in-house cross functional R&D and innovations working group, as well as external sources including an RFP process with our external partner network. This is followed by the application of the detailed MedInSynC® process which takes ideas through concept engineering, solution mapping and ideas selection prior to winning ideas being technically evaluated by Med³®. Following technical feasibility evaluation and analysis, an idea is then developed and project managed to deliver a final product, complete with commercial and distributor support initiatives followed by post implementation review and optimisation.
The above processes require a high level of co-ordination among the different departments involved (i.e. the delegate asset management, finance, IT, operations, fiscal, legal, and compliance including external parties and the Appointed Actuary. All product development activities are presented, discussed and formalised at the MIL’s Product Committee.
As outlined above, MedLab® is responsible for delivering the R&D process for Mediolanum Irish entities while the associated tasks of protecting intangible assets and intellectual capital, and including but not limited to the registration and protection of product names and trademarks is shared between the MIL Product and Legal Departments.
A fundamental step in order to gain a competitive advantage and to provide value added to our distributors is the legal framework within which discussions with third parties are undertaken. The company, before entering any discussion with potential partners, requires a confidentiality agreement to be signed which outlines the rights and obligations of both parties in relation to the treatment of intangibles as well as the identification and treatment of any innovative elements arising from any collaborative research efforts. Product Development is supported in its work by the Accounting and Legal department who support the product team in all the financial and legal issues that can arise during discussions with potential partners.
MIL is authorised to issue life insurance products and it is responsible for the general management and the administration of these products. In this regard, MIL manages the issued products, and may delegate the investment and re-investment of each asset to a delegate investment manager. Products issued by MIL may be classified as follows: