SimsPMF - Simulating Product-Market Fit Qorus-NTT DATA Innovation in Insurance Awards 2025

Traditionally, launching new insurance products faces significant challenges, including high development costs, lengthy time-to-market, and uncertainty in predicting market response. How can we accelerate product development and reduce costs? More importantly, is it possible to forecast market outcomes before launch?

Product design is complex, requiring cross-department collaboration to balance customer needs, features, competition, pricing, regulations, and terms, with market feedback only available post-launch, leading to unpredictable outcomes.

SimsPFM accelerates insurance product development by enabling seamless cross-department collaboration through domain-specific AI agents. These agents are fine-tuned by each department to ensure accuracy, and the simulation agent analyzes market responses to validate concepts before launch. The platform includes specialized agents: • Customer Need Agent: Integrates customer data to identify needs and align solutions with expectations. • Feature Design Agent: Drives innovative feature design and differentiation based on market insights. • Market Competition Agent: Analyzes peer operations, market conditions, and trends to uncover opportunities and maintain competitiveness. • Actuarial Pricing Agent: Balances multiple indicators for precise pricing strategies using actuarial and marketing data. • Regulation & Terms Agent: Ensures compliance with regulatory policies and financial requirements. This integrated approach enables better product alignment, faster development, and more accurate market forecasting.

SimsPFM identifies key appealing features and develops optimal pricing strategies based on platform insights. As a result, the Jin Yue Annuity 2024 product has achieved exceptional performance post-launch.

In 2024, over 10,000 simulated proposals and 50,000 simulated outcomes have been generated, leading to a 50% reduction in R&D manpower and a cost saving of 6 million yuan. Additionally, premium income exceeds 100 million yuan, with over 800,000 new customers acquired. The SimsPFM platform seamlessly integrates GenAI capabilities, marking a significant achievement in insurance product innovation.