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... strictly a technician. However, actuaries should be viewed as management cons...SUALTY ACTUARY REQUIRE? Although actuaries add value in many ways, the reason most people bring actuaries into a project is to take advant...

... toys, and cars. The market, not actuaries, determines the price of insurance,...nd that company rates aren't set by actuaries can use this knowledge to manage...

...of loss development factor data: actuaries, brokers, insurance companies, and ...

... x No Thanks Loading.. Loss Portfolio Transfer 4/30/2013 by CompleteMarkets Editor , Al Rhodes This content has not been rated yet. LOSS PORTFOLIO TRANSFER by Al Rhodes A loss portfolio transfer (LPT) is one of the few transfers that can be a winning deal for buyer and seller. An LPT allows you to transfer claims to another party for a fixed sum. An LPT program involves past claims, but not future claims, as with a traditional insurance program. The main steps in an LPT are the claims review; actuarial analysis; and accounting for the transferred portfolio. The transaction involves the portfolio value of the liabilities, which is discounted to net present value; the investment value of risk capital; and issues such as administration, accounting, and taxes. SELLER'S ADVANTAGES: Eliminating uncertainty over the cost of losses, pay-out patterns, and interest-rate risks, including unreported losses. Reducing administrative duties. Eliminating accumulated collateral. Freeing up escrow funds used for claims handling from the TPA or the carrier. Seeing a positive effect on the balance sheet. Getting an accelerated tax benefit. SELLER'S DISADVANTAGES: Immediately paying the claim reserves' net-present value may reduce cash flow and investment opportunities if the value of cash increases. Losses may be lower than anticipated. The loss pay-out may be longer than anticipated. The seller may lose control of claims handling. The seller has to pay a fee for transferring the risk and administration. Losses might not be properly accrued or accounted for on current books. BUYER'S ADVANTAGES: The buyer gets a fee and may be able to manage ...

... workers compensation Articles tagged with workers compensation Back 19 Tips For Getting Risk Submissions Accepted This content has not been rated yet. CompleteMarkets Editor 4/30/2013 10:40:32 PM 19 TIPS FOR GETTING RISK SUBMISSIONS ACCEPTED We subscribe to the win-win' theory of negotiating when placing business with our company underwriters. The placement has to be. All Articles by CompleteMarkets Editor Comments (0 ) A Judge's Perspective The Workers Compensation Fraud Problem This content has not been rated yet. CompleteMarkets Editor , Susan Clark 4/30/2013 12:00:00 AM FRAUDBUSTERS: A JUDGE'S PERSPECTIVE ON THE WORKERS COMPENSATION FRAUD PROBLEM by Susan Clarke Stories of people who claim a work injury after they hurt themselves at home are common. But .. All Articles by CompleteMarkets Editor Comments (0 ) Actuarial Checklist For The Insurance And Risk Management Professional This content has not been rated yet. CompleteMarkets Editor , Al Rhodes 4/30/2013 10:45:23 PM ACTUARIAL CHECKLIST FOR THE INSURANCE AND RISK MANAGEMENT PROFESSIONAL by Al Rhodes The responsibilities of risk managers, risk management consultants, accountants, and brokers increase as insurance.. All Articles by CompleteMarkets Editor Comments (0 ) Agency Financial Planning: Today And Tomorrow This content has not been rated yet. CompleteMarkets Editor , Carol Hammes 4/30/2013 10:35:26 PM AGENCY FINANCIAL PLANNING: TODAY AND TOMORROW by Carol Hammes There can be little doubt that changes are in the wind in the Commercial Property/Casualty marketplace. Some industry observers have.. All Articles by CompleteMarkets Editor Comments (0 ) Agency/Broker Profile ...

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... the rates to be charged, and the way the coverage will be coordinated with the methods and levels they have chosen for retention and risk financing. Why should they not expect to have some initial understanding of who will handle their claims, how and by whom and within what legal and ethical parameters their claims will be defended, or some input into when and for how much their claims are settled? This is not to advocate that insurance carriers should abandon the claims discipline to their insureds, any more than they similarly abandon the underwriting discipline. However, as proper underwriting criteria for risk selection and rating differ under the circumstances of different programs or accounts, different market conditions, and different carrier appetites, the procedures and standards that dictate claims practices can also differ and still be proper legally and actuarially. For instance, good claims practice dictates that subrogation from a viable third party, once identified, should always be pursued because the policy provides the carrier that right. But what if the viable third party happens to be an important client of the insured and an attempt to recoup a claim expenditure could interfere with the insured's continuing relationship with that client in the long run? Especially when the insured participates in the ultimate financial exposure for the loss, whether to subrogate becomes not only a claim decision but also a business decision. As another example, cost-effective claims philosophy dictates that small claims even if somewhat questionable, usually be settled early at a nominal cost (commonly called nuisance value) to prevent the need for incurring further investigative and defense expenses. But what if the insured believes that ...

... C insurance doesn't yield the same returns as do other financial services. The high volatility of the P/C business simply didn't fit the mold that Citigroup wanted as part of its overall strategic plan. They needed a minimum of 10% -12% organic growth and, with the dramatic cycles in the insurance business, that type of growth can't be guaranteed or even expected. Whether other financial institutions will decide to get into insurance underwriting is unknown. Most of the trade press coverage indicates that they'll be very cautious, understanding that the risk involved in underwriting is relatively alien to the banking business. Yes, they'll take a risk to make a loan, but do they want to commit millions in capital to pay claims after a hailstorm, hurricane, fire, or terrorist attack? Although actuarial science is quite sophisticated, reality can be a very different story. The current shaky status of many reinsurance companies should also give bank executives pause for thought in thinking about the P/C business. Our guess is that we won't be seeing too many financial institutions entering the underwriting side of the business within the next several years. BANKS IN INSURANCE SALES — JOINT VENTURES Many financial institutions have decided to get their feet wet before they jump wholeheartedly into insurance sales. They don't want to make the capital outlay to buy an existing agency, and they lack the expertise to start one from scratch. Many agencies also want to pursue a lower-key relationship with a bank, maintaining their independence while taking advantage of the perceived sales possibilities in a joint venture. Sometimes the motivation is simply to make ...

... ., hospitality, construction, pharmaceuticals, transportation, etc.) . This means the agent will assume more the role of a specialized insurance consultant with a specific expertise in an industry and related applications of finance, underwriting, marketing, claims, and risk management. Major insurers in these markets will be closely aligned with specialized agents having in-house automated underwriting, policy issuance, and claims-settlement authority. A significant downsizing of many industries during the next five years will cause displacement in the workforce. The new independent agent career trainees will be individuals from other industries, highly educated with university degrees and varied work experience (engineering, the sciences, accounting, nursing, business) . The career path for new agents will involve an initial two-year training commitment which will involve sales, marketing, underwriting, actuarial, specialized product knowledge, claims, and risk management. Essential to the success of the new agent will be pre-qualification as a salesperson and production of business. The process will involve some employment to meet the financial commitment required. Following the two-year introduction period, the new agent would continue to receive upgraded training from the employer while pursuing CPCU, CIC, and/or ARM studies. The automation of the insurance industry and the ability of the agent to focus on expertise in specific industries will provide the agent with a rewarding career, recognized for his or her professionalism. This expertise will provide a rewarding career path that will enable the agent to prepare for the year 2000. Login or Register (for FREE) to gain access to thousands of other great articles. Need more reasons to ...

...revenue that it can’t afford the actuaries, auditors, technicians, and other s...