BrokersIncomplete, faulty and inexistent data are the result of a poor submission
Why do we work with brokers?
The majority of data problems originate from the submission presented by the broker to the underwriter or agent. Insufficient and faulty data are the result of a poor submission. A poor submission shows a lack of thorough understanding from the broker how underwriters use the data to price their business and what assumptions (often conservative) are made in the absence of data.
We believe that data problems must be solved at the point of origin.
When we influence how data and submissions are presented we are doing a service to the insurance industry as a whole.
Small to medium size brokers struggle to keep and acquire clients who tend to favour larger brokers who have actuarial and analytics departments that can assist analysing the risk and during the negotiations.
For small to medium brokers hiring an actuary is almost out of question as they may only have few accounts that require more complex statistical analysis; but when the need arises the time scales make it difficult to find the ideal actuary at such short notice.
We work with brokers to solve data problems at the root.
What do we offer to brokers?
Our broker clients benefit from having an actuary who they could rely on, a trusted partner at the end of the phone or e-mail who they could ask a few questions to, to run things by, who can assist with the data collection, formatting and presentation, perform some statistical analysis about the risk and who can attend presentations and meeting with all parties involved in the negotiation process.
We work with both insurance and reinsurance brokers on a number of formats from a continuous membership programme to one-off projects. If you and your team are ready to benefit from a long term relationship with an actuarial firm you can trust, simply get in touch to discuss the best way we can work together.
Our partnership programme is ideal for small to medium size brokers
Our programme is ideal for small to medium brokers who would like to have access to a dedicated team of actuaries from a few hours to a few days a month.
For an agreed regular monthly fee, you will have peace of mind that you can reach out to an experienced actuary when required, from asking questions to complete assistance in analysing an account.
Being a member also entitles you to a number of benefits such as live training sessions on technical topics and competitive consultancy rates for larger one-off projects.
More details about our partnership programme can be found here.
The day you need an actuary you don’t have time to search, interview and engage. You need to provide immediate answers to your clients. With our partnership programme you don’t need to enter an agreement each time, you don’t have the uncertainty of hourly charges and the fixed investment is easy to budget in the business plan.
We work with brokers in the preparation, presentation and analysis of the business they place. With almost 20 years of practical experience in all segments of the business (insurance, reinsurance, MGAs, etc.) we are in a unique position to provide insights into how each party views the risk and key assumptions they are likely to make that are critical to any pricing analysis.
From one-off projects to continuous support, we work with brokers in three key areas:
Presentation is everything
A submission is like a sneak peek into a company’s operations, a poorly presented submission with messy data creates a bad first impression. We work with brokers and their clients understanding the structure to be placed, the data required by underwriters and actuaries and how to best present it in a way that is clear, clean and ready to use in any analysis.
Pricing review of individual accounts
We use the submission data to analyse the account from the point of view of the insurer or reinsurer. This assist brokers in understanding key assumptions and how they impact pricing, which in turn assist during the negotiation stages. We also attend meetings where other parties will typically attend with their actuaries.
Aggregation of data for benchmarking
Brokers handle more data than any other party in the market; yet the data sits in endless spreadsheets, PDFs and word documents. The largest brokers understand this and they have dedicated analytics departments preparing “market data” for their reports and their internal pricing analyses. We work with small to medium brokers on the direct and reinsurance side aggregating exposure and claims data to prepare sets of benchmarks which include loss cost rates, loss development patterns, exposure curves for property and increased limits factors (ILFs) for casualty and frequency and severity trends. These benchmarks help brokers have better insights into how specific classes of business are performing, compare specific accounts to these benchmarks and use these assumptions during the pricing analysis and negotiations.
Our series of courses Actuarial Courses for Non-Actuaries provides in simple terms explanations of complex concepts.
Brokers, often get lost in actuarial conversations. The terminology, the methodology and key assumptions are often a source of confusion.
Our series of courses Actuarial Courses for Non-Actuaries provide in simple terms explanations of complex concepts that allow delegates to improve their understanding of the mechanics of actuarial work, which in turn enables better interaction with actuaries and underwriters.
The most popular courses we run for brokers are the Fundamentals of Insurance Rating and Reinsurance Pricing in Practice. These courses provide a detailed overview of key topics:
How underwriters and actuaries use the submission data in their pricing
Elements of data ideally required for a pricing analysis
Key components and assumptions of exposure rating methods
Key components and assumptions of experience rating methods
How underwriters build up their pricing from the burn cost or loss cost
For a complete overview of our training courses click here or simply get in touch with us to discuss your specific needs.
Get In Touch
16 Pepper Street, London E14 9RP
+ 44 (0)20 7510 9690