Actuarial techniques for the non actuary
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ACTUARIAL TECHNIQUES FOR THE NON-ACTUARY PowerPoint PPT Presentation


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ACTUARIAL TECHNIQUES FOR THE NON-ACTUARY. By Tom Tomlinson TT Compliance. Overview Background Setting the stage. RATEMAKING—WHAT THE STATE FILER NEEDS TO KNOW. BACKGROUND PROPERTY & LIABILITY RATEMAKING THE RATEMAKING PROCESS LIABILITY BASIC LIMIT RATEMAKING AUTOMOBILE RATEMAKING

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ACTUARIAL TECHNIQUES FOR THE NON-ACTUARY

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ACTUARIAL TECHNIQUES FOR THE NON-ACTUARY

By Tom Tomlinson

TT Compliance


Overview

Background

Setting the stage


RATEMAKING—WHAT THE STATE FILER NEEDS TO KNOW

  • BACKGROUND

  • PROPERTY & LIABILITY RATEMAKING

  • THE RATEMAKING PROCESS

  • LIABILITY BASIC LIMIT RATEMAKING

  • AUTOMOBILE RATEMAKING

  • PROPERTY RATEMAKING

  • WORKERS COMPENSATION RATEMAKING

  • LOSS COST BASED RATE FILINGS


  • Good overview

  • Includes both personal and commercial lines

  • Enables a sense of understanding of actuarial techniques


  • Enables the astute filer to put ideas to work

  • Techniques can be as simple or complex as desired

  • Adaptable to fit your needs


  • You make up the justification

    • Design support

    • Design concepts as you see fit


If you can support something, no reason why it won’t work


Data Collection

Sources of Data

Integrity of Data

ACTUARIAL CONCEPTS


Credibility of Data

  • Law of Large Numbers

  • Build Justification


Data Interpretation & Analysis

  • Assumptions

  • Methods and Techniques

  • Evaluation


Data Presentation

  • Preparation

  • Recommendations

  • Documentation


Now What


  • Think, think and think some more

  • Develop a plan of attack

  • Devise method of support


Prepare logical exhibits & straightforward material


Draw all items together


Explanatory Memorandum


Professional Presentation

  • KISS Theory

  • Spelling, grammar and punctuation

  • Know what you are doing & talking about

  • Take time to do it right


QUESTIONS?


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