Services

Pricing/Product Management

Pinnacle serves a wide variety of customers, including insurers, regulators, agents and industry associations, with industry-leading expertise for pricing and product management.

We support the insurance industry with sound actuarial advice using the most advanced techniques available anywhere. As pioneers in underwriting and pricing techniques, we apply new methods to analyze loss variables with a much higher degree of accuracy.

As well, we can provide the information and data files necessary to do everything from set up and manage your insurance operation to rate filings.

Whether you’re introducing a new program, modifying an existing program, or dealing with a regulatory matter, our experience in all aspects of property/casualty insurance pricing and product management can drive better decisions and help you achieve your goals. Our customers include insurance companies, state insurance departments, government insurers, industry associations and more.

Pinnacle’s experience in pricing and product management includes sectors such as:

  • Agriculture
  • Commercial automobile
  • Commercial multiple peril/BOP
  • Contractors
  • Homeowners
  • Medical malpractice
  • Non-standard automobile
  • Private passenger automobile
  • Professional liability
  • Reinsurance
  • Small business owners
  • Specialty lines
  • Transportation
  • Umbrella
  • Workers compensation

Publications and Media

Case Studies

Farmowners Product Development
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Farmowners Product Development

Pinnacle was approached by a leading farmowners insurer to review their current farmowners program. Pinnacle conducted a comprehensive review of competitor's manuals to determine if any additional rate factors needed to be included our client’s current program. Based upon our review, Pinnacle made a number of suggestions including incorporating new rate factors and changing their rating algorithm to a scorecard approach that has been successful in many other lines of business. Pinnacle used its expertise in farmowners product development and cutting edge pricing techniques to improve our clients farmowners product.

Rate Filing Review
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Rate Filing Review

Pinnacle typically provides state regulators expert review of company and bureau rate change filings. In a recent review of a Company’s automobile rate filing Pinnacle was able to confirm that the filed rates met the State’s rating laws and Department’s filing requirements. Using a procedure developed by Pinnacle specifically to review rate filings, the Company filing was reviewed against generally accepted actuarial principles. The Company was questioned on certain rating procedures and was able to support their procedures and selections with additional documentation to the filing. Pinnacle was then able to affirm to the Regulator that the filed rates were not excessive, inadequate, nor unfairly discriminatory and that the new rates would not produce any major policyholder dislocations. The Regulator was then able to acknowledge the Company’s filing with confidence that the Regulator had carried out his charge of providing service and protection both to consumers and to the insurance industry.

Rate Indications / Filings
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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.

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