Event Details
Virtual Workshop
December 18, 2020
About This Event
The four-part Basic Ratemaking virtual workshop offers a complete understanding of the basic concepts and practices needed for ratemaking. These concepts include how to calculate an overall indication, how to calculate indications for various rating plans and consider data on a multivariate basis, how to develop increased limit factors with data, and how to present this data in a rate filing.
The virtual workshop will have limited attendance and will take place online in a virtual meeting space that will allow attendees to speak to the instructor after an online lecture. Participants will also be expected to complete pre-work prior to each 90-minute long lecture in order to make the most out of the instruction.
Attendees must sign up for the entire series in order to participate.
TECHNICAL REQUIREMENTS
Test your system - https://care.citrixonline.com/gotomeeting/get-ready
CANCELLATION INFORMATION
Registrations fees will be refunded for cancellations received in writing at the CAS Office via fax, 703-276-3108, or email, refund@casact.org, by December 24, 2019 less a $100 processing fee.
CONTACT US
- For more information on content, please contact Nora Potter, Education Coordinator, at npotter@casact.org.
- For more information on attendee registration, please email the Actuaries' Resource Center at arc@casact.org.
- For more information on other CAS opportunities or regarding administrative policies such as complaints and refunds, please contact the CAS Office at (703) 276-3100 or office@casact.org.
REGISTRATION (LIMIT UP TO 20 PARTICIPANTS)
Registration is closed. Individuals may request to be placed on a waitlist, by emailing Nora Potter.
Early (Before December 18) | Late (After December 18) | |
Member | $400 | $500 |
Non-Member | $600 | $700 |
SPEAKER BIOS
Brian Schwartz
Brian is working as an Actuary at Allstate Insurance Company where he supports the Auto and Home pricing team. He has 10 years of experience with personal lines pricing and is a Fellow of the CAS. Brian graduated from Purdue University in 2009 with a Bachelor’s degree in Actuarial Science and Statistics.
Nick Alvarado
Nick is an Associate Actuary with the Property and Casualty practice in Milliman’s Orange County office focusing on InsurTech solutions and advanced ratemaking techniques. He joined the firm in 2019.
Prior to joining Milliman, Nick was an Actuarial Analyst at Auto Club of Southern California where he specialized in ratemaking for personal auto and homeowners insurance. Nick performed advanced modeling using machine learning and traditional techniques, data analytics, and product R&D. He helped the Auto Club develop and launch its mobile telematics program, as well as streamline the rating process for personal automobile and homeowners.
Josh Newkirk
Josh Newkirk has spent the past nine years in the commercial lines pricing arena with time split between Sentry Insurance and more recently CUNA Mutual Group. He is a 2010 graduate of the University of Wisconsin – Madison School of Business (BBA Actuarial Science). Josh currently volunteers with the CAS through the Ratemaking Committee, University Engagement Committee, and as Chair of the Long-Term Pricing Analysis Working Party. The rest of his free time is dedicated to his daughters, wife, and learning (and teaching) as much as possible about predictive analytics and open source software applications in actuarial science.
SCHEDULE
Wed, January 8
TOPIC – Introduction to Basic Ratemaking
The fundamental insurance equation is the foundation of the ratemaking process. This session will include techniques for adjusting historical data to estimate its various components, premiums, losses, expenses, and profit, in the relevant pricing time period. The session will conclude by briefly exploring other considerations company management should make, along with the cost-based rate indication derived from the fundamental insurance equation, to determine what rates to charge in practice.
Speaker: Brian Schwartz
Wed, January 15
TOPIC – Ratemaking Relativities
This session will examine the various methods that actuaries use to allocate overall average rates to various subdivisions of a line of business, including territories, classifications, and tiers. Some of the methods discussed will consist of univariate, multivariate, and generalized linear modeling techniques.
Speaker: Nick Alvarado
Wed, January 22
TOPIC – Estimating Claim Liabilities
This session will focus on estimating claim liabilities including development factor techniques, advantages and disadvantages of different methods, diagnostics of the various methods, and practical considerations.
Speaker: Brian Schwartz
Wed, January 29
TOPIC – Large Account Pricing
This session will examine the differences between large accounts and small accounts, and how they can and should be treated differently from an insurance pricing perspective. Participants will be introduced to pricing methods that both utilize the increased credibility of large account experience and recognize the uniqueness of each risk. Specifically, this session will serve as an introduction to experience rating, schedule rating, and retrospective rating.
Speaker: Josh Newkirk
