ACTUARIAL DASHBOARDS

FELLOW ANALYTICS VISUALIZATIONS ACTUARIAL DASHBOARDS IS A SET OF PRE-BUILT ANALYTICS VISUALIZATIONS OF AN INSURER’S ACTUARIAL DATA

FOR BETTER ANALYSES

Increasingly, Actuarial groups are making use of visualizations to support a number of critical insurance processes including Pricing, Reserving and Predictive modelling across many insurance disciplines.

Actuarial needs visibility into historical and performance data for review of rates adequacy and assessment of the impact of possible changes to the book of business.

Pricing actuaries may also need to publish dashboards that gives a comprehensive view of the performance of the business to other groups. Predictive models that cover pricing, policy management, claims management and agency management also require visualization capabilities for understanding the underlying trends in development.

Example | AC-01 – RATE INDICATION ANALYSIS DASHBOARD

AC01 - RATE INDICATOR Dashboard

AC-01 brings visibility into data supporting rate indication. It shows an overview of historical and On Level metrics including Earned Premiums and Pure Loss Ratio by products and by rating scenario.

THE ACTUARIAL INFORMATION NEEDS MODEL

Visualization - Actuarial

ACTUARIAL ANALYSES DASHBOARDS

RATE INDICATIONS
AC01

This dashboard provides visibility into performance data in order to establish base underwriting rates that achieve adequacy against losses and expenses while meeting target profitability figures. This analysis is by product and coverage. (See InEdge’s Risk Rating & On-Level Analytics Accelerator, a pricing data management and audit framework).

LOSS TREND
AC02

This dashboard provides visibility into the effect of estimated losses for the period covered by new rates proposals when performing indication analysis. Amongst other metrics, it shows calculated loss trend statistics such as frequency, severity, pure premium loss by exposure, LAE/ULAE ratios, earned premium amounts, and average earned premium amounts

PRODUCTION PERFORMANCE
AC03

This dashboard provides visibility into production performance and assessment of the health of the business as of a point in time with respect to quoted policy counts, quoted policy conversion rates, retention rates, average premium changes at renewal, average written policy premiums, total written premium amounts, total insured value, claim frequency, LAE/ULAE ratios over a 12-month rolling period.

RESERVING
AC04

This dashboard provides visibility into provides visibility into claims reserving amounts and claims attributes and involves analyzing claims attributes and metrics such as claim counts, claim-related expenses, large claims, recovery metrics, showing incurred and paid claim triangles.

REINSURANCE
AC05

This dashboard provides visibility into provides visibility into the company’s re-insured risk portfolio and includes catastrophe modeling. It may require gathering and preparing risk information for external partners and represented by catastrophe territory, classification, region, etc.

PREDICTIVE MODELING
AC06

This dashboard provides visibility into results of specific predictive models to support several operational requirements such as Fraud Detection and Pricing Adequacy or Next Best Action models.