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  #1181  
Old 06-17-2019, 09:48 PM
3.14 3.14 is offline
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similar to Arroway's story, we had an outfit tell us that falls from height was a significant severity driver (our specialty is residential construction)
If you write a significant amount of business in New York, that is not implausible.
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  #1182  
Old 06-18-2019, 07:56 AM
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Vorian Atreides Vorian Atreides is offline
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If you write a significant amount of business in New York, that is not implausible.
I think yoyo's point is that they gave an answer that simple logic would tell you.

At worst, however, at least you get a sign that something's being done right by the DS team.
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  #1183  
Old 06-18-2019, 11:00 AM
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similar to Arroway's story, we had an outfit tell us that falls from height was a significant severity driver (our specialty is residential construction)
My favorite was a consulting report [one of the big name consulting firms] said that the way to be profitable in small business insurance was to underwrite the best risks.

The consultants I was with [non-insurance people] didn't understand my disdain.
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  #1184  
Old 06-18-2019, 12:21 PM
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My favorite was a consulting report [one of the big name consulting firms] said that the way to be profitable in small business insurance was to underwrite the best risks.

The consultants I was with [non-insurance people] didn't understand my disdain.
Reminds me of a consulting actuary we had at a new insurance company earlier in my career.

Because the company was new, he used the B-F method for reserving, and effectively picked an ELR out of thin air. Then used industry LDFs to do the analysis.

Then he told us that his reserve study showed that our loss ratio was too high (it magically had come back to the exact ELR he had picked), so we could hire him for another engagement to do a pricing study.

I passed on his offer...
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  #1185  
Old 06-18-2019, 01:29 PM
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Originally Posted by Vorian Atreides View Post
I think yoyo's point is that they gave an answer that simple logic would tell you.

At worst, however, at least you get a sign that something's being done right by the DS team.
yup, we were already well aware that people falling off ladders and roofs could result in serious claims. i'm pretty sure fall from height came up in conversation with them during the study.

we've had a couple or three DS teams come in and do some work for us. their work is nearly useless unless they have a very good understanding of insurance beforehand.
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  #1186  
Old 06-18-2019, 01:29 PM
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My favorite was a consulting report [one of the big name consulting firms] said that the way to be profitable in small business insurance was to underwrite the best risks.

The consultants I was with [non-insurance people] didn't understand my disdain.
slow down, i'm taking notes
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  #1187  
Old 06-18-2019, 01:36 PM
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slow down, i'm taking notes
the way to take notes is to write down the important things that are said
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  #1188  
Old 06-18-2019, 01:36 PM
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Originally Posted by Vorian Atreides View Post
I think yoyo's point is that they gave an answer that simple logic would tell you.

At worst, however, at least you get a sign that something's being done right by the DS team.
Ah, okay. Thanks.
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  #1189  
Old 06-19-2019, 08:29 AM
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My favorite was a consulting report [one of the big name consulting firms] said that the way to be profitable in small business insurance was to underwrite the best risks.

The consultants I was with [non-insurance people] didn't understand my disdain.
Did they give any useful characteristics of what the "best risks" are?
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  #1190  
Old 06-19-2019, 08:32 AM
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Vorian Atreides Vorian Atreides is offline
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Originally Posted by yoyo View Post
slow down, i'm taking notes
You could copy mine, if you'd like. I've even put in a poetic form to help us remember it.

Code:
whisper scoffs at 
modern technological advances 
to help us understand 
what is in 
the CPCU 500 
material.
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Last edited by Vorian Atreides; 06-19-2019 at 08:36 AM..
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