Pricing / Product Management

The consulting team truly understands our business and the factors which affect it.

— Robin Cohan
Quality Distribution, Inc.

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

Commercial Lines
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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.

Competitive Analysis - Commercial Lines
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Competitive Analysis - Commercial Lines

Pinnacle was approached by a major national commercial lines insurer to provide comprehensive competitive analysis of the businessowners policy (BOP) and commercial automobile insurance market places. Pinnacle’s analysis began with a comprehensive review of the products filed by the leading twenty insurers of these products examining coverage features, rating elements, tiering and scoring elements, unique coverage features and several other key product development elements. Following this initial step, Pinnacle performed detailed territory and premium comparisons for several states using a dynamic premium comparison engine that allowed investigation at the class, coverage amount and territory level of detail. The company used a batch rating feature to develop indicated rate level estimates. Mapping features looking at ranking and pricing differences were also produced. All of this information was incorporated into a countrywide overhaul of the company’s products and pricing.

Management Consulting
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Management Consulting

Pinnacle was approached by a major regional, predominantly commercial lines insurer to perform a holistic review of the insurer’s overall operations with an emphasis on determining the company’s personal lines strategy. The review included an historic analysis of industry profitability by line of insurance including various risk diversification scenarios. In addition, we performed a review of the company’s organizational structure with particular focus on the company’s marketing and distribution systems. Pinnacle’s recommendations provided a roadmap which would allow the company to grow more profitably, improve retentions, operate more efficiently and assure that the right personnel were in the right places within the organization.

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