FCAS, MAAA, CSPA Senior Consulting Actuary
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Autonomous Vehicles and the Future of Auto Insurance Mar 27, 2018
Data Breach at Equifax Sep 26, 2017
Cyber Risk Continues to Grow Apr 18, 2017
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Ms. Maxwell currently serves the Casualty Actuarial Society (CAS) as a member of the Casualty Loss Reserve Seminar Planning Committee, E-Forum Committee, Examination Committee, Cyber Risk Task Force, Working Party on On-Demand Insurance and Secretary/Treasurer of the Casualty Actuaries of the Bay Area.
Prior to consulting she was a product manager for a direct auto insurer and held actuarial positions with a state insurance department and national rating bureau. Her background includes personal and commercial lines pricing and reserving.
December 2018 APEX Webinar ASOP Disclosures: A Professionalism Quiz Authored by Laura A. Maxwell.
October 2018 APEX Webinar Status of Cyber Liability Insurance and Methodology Authored by Laura A. Maxwell and Radost Roumenova Wenman.
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Legislative / Regulatory Impacts
A state medical society asked Pinnacle to evaluate the impact of a change in the state’s damage caps for non-economic damages for medical professional liability. Pinnacle worked with the medical society to identify the most appropriate claims databases to assess the legislation’s potential impact. Our detailed analysis not only considered data from that state, but several others to stress test the results and provide a range of reasonable outcomes. In addition, we performed a thorough analysis of how the state compared to other states in terms of the availability and affordability of medical professional liability insurance coverage, insurer operating results for the line, and access to healthcare in the states. Through this industry analysis, we identified differences well beyond a simple loss limitation and provide a more complete review of potential environmental changes that could be expected in the state.
Personal Lines
Pinnacle was approached by a national insurer that wanted to develop a more sophisticated homeowners rating program. Their current homeowners plan was a traditional rating approach and was only based on a few factors, and the company felt they were not taking full advantage of the potential in the homeowners market. Pinnacle, through the use of predictive modeling, assisted the carrier in designing a new rating and tiering structure, which included the introduction of by-peril rating and new territory definitions. This new structure allowed the company to be more precise in rating homeowners, resulting in more adequate and competitive rates for a broader spectrum of risks.
Self Insured Dividend / Assessment Analysis
A large group self insurance program was concerned with the amount of retained earnings and wanted to establish a policy for the minimum capital for the program to trigger dividend distributions. Pinnacle compared the program’s capitalization to a wide variety of industry standards for similar programs from rating agencies, regulators, and other sources. The results of this analysis lead to a recommended board policy regarding a minimum capital threshold for dividend distributions and ultimately to the development of an actuarially sound dividend distribution plan.
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April 16, 2020 April Apex Discussion Series - Cyber Insurance: What’s in Store for Captives Register