FCAS, MAAA Senior Consulting Actuary
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Pierogis and Palaces Jan 9, 2018
Tomorrow's Leaders Are Among Us May 3, 2017
The Value of University Partnerships Jan 18, 2017
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July 2019 APEX Webinar Causes of Recent Reserve Development Authored by Erich A. Brandt and Gregory W. Fears, Jr..
March 2019 APEX Webinar 2018 Risk Retention Group Benchmarking Study Authored by Erich A. Brandt and Gregory W. Fears, Jr. and Robert J. Walling III.
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Commercial Lines
Pinnacle was approached by a national insurer that wanted to develop a more sophisticated commercial automobile rating program. Their current commercial automobile plan was a traditional rating approach and did not take full advantage of driver, credit scoring or vehicle characteristics and the company felt they could take advantage of a significant opportunity in the market. Pinnacle, through the use of predictive modeling, assisted the carrier in designing a new rating and tiering structure, which included modifications of the rating plan, the introduction of underwriting scoring, and new territory definitions. This new structure allowed the company to have more precise rating, more adequate and yet competitive rates for a broader spectrum of risks.
Rate Indications / Filings
A regional carrier came to Pinnacle wanting to implement an insurance score program along with rate indications for home, auto and farm. Pinnacle developed rate indications for each line, and developed an underwriting scorecard rating approach using insurance score as a critical component. The combination of implementing appropriate rates and the new rating plan enabled this company to turn their business around, become profitable and rebuild their surplus position.
Staffing Self Insured Reserve Analysis
Pinnacle was retained by a group of staffing companies with large self-insured retentions for their workers compensation loss exposures to perform quarterly loss reserve analyses and annual funding studies. Pinnacle initially used customized benchmarks for the staffing as the basis for our analyses. However, it became apparent that the benchmarks were not reflective of the unique characteristics of this program. Pinnacle worked with the third party administrator (TPA) for the program to gather additional historical experience for the program, as well as consolidated experience for several similar programs administered by the TPA. Using the results of our analysis of the TPA’s previous experience for this program and others like it, we were able to develop benchmark loss development assumptions that tracked much more closely with the program’s actual loss emergence.
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September 22, 2019 NAMIC Annual Convention
September 23, 2019 InsureTech Connect