Abstract
This paper examines the motivations and procedures for applying the principles of Total Quality Management (TQM) to Property/Casualty insurers. The basic premise emerges that the essential measure of product and service quality for an insurer is the overall financial soundness of the company. It follows that the Actuary, custodian of the riskiest items on the balance sheet, has a special interest and a central role in the TQM process. We examine the application of TQM to the various functional areas of an insurance company, studying both internal activities, external workflows, and the flow of information to the “actuarial nexus”. We then review Deming’s “Fourteen Points”, commenting on their implications for the property/casualty industry and conclude with a review of the Baldridge Award and its importance to the industry.
Volume
May
Page
73-100
Year
1993
Categories
Actuarial Applications and Methodologies
Enterprise Risk Management
Processes
Analyzing/Quantifying Risks
Actuarial Applications and Methodologies
Enterprise Risk Management
Processes
Assessing/Prioritizing Risks
Actuarial Applications and Methodologies
Data Management and Information
Actuarial Systems
Actuarial Applications and Methodologies
Data Management and Information
Data Organization
Actuarial Applications and Methodologies
Data Management and Information
Data Quality
Financial and Statistical Methods
Statistical Models and Methods
Exploratory Data Analysis
Publications
Casualty Actuarial Society Discussion Paper Program
