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ACTUARIAL TECHNIQUES FOR THE NON-ACTUARY

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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  1. ACTUARIAL TECHNIQUES FOR THE NON-ACTUARY By Tom Tomlinson TT Compliance

  2. Overview Background Setting the stage

  3. 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

  4. Good overview • Includes both personal and commercial lines • Enables a sense of understanding of actuarial techniques

  5. Enables the astute filer to put ideas to work • Techniques can be as simple or complex as desired • Adaptable to fit your needs

  6. You make up the justification • Design support • Design concepts as you see fit

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

  8. Data Collection Sources of Data Integrity of Data ACTUARIAL CONCEPTS

  9. Credibility of Data • Law of Large Numbers • Build Justification

  10. Data Interpretation & Analysis • Assumptions • Methods and Techniques • Evaluation

  11. Data Presentation • Preparation • Recommendations • Documentation

  12. Now What

  13. Think, think and think some more • Develop a plan of attack • Devise method of support

  14. Prepare logical exhibits & straightforward material

  15. Draw all items together

  16. Explanatory Memorandum

  17. Professional Presentation • KISS Theory • Spelling, grammar and punctuation • Know what you are doing & talking about • Take time to do it right

  18. QUESTIONS?

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