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STAY TUNED! If you are anticipating additional search filters by attribute and level to align with the CAS Capability Model, it is coming later this Summer. As the CAS begins to code recorded sessions by specific attributes and levels (starting with the 2023 Annual Meeting), these will be tagged in the CAS database of presentations going forward and should be searchable.
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STAY TUNED! If you are anticipating additional search filters by attribute and level to align with the CAS Capability Model, it is coming later this Summer. As the CAS begins to code recorded sessions by specific attributes and levels (starting with the 2023 Annual Meeting), these will be tagged in the CAS database of presentations going forward and should be searchable.
But you may use the Capability Model now to help you identify topics. For example, if you want to move up one level under the content area “Functional Expertise,” you may search topics in the particular functional area to expand your knowledge.
Recorded content is searchable by Capability Model attribute and level in the CAS Online Library.
Survey of External Data Possibilities for Commercial Insurance
The landscape of available external data that can be used to augment commercial lines pricing models is constantly evolving. This session will attempt to provide a comprehensive overview of longstanding options, new enhancements, and the latest and greatest options. The presentation will be completely vendor neutral and will focus on what data is available and how it can be used. Data options for all major lines of commercial insurance including auto, property, workers compensation medical professional liability, and General Session liability will be addressed.
Source:
2015 Ratemaking and Product Management Seminar
Type:
Concurrent Session
Moderators:
Jeffrey Courchene
Panelists:
Robert Walling
Statistically Based Territorial Modeling
Over the past two decades, insurers have been refining their pricing process. Using GLMs to predict loss cost is common practice and updating these models is an annual routine process for many companies. While there are many subcomponents of the models, accurately capturing the geographical effect can be one of the most complex and time consuming. Many insurers spend a considerable amount of time modelling this effect. Much of this time investment also involves introducing additional granularity in territorial segmentation. The industry has now seen several companies introduce territorial definitions at the census block level, resulting in thousands of unique territories.
In this session, we will discuss how to define a highly segmented territorial pricing strategy. In particular, we will highlight one approach that captures the geographical effect in the loss cost GLMs through the use of splines and another approach that incorporates a residual territorial analysis.
Source:
2015 Ratemaking and Product Management Seminar
Type:
Concurrent Session
Moderators:
Jeffrey Courchene
Panelists:
Drew Lawyer, Joe Griffin
Small Business Rating Plans: Challenges and Innovations
Despite the importance of the small business market, many insurers are not using the best tools to tap its potential, and are assessing loss propensity based solely on commercial information for small business. Further, many companies have been increasing the complexity of their BOP rating plans as they move away from heavy reliance on underwriters’ schedule rating adjustments and put more emphasis on the manually derived rate when rating policies.
This concurrent session will combine the expertise of two experts in small business rating to discuss their innovative approaches to addressing the challenges of the evolving small business market.
Mr. Hicham Elhassani, Senior Director Analytics at LexisNexis Risk Solutions, will discuss including small business owner information and predictive models to help with pricing these policies.
A small business's identity, success, culture and loss exposure is largely defined by the business owner. These attributes of the small business are almost exclusively reflective of a sole individual or small group of individuals. Often, any separation between the business and the business owner is in name only. Because of this controlling relationship, underwriting of the business owner is just as important as underwriting the business.
Christopher McKenna, Consulting Actuary with Towers Watson, will explore industry best practices for performing competitive analysis for BOP. Examples of rating plan enhancements that will be discussed include refined classification rating and exposure bases, and complex tier formulas. The current competitive environment and the industry shift to more sophisticated rating plans and away from behind-the-scenes adjustments has also put the importance of sound competitive analysis in the spotlight.
Source:
2015 Ratemaking and Product Management Seminar
Type:
Concurrent Session
Moderators:
Jeffrey Courchene
Panelists:
Hicham Elhassani, Christopher McKenna
Severe Weather:  Part VII — Model Blending
This session will discuss how the results of multiple catastrophe models can be consolidated into a single analysis.
Source:
2015 Ratemaking and Product Management Seminar
Type:
Workshop
Moderators:
Jonathan Charak
Panelists:
Minchong Mao
Severe Weather:  Part IV — The Science Behind the Models - CoreLogic/EQECAT
CoreLogic/EQECAT will present the Science underlying their selected model (each modeling firm will present a different Natural Hazard model).
Source:
2015 Ratemaking and Product Management Seminar
Type:
Workshop
Moderators:
Jonathan Charak
Panelists:
Thomas Larsen
Severe Weather:  Part III — The Science Behind the Models - AIR
AIR will present the Science underlying their selected model (each modeling group will present a different natural hazard model).
Source:
2015 Ratemaking and Product Management Seminar
Type:
Workshop
Moderators:
Jonathan Charak
Panelists:
Eric Robinson
Severe Weather: Part VIII — Location Level Pricing
As data gets more granular, pricing algorithms can account for differences in risk down to the location level. This is an interactive session, giving the attendees a chance to work through examples of location level pricing.
Source:
2015 Ratemaking and Product Management Seminar
Type:
Workshop
Moderators:
Jonathan Charak
Severe Weather: Part VI — Overview of Methods for Incorporating Weather Activity and Models into Rates
This session will provide an overview of methods used to incorporate actual weather activity and modeled results into filed rates. Traditional methods along with cutting edge approaches will be presented.
Source:
2015 Ratemaking and Product Management Seminar
Type:
Workshop
Moderators:
Jonathan Charak
Panelists:
Kathryn Walker
Severe Weather: Part V — Open Q&A with Modeling Companies
The 3 presenting Modeling companies will be available for a Q&A session regarding all of their models.
Source:
2015 Ratemaking and Product Management Seminar
Type:
Workshop
Moderators:
Jonathan Charak
Panelists:
Thomas Larsen, Kathryn Walker, Matthew Nielsen, Richard Moncher, Minchong Mao, Eric Robinson
Severe Weather: Part IX — Non-Pricing Ways to Manage Severe Weather
This session will present ways of managing the risks to severe weather issues through non-pricing methods.
Source:
2015 Ratemaking and Product Management Seminar
Type:
Workshop
Moderators:
Jonathan Charak
Panelists:
Richard Moncher
Severe Weather: Part II — The Science Behind the Models - RMS
RMS will present the Science underlying their selected model (each modeling group will present a different Natural hazard model).
Source:
2015 Ratemaking and Product Management Seminar
Type:
Workshop
Moderators:
Jonathan Charak
Panelists:
Matthew Nielsen, Kevin Van Leer
Severe Weather: Part I — Update on the Actuarial Climate Index
This session will provide an update on the Actuarial Climate Index, along with other topics the CAS Climate Change Committee is currently reviewing.
Source:
2015 Ratemaking and Product Management Seminar
Type:
Workshop
Moderators:
Jonathan Charak
Risk and Return Considerations in Ratemaking: Calculating the Profit Provision
After you have the projected loss costs and expenses, the final step in deriving the indicated premium is to load in the underwriting profit provision. But what is the right number? This session will supply not one, but several answers to that question. It will survey different approaches, from those mandated by regulators to those used by corporate pricing actuaries for internal profitability analysis. The assumptions and parameter selections for each method will be discussed and the sensitivity of results to key parameters will also be explored. The session will have a practical focus with an emphasis on clarifying basic concepts and highlighting key distinctions between different methods.
Source:
2015 Ratemaking and Product Management Seminar
Type:
Concurrent Session
Panelists:
Ira Robbin
Risk and Return Considerations in Profit Loads: Exposure Concentration Risk
Exposure concentration risk (ECR) is the risk of large losses from a single event or peril due to the concentration of insured risk exposed to that single event or peril. This is an essential element in the management of catastrophic risk for a primary property and casualty insurer. Despite the “actuarially correct” pricing of each risk in an insurer’s portfolio, ECR can severely increase an insurer’s probable maximum loss (PML), which can increase the cost of reinsurance, the cost of capital, and the risk of insolvency.
This session will provide a General Session discussion of ECR within a risk management framework, accounting for the interests of various stakeholders including reinsurers, regulators, rating agencies, policyholders, and investors. In addition, the discussion will include various strategies for managing ECR, considering marketing, underwriting limits, pricing, capital allocation, CAT loads and reinsurance consider.
In addition, this session will provide discussion on a cost of capital model utilizing CAT bond rates of return and PML layers as inputs to the development of estimates of the cost of capital in different capital tranches and will show that this model can be used to develop an appropriate risk load for catastrophic risk and that this risk load gives a market-consistent estimate of the cost of ECR. Hurricane, storm surge, wind/hail, and sinkhole perils will be used as examples to demonstrate the concepts.
The discussion will be cap stoned with a case study of a regional workers compensation carrier’s catastrophic risk management plan, including rate differentiation, underwriting limits, portfolio monitoring, and post-event response planning.
Source:
2015 Ratemaking and Product Management Seminar
Type:
Concurrent Session
Moderators:
Jonathan Charak
Panelists:
Marcus Yamashiro, Jon Marshall
Recent Trends in Personal Lines Pricing in Latin America
This session will begin with an introduction to personal lines Property and Casualty insurance in Latin America, emphasizing the diversity of the markets in the region in terms of size, level of maturity, and challenges faced. Following this, we will take a tour of the major markets in the region. This will include a discussion on the impact of regulation, common market practice and distribution on ratemaking. The level of sophistication of rating and predictive modeling will be discussed, as will commonly-used and innovative rating factors and sources of information. Finally, we will discuss common and novel products in these markets, including UBI (Usage-Based Insurance).
Source:
2015 Ratemaking and Product Management Seminar
Type:
Concurrent Session
Moderators:
Reuven Shnaps
Panelists:
Benjamin Williams
RCM-3 Allocating/Attributing Capital- A Hands on Exercise- Part 2
A laptop is recommended for participation in this session.
Join us for part 2 of a hands-on, two-part technical session where the audience will be charged with an exercise in allocating capital to lines of business considering various methods. Participants will work in groups to make strategic recommendations based on their respective results. This session will focus on role playing and discussion on the results of the corresponding results of the various methodologies in allocating capital.
Source:
2015 Ratemaking and Product Management Seminar
Type:
Concurrent Session
Moderators:
Emily Gilde
Panelists:
Robert Wolf, David Ruhm
Professionalism and Predictive Modeling
During the past decade, predictive modeling has increasingly become part of many actuaries' job descriptions. Whether building predictive models, implementing them with business partners, or supporting them in rate filings, actuaries are often asked for their opinions on issues that relate to the ethics of the profession. This session has been given at several previous PRM seminars and the interactive format will remain the same. Scenarios that touch on common issues around predictive modeling will be presented, including how those issues relate to the Code of Conduct, Statement of Principles, and Standard of Practice. Audience participation is highly encouraged.
Source:
2015 Ratemaking and Product Management Seminar
Type:
Concurrent Session
Moderators:
Emily Gilde
Panelists:
Nathan Hubbell, Brent Petzoldt
Product Development:  From Conception to Execution
This session will illustrate the product manager’s role in developing new product offerings, as well as measuring and monitoring performance once such products are in place.
Source:
2015 Ratemaking and Product Management Seminar
Type:
Workshop
Moderators:
Matt Caruso
Panelists:
Diane Dull, Tony March
Product Development: Part VII — Product Monitoring
After the product has been designed and is being sold in the marketplace, our focus needs to turn to its performance. Participants will discuss early indicators of a product's success.
Source:
2015 Ratemaking and Product Management Seminar
Type:
Workshop
Moderators:
Matt Caruso
Panelists:
Donald Hendriks
Product Development: Part VI — Marketing
If a tree falls in the forest but no one hears it, does it make a sound? Likewise, if a product is designed but doesn't get to market, has a product been developed? Participants will discuss marketing issues and ways to measure marketing effectiveness.
Source:
2015 Ratemaking and Product Management Seminar
Type:
Workshop
Moderators:
Matt Caruso
Panelists:
Damon Lay
Product Development: Part III — Product Design
Attendees for this session will explore the different considerations for the product design. Panelists will cover elements of pricing, claims, legal, marketing, operations, and IT.
Source:
2015 Ratemaking and Product Management Seminar
Type:
Workshop
Moderators:
Matt Caruso
Panelists:
Robin Harbage
Product Development: Part II — Data Gathering
Understanding your data is very important. It will dictate your ability to understand the profitability of the product, as well as market potential. Participants will explore various topics, including starting from scratch vs. mimicking a competitor, learning what data sources are available and how you can get your hands on them.
Source:
2015 Ratemaking and Product Management Seminar
Type:
Workshop
Moderators:
Matt Caruso
Panelists:
Brett Nunes
Product Development: Part 1 — Niche Identification
During this session participants will learn key elements of niche identification. Facilitators will explore how developing a new product is often about identifying an underserved niche and finding ways to attract risks more likely to be profitable.
Source:
2015 Ratemaking and Product Management Seminar
Type:
Workshop
Moderators:
Matt Caruso
Panelists:
Robin Harbage
Pricing Sophistication: From Cost Modeling to Optimization...and Beyond
Many things can go wrong when an insurer sets its premiums. It may fail to estimate expected losses with enough precision or to anticipate policyholder reactions to premium variations; it may even fail to recognize which profiles are preferable to target. These potential pitfalls can be tackled sequentially through the implementation of gradually more sophisticated pricing techniques. This session aims to describe these techniques, going from the simplest to the most complex (including price optimization). Possible extensions of these techniques will also be discussed.
Source:
2015 Ratemaking and Product Management Seminar
Type:
Concurrent Session
Panelists:
Yves Colomb
Price Optimization - A Regulatory Perspective
As Price Optimization has gained more traction in the insurance industry, there has been a divergence of opinions regarding the legitimacy of its use ranging from acceptance to outright banning of the practice. This session will cover the different perspectives of the conversation including a historical view, a consumer advocacy perspective and the current regulatory environment.
Source:
2015 Ratemaking and Product Management Seminar
Type:
Concurrent Session
Moderators:
Matt Caruso
Panelists:
Michael Angelina, Birny Birnbaum, Serhat Guven, Morgan Bugbee, D. Lee Barclay
