Pricing / Product Management

Our Pinnacle consultant has been very responsive, proactive and accessible. He has shared ideas and processes that will be useful to us in the future.

— Tracey Wagner
Armed Forces Insurance

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

October 26 2017 APEX Webinar
Current Actuarial Issues in Captive Insurance
Authored by Derek W. Freihaut and Robert J. Walling III.

September 28 2017 APEX Webinar
State of the UBI Market
Authored by Gary C. Wang and Michael K. Chen.

See More »

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.

Product Management
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Product Management

One of our long-standing regional carriers had entered into a new market and asked for Pinnacle’s assistance in bringing their product and processes up-to-date. With Pinnacle’s product, pricing and product management expertise, we were able to provide a wide range of services to our client. Not only did we develop a new rating plan, we also drafted a completely new rate manual and rate pages. Pinnacle also reviewed their Underwriting guidelines and worked with the client to draft new guidelines consistent with the new rating plan and client risk appetite. Pinnacle followed the review through to reviewing system specifications, forms and competitive position and preparing the rate filings. In addition, Pinnacle was able to provide suggestions on customer notifications, agent notifications and ways to track the progress of the new program.

Vehicle Rating
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Vehicle Rating

Pinnacle was approached by a major national personal lines insurer to develop a vehicle rating program to replace the use of the ISO symbol product. Pinnacle, through the use of predictive modeling, assisted the carrier in designing a new vehicle rating program which made use of the vehicle’s actual physical characteristics for both the liability and physical damage coverages. The data used for the analysis was the company’s VIN data supplemented with industry VIN data and appended for vehicle characteristics from an external third party vendor. The resultant program completely eliminated the need for use of the ISO symbol and exhibited greater predictive power than the prior ISO based system.

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