PRD Template for Insurance Products
Insurance products operate in one of the most heavily regulated industries. State-by-state filing requirements, actuarial review mandates, and claims processing regulations create unique PRD requirements that generic templates do not address.
This template adds insurance-specific sections for products spanning policy administration, claims management, underwriting, and distribution.
Template sections
5 sections covering the complete prd workflow.
Problem Statement
Describe the insurance problem with industry context: which line of business (P&C, life, health, specialty), which part of the insurance value chain (distribution, underwriting, policy admin, claims), and the regulatory environment. Include data on loss ratios, combined ratios, or customer satisfaction scores relevant to the problem.
Regulatory Compliance
Insurance is regulated state-by-state in the US. Document which state departments of insurance must approve the product or rate filing. Specify NAIC model law compliance, state-specific filing requirements, and any federal regulations (ACA for health, Dodd-Frank for financial stability). Include the compliance review timeline in your project plan.
Actuarial Review
Document actuarial requirements: rate adequacy, loss reserving impact, experience data needed for pricing, and any changes to actuarial models. New products or features that affect pricing or reserves require actuarial sign-off before development.
Claims Workflow
If the feature touches claims: document FNOL (First Notice of Loss) requirements, adjuster workflow integration, subrogation considerations, and fraud detection requirements. Claims features must comply with state-mandated processing timelines (e.g., acknowledgment within 15 days, resolution within 30 days).
Data and Privacy
Insurance handles highly sensitive personal data. Document PII handling, GLBA (Gramm-Leach-Bliley Act) compliance for financial privacy, state insurance data privacy laws, and data retention requirements for regulatory audits. Medical data in health insurance must also comply with HIPAA.
Copy-paste template
# [Feature] PRD — Insurance ## Problem Statement [Insurance problem with line-of-business context] ## Regulatory Compliance - State filings required: [States] - NAIC model law: [Applicable laws] - Filing timeline: [X weeks for approval] - Federal: [ACA / Dodd-Frank if applicable] ## Actuarial Requirements - Rate impact: [Description] - Reserving impact: [Description] - Actuarial sign-off: [Required before dev] ## Claims Workflow (if applicable) - FNOL: [Requirements] - Processing timeline: [State mandates] - Fraud detection: [Integration needed] ## Data Privacy - GLBA: [Compliance requirements] - HIPAA: [If health insurance] - PII handling: [Spec] - Retention: [Regulatory period]
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