2015 Ratemaking and Product Management Seminar
Michael Chen

2015 Ratemaking and Product Management Seminar

Innovation and Predictive Analytics Take Center Stage

Michael Chen March 20, 2015 Posted in: Blog Posts, Telematics / UBI

The 2015 Casualty Actuarial Society Ratemaking and Product Management Seminar (RPM) was held last week in Dallas. When attending these seminars I always hope to find some bit of applicable information to take back and apply to my everyday work. I was able to find that and more. The speakers and session content were very interesting, and there were so many good concurrent sessions that it was hard choosing which ones to attend.

I was particularly impressed with the introductory session’s Technology, Entertainment, and Design TED-style talks on Innovation presented by Claudine Modlin, Kevin Mahoney, and Roosevelt Mosley. While not only entertaining they also gave a great perspective on innovation in the terms of leadership and the importance of the first followers to the start of a movement. First followers are a key component of increasing innovation adoption, as they make it less risky for others to follow in the lead innovator’s footsteps. Walking away from the presentation I had a sense of just how exciting this time is, where greater resources, more readily available information, and technology improvements will allow for new innovations in insurance.

At Pinnacle we are seeing companies place more of an emphasis on predictive analytics than ever before, not only for pricing and segmentation but also for retention and conversion analyses, usage based insurance, claims analytics, fraud recognition, underwriting, and more. This added emphasis on predictive analytics presents an opportunity for innovative processes and applications which can result in significant improvement to insurance results.

At the RPM seminar, Pinnacle surveyed attendees on a variety of ratemaking and product management topics that included ideal UBI solutions, analytics platforms, weather data, next big steps in predictive analytics, and sources of competitive information. In the coming weeks, on the Pinnacle blog, we will discuss the survey results and ways Pinnacle is helping our clients innovate in each area. The first blog post in this series will discuss the survey respondent’s ideal UBI solution.

mchen@pinnacleactuaries.com

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