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

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ACTUARIAL TECHNIQUES FOR THE NON-ACTUARY

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Actuarial techniques for the non actuary

ACTUARIAL TECHNIQUES FOR THE NON-ACTUARY

By Tom Tomlinson

TT Compliance


Actuarial techniques for the non actuary

Overview

Background

Setting the stage


Ratemaking what the state filer needs to know

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


Actuarial techniques for the non actuary

  • Good overview

  • Includes both personal and commercial lines

  • Enables a sense of understanding of actuarial techniques


Actuarial techniques for the non actuary

  • Enables the astute filer to put ideas to work

  • Techniques can be as simple or complex as desired

  • Adaptable to fit your needs


Actuarial techniques for the non actuary

  • 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

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


Actuarial concepts

Data Collection

Sources of Data

Integrity of Data

ACTUARIAL CONCEPTS


Credibility of data

Credibility of Data

  • Law of Large Numbers

  • Build Justification


Data interpretation analysis

Data Interpretation & Analysis

  • Assumptions

  • Methods and Techniques

  • Evaluation


Data presentation

Data Presentation

  • Preparation

  • Recommendations

  • Documentation


Now what

Now What


Actuarial techniques for the non actuary

  • Think, think and think some more

  • Develop a plan of attack

  • Devise method of support


Prepare logical exhibits straightforward material

Prepare logical exhibits & straightforward material


Draw all items together

Draw all items together


Explanatory memorandum

Explanatory Memorandum


Professional presentation

Professional Presentation

  • KISS Theory

  • Spelling, grammar and punctuation

  • Know what you are doing & talking about

  • Take time to do it right


Questions

QUESTIONS?


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