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  #11  
Old 07-02-2018, 10:09 AM
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Thank you, your responses are helpful.
Though, many things you mentioned sound foreign to me due to my lack of experience in commercial pricing. I'm going to have to study what you wrote a bit to become more familiar.

Have you also worked in financial lines pricing?
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  #12  
Old 07-02-2018, 10:11 AM
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Started out doing reserving for DOI, then moved into reserving for an insurer, then personal lines, and now commercial lines. No, financial lines pricing.
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  #13  
Old 07-02-2018, 10:14 AM
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Started out doing reserving for DOI, then moved into reserving for an insurer, then personal lines, and now commercial lines. No, financial lines pricing.
Awesome. Now, after your experience doing reserving for an insurer, did you rotate into pricing (personal &commercial) within the same insurer?

I'm just trying to see how one who had absolutely no commercial experience, impress an interviewer who's seeking someone who had at least 2 years of experience...
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Old 07-02-2018, 10:16 AM
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I found it hard to switch from personal lines pricing to commercial lines pricing.

For the most part they contain similar skill sets, just the focus is different. It is pretty confounding why insurers are weary of candidates making the switch.

I am sure there are some insurers with a ton of data for commercial lines that can do many sophisticated things like the big personal lines carriers.

My impression is that many commercial lines companies are less about volume of data and more about being nimble and utilizing the art part of actuarial science in decision making.

A lot of commercial lines is really understanding the structure of policies and how to price them. Exam 8 is essentially here are the basics for all the complicated commercial lines and reinsurance policy structures.

If you like coding and SAS and huge datasets, you may like personal lines better.
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Old 07-02-2018, 10:17 AM
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Originally Posted by ronaldy27 View Post
Awesome. Now, after your experience doing reserving for an insurer, did you rotate into pricing (personal &commercial) within the same insurer?

I'm just trying to see how one who had absolutely no commercial experience, impress an interviewer who's seeking someone who had at least 2 years of experience...
I will PM you.
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Old 07-02-2018, 04:55 PM
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Excess pricing, large account pricing, and loss rating don't really exist in personal lines. Personal lines umbrella pricing is different than excess pricing.

Care to elaborate on the bolded?
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Old 07-02-2018, 05:03 PM
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I meant you can do large account pricing for excess business. Sorry I wasn't clear in the above.

I wrote the above really quickly at 12 am at night.
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Old 07-03-2018, 10:52 AM
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was doing large account pricing for a small commercial insurer, switched back to personal line pricing in a large personal line carrier. Why? because all I used in my old commercial pricing job is Excel, I never had to do any coding, R, SAS, GLM modeling, let alone predictive analytics and data science stuff. Personally I want to be more technical so I chose to stay in personal, but I might get back to commercial when I get my FCAS, who knows haha
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Old 07-03-2018, 11:54 AM
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was doing large account pricing for a small commercial insurer, switched back to personal line pricing in a large personal line carrier. Why? because all I used in my old commercial pricing job is Excel, I never had to do any coding, R, SAS, GLM modeling, let alone predictive analytics and data science stuff. Personally I want to be more technical so I chose to stay in personal, but I might get back to commercial when I get my FCAS, who knows haha
Is it just your company you think or is it generally true that in commercial less programming is utilized? I understand there's higher degree of imperfect data in the commercial business but there's gotta be some programming work done for actuaries.

I guess in commercial lines work, there is more art than science compared to personal lines work. Also, more expert decision making.
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Old 07-03-2018, 12:21 PM
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Is it just your company you think or is it generally true that in commercial less programming is utilized? I understand there's higher degree of imperfect data in the commercial business but there's gotta be some programming work done for actuaries.

I guess in commercial lines work, there is more art than science compared to personal lines work. Also, more expert decision making.
To put it this way. When i was working in personal lines I had hundreds of millions and sometimes billions of rows to work with.

In commercial for me at least, the data is in the millions, is of significantly worse quality, and has a lot less information in it.

When I was in personal lines I was using sophisticated code to on level premium and create claim count triangles as well as look at other diagnostics that weren't possible without SAS (or R).

In commercial the datasets have not been so large, fairly easy to manipulate in Excel. At the same time the data is also less accurate.

This is why I mentioned above that it depends on how large the insurer is, I imagine that some commercial carriers have tons and tons of data too.
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