2002 CAS RATEMAKING SEMINAR PRODUCT DEVELOPMENT (COM - 20)

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Presentation transcript:

2002 CAS RATEMAKING SEMINAR PRODUCT DEVELOPMENT (COM - 20) BETH FITZGERALD, FCAS, MAAA

Product Development What is the Process? Examples: Employment-Related Practices Liability Directors & Officers Liability Viewpoint of Actuary

Outline of Process Product Need Business Case Proposal Policy Form Development Rule/Loss Cost Development Filing Preparation Statistical Impact Marketing/Sales Plans Future

Product Need Customer Survey Monitoring of Market

Business Case Proposal Product Description Business Risks Financial Analysis

Business Case Proposal Revenue Projections estimate number of customers how product is to be priced Expense Projections initial R&D of product maintenance of product IS costs include expenses from all departments (Finance, Marketing, Sales, Legal, Government)

Policy Form Development Research Coverages Discuss Potential Coverages for Inclusion in Product Draft Policy Forms & Endorsements Discuss with Insurer Panels, Agents, Brokers, Risk Managers Legal Approval

Rule Development - Other Than Premium Determination Definitions Eligibility Rounding Premium Minimum Premium Additional/Return Premium Cancellations Description of Basic and Optional Coverages

Rule Development - Premium Determination Decide on Rating Structure for Basic Coverage Premium practicality vs. accuracy exposure base classification plan vary rates by state, territory? Decide on Rating Structure for Optional Coverages ILF’s, deductible/co-payment relativities Manual Rules Reviewed by Insurer Panels

Pricing of Loss Costs/Relativities Understand Coverages - inclusions, exclusions, endorsements Data Needs Data Availability Decide on Methodology Discuss Methodology with Insurer Panels

Filing Preparation Loss Cost Filing Conform to State Regulations/Statutes Respond to Regulatory Concerns

Statistical Impact Determine Future Ratemaking Statistical Needs Balance Data Needs with Practicality/Cost of Data Collection May Collect More Detail Than Used in Rating (e.g. territory, individual class) Discuss with IS & Insurer Panels

Marketing/Sales Plan Decide on Target Customers Prepare Announcement Material for Customers Coordinate with Internal Staff Sales, Marketing, Finance Follow-up/Feedback

Future Ratemaking Develop/Modify Report Systems Monitor Statistical Data Determine Ratemaking Methodology for Updating Pricing short - term long - term

Future Coverage Enhancements Industry Data Compilations

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