FCAS, MAAA, CSPA
Senior Consulting Actuary
Educational Opportunities Await at the 2016 CAS RPM Seminar
Mar 9, 2016
Usage Based Insurance Data: Highlights from the Lead Foot Report
Aug 17, 2015
Innovation Key to Ideal UBI Solution
Apr 17, 2015
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Gary Wang is a Senior Consulting Actuary with Pinnacle Actuarial Resources, Inc. in the Bloomington, Illinois office. He holds a Bachelor of Science degree in mathematics from the University of Illinois and a Master of Science degree in mathematics education from Northern Illinois University. He also has extensive graduate level coursework in Theoretical and Applied Mathematics from Northern Illinois University. He has over seventeen years of actuarial experience in the property/casualty insurance industry.
Mr. Wang currently serves the CAS as a member of the Ratemaking and Product Management Planning Committee and the Examination Committee. Mr. Wang is a SAS® Certified Predictive Modeler Using SAS® Enterprise Miner™ 5.
Before joining Pinnacle, Mr. Wang was employed as a pricing actuary for three of the top ten insurance companies. His pricing experience includes standard homeowners rate indications, commercial auto rate indications, and reinsurance treaty pricing for both personal and commercial lines. In addition, he has experience in reserving analyses for commercial auto and market trend analyses for commercial auto and workers compensation.
At Pinnacle, Mr. Wang has worked extensively on the application of advanced statistical modeling techniques to the insurance process. His experience in predictive analytics applications include rating and underwriting plan design, homeowners by-peril analysis, auto vehicle characteristics analysis and scorecard development, and territory boundary development. Mr. Wang has made numerous presentations on topics relating to predictive modeling, ratemaking, and insurance credit-based scoring.
Analytics Offer Unlimited Opportunities to Actuaries
Journal of Reinsurance Vol 25 No 1
Authored by Gary C. Wang.
September 28 2017 APEX Webinar
State of the UBI Market
Authored by Gary C. Wang and Michael K. Chen.
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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.
Pinnacle was asked by a regional insurer to help build a customized financial model for use in strategic decision making and in determining economic capital needs. The model reflected current and potential underwriting operations. It also incorporated economic scenario generators, capital allocation, catastrophe model results, regulatory and rating agency metrics such as risk-based capital (RBC) and Best’s Capital Adequacy Ratings (BCAR), as well as loss reserve variability. The model was designed to be used to evaluate a variety of strategic decisions, particularly related to underwriting, reinsurance, macro investment allocation, and capital allocation decisions.
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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July 24, 2018
July 26, 2018