Pricing, Reserving and Risk Calibration
Insight has worked with clients on risk parameter calibration exercises, including one-year emergence factors. Insight’s technical expertise in this area demonstrates progressive thinking and deep knowledge of the challenges in this field. Risk calibration is at the heart of internal model approval and Insight helps clients justify and defend assumptions to internal and external stakeholders.
Pricing, Reserving and Risk Calibration
Insight has supported numerous clients in calculating technical provisions or aspects of the technical provisions such as risk margin. Further related activities that Insight consultants have assisted with include producing IFRS reserve figures and Solvency II balance sheets.
Pricing, Reserving and Risk Calibration
Insight consultants have conducted reserving work across many lines of business as part of a management function and as an independent third party. Reserving forms the basis of much actuarial work and our consultants understand the importance of robust reserves calculated with efficient processes and well governed judgements.
Pricing, Reserving and Risk Calibration
Insight consultants have conducted various personal lines optimisation exercises, both for insurers and intermediaries. Our strength is in providing actionable advice to clients through hands-on technical work and a proper understanding of requirements and constraints. In areas as technically complex as optimisation, we place heavy emphasis on underwriter communication and engagement to ensure their expertise is properly incorporated.
Pricing, Reserving and Risk Calibration
Our philosophy is that pricing models, especially in non-homogeneous classes, only get you so far in terms of profit enhancement. In our work at Lloyd’s Syndicates, Insight consultants have developed pricing analytics and MI to fully exploit pricing data. These frameworks bring meaningful data to underwriting teams so they are best able to bring their expertise to bear, challenging on rates where necessary and exploiting margins where they emerge.
An example interactive MI exhibit (with fictional data) can be seen here.
Pricing, Reserving and Risk Calibration
A London market client needed to deploy a new marine model quickly. We used our pricing and IT expertise to develop and deploy a robust, database-backed system. Working with both underwriting and IT, we were able to deliver a cloud-ready product satisfying all stakeholders, giving usability and analytics for underwriters, in an architecture consistent with local IT standards.