Within the context of risk management, discuss the advantages and disadvantages of the following product design strategies from the point of view of the insurance company/employer:

a) Replacing a non-profit traditional product by a participating policy

b) Relaxing underwriting requirements (i.e., asking for medicals as from a higher threshold) for a term assurance policy over a limited offer period

c) Increasing the bonus declaration period from 1 year to 3 years

d) Moving all new employees away from a non-contributory defined benefit scheme to a contributory defined contribution scheme

e) Increasing the list of policy exclusions in respect of a household policy

f) Making the death benefit equal to the bid value of units in case of death for a unit linked policy

g) Increasing the retention per life under a quota share treaty – that is the company moves from keeping 50% to keeping 70%.