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ST. PAUL, Minn.--(BUSINESS WIRE)--Minnesota Life Insurance Company, a subsidiary of Securian Financial Group, Inc., was recognized by Best’s Review magazine for its Project Galileo speed-to-market program. It was featured in the Innovators Showcase, published in the January 2012 edition of Best’s Review.
Project Galileo is a reinvention of Minnesota Life’s product development process that allows the company to design, develop and launch new products rapidly. Since 2006, the company’s productivity rose from one product launch a year to 24 new products or enhancements in four years. Minnesota Life credits its 120% increase in individual life insurance sales from 2007 to 2010 to its significantly expanded product line.
Innovators Showcase is a forum for recognizing progressive technology or programs among insurance organizations. A panel of insurance industry experts evaluated nearly 70 submissions.
About the Minnesota Life entry, reviewer Robert Stein, vice chairman of global financial services, Ernst & Young, wrote, "This shows some innovation around a key, and often broken or troubled, business process — getting a new product to market in a timely manner and being able to fully support the product after it is launched. It is not a glamorous area of innovation, but seems to have been very successful, as the company's product line has become more robust and competitive and sales have grown considerably."
Jacob Jones, senior associate actuary, led the effort to implement Project Galileo.
“This process allows us to better define product parameters and project roles,” said Jones. “It uses new technology, resulting in faster and more accurate development and testing cycles and it allows us to respond more quickly to market changes and advisor needs.”
Visit the Life Center to see Best’s coverage of Minnesota Life’s Project Galileo.
Since 1880, Securian Financial Group and its affiliates have provided financial security for individuals and businesses in the form of insurance, investments and retirement plans. Now one of the nation’s largest financial services providers, it is the holding company parent of a group of companies that include Minnesota Life Insurance Company, and its New York affiliate, Securian Life Insurance Company, a New York admitted insurer.
Best’s Review is published for insurance professionals, including home office executives, agents and brokers by the A.M. Best Co. Founded in 1899, A.M. Best Co. is the world’s oldest and most authoritative insurance rating and information source.
DOFU – 01/2012
Insurance products are issued by Minnesota Life Insurance Company in all states except New York. In New York, products are issued by Securian Life Insurance Company, a New York admitted insurer. Both companies are headquartered in Saint Paul, MN. Product availability and features may vary by state. Each insurer is solely responsible for the financial obligations under the policies or contracts it issues.
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