2002 CAS RATEMAKING SEMINAR PRODUCT DEVELOPMENT COM 20
- Slides: 15
2002 CAS RATEMAKING SEMINAR PRODUCT DEVELOPMENT (COM - 20) BETH FITZGERALD, FCAS, MAAA
Product Development n n What is the Process? Examples: § Employment-Related Practices Liability § Directors & Officers Liability n Viewpoint of Actuary
Outline of Process n n n n Product Need Business Case Proposal Policy Form Development Rule/Loss Cost Development Filing Preparation Statistical Impact Marketing/Sales Plans Future
Product Need n n Customer Survey Monitoring of Market
Business Case Proposal n n n Product Description Business Risks Financial Analysis
Business Case Proposal n Revenue Projections § estimate number of customers § how product is to be priced n 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 n n n 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 n n n Definitions Eligibility Rounding Premium Minimum Premium Additional/Return Premium Cancellations Description of Basic and Optional Coverages
Rule Development - Premium Determination n Decide on Rating Structure for Basic Coverage Premium § § n Decide on Rating Structure for Optional Coverages § n practicality vs. accuracy exposure base classification plan vary rates by state, territory? ILF’s, deductible/co-payment relativities Manual Rules Reviewed by Insurer Panels
Pricing of Loss Costs/Relativities n n n Understand Coverages - inclusions, exclusions, endorsements Data Needs Data Availability Decide on Methodology Discuss Methodology with Insurer Panels
Filing Preparation n Loss Cost Filing Conform to State Regulations/Statutes Respond to Regulatory Concerns
Statistical Impact n n 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 n Decide on Target Customers Prepare Announcement Material for Customers Coordinate with Internal Staff § Sales, Marketing, Finance n Follow-up/Feedback
Future Ratemaking n n n Develop/Modify Report Systems Monitor Statistical Data Determine Ratemaking Methodology for Updating Pricing § § short - term long - term
Future n n Coverage Enhancements Industry Data Compilations
- Dậy thổi cơm mua thịt cá
- Cơm
- New product development and product life cycle strategies
- Produk gabungan dua teknologi
- What is a firm
- Product mix and product line
- Core augmented and actual product
- Dot vs cross product
- Target market feasibility analysis
- What is product line depth
- Sifat perkalian dot vektor
- Core product augmented product
- Wide product portfolio
- Perkalian vektor dot dan cross
- Gdp 519
- Relation include uml