FCAS, MAAA, CSPA
Senior Consulting Actuary
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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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.
Florida Department of Financial Services
The Florida Department of Financial Services (DOFS) oversees and administers the runoff of domestic Florida insurance companies in rehabilitation. Typically, when a company's financial condition is perilous, the DOFS obtains court orders to oversee the company’s administration and manage the orderly adjudication of all unpaid claims liabilities.
Measuring the extent of those claims liabilities involves uncertainty as to the number and severity of those claims. Further complicating the issue relates to the attitudes of claimants and their attorneys as regards to settlement of such claims knowing the company itself is under regulatory supervision.
We assisted the DOFS in a formal way with the runoff of three nonstandard auto writers, all part of a company group. The nature of the exposure was such that the unpaid claims were dominated by bodily injury and property damage liability claims. Our modeling of the anticipated future settlements considered input from company claims representatives, the DOFS itself and the company’s auditors.
At the outset of the assignment, the company’s surplus was impaired significantly. During the process, the DOFS was able to achieve significant concessions on the part of claimants given the uncertain financial condition of the carriers involved. The outcome was when the last claim was paid, the company shell that remained had a positive surplus balance.
A reinsurer wanted to combine the results of their pricing and reserving models for individual treaties - from diverse lines of business and treaty structures - to produce an annual return distribution for the company. This was a part of their ERM framework and the genesis of their economic capital modeling process. After reviewing treaty wordings and pricing and reserving models, we designed a model that reflected dependency amongst the treaties and produced an annual return distribution. Furthermore, the model was designed to allow users of the model output to easily see how sensitive the results were to the assumed dependency structures.
At Pinnacle, we partner with you to explore whatever path it takes to find the answers you need.
September 22, 2019
NAMIC Annual Convention
September 23, 2019