ATG Solutions
Ratemaking/Pricing
Pricing is anything but static. Many factors cause shifts in rating values, such as government policy, shifts in customer base, rapid population growth, etc. Now more than ever frequent detailed pricing reviews are necessary to price profitably and avoid adverse selection.
Product Management
Product Management remains a deceptive term. It tends to mean different things to different people and organizations. At its ‘simplest’… it’s the work of understanding your customers and markets. ATG can assist your team in ensuring your products are aligned effectively and are designed to achieve the desired market size.
Predictive Modeling
Predictive modeling is widely used by the larger insurance carriers. It is critical smaller companies take advantage of these improved pricing techniques. Although predictive modeling is a science, it’s also an ‘art’. Strong predictive modelers are in short supply. ATG has over two decades of experience with predictive modeling and has developed one of the few software tools available for performing this analysis. The main benefits of predictive modeling are 1) more accurate pricing results since all rating factors are analyzed and optimized simultaneously, and 2) new rate structures can be analyzed easily, thus making more dynamic rate structures and segmentation more achievable.
Reserving
Reserving is the estimation of accruals for unpaid loss and loss adjustment expenses at a given point in time. This is generally the largest liability an insurance company incurs; this accrual has a very significant impact on income and the company’s value. Estimation of ultimate losses is essential for both pricing and reserving. These projections should be done on a frequent and consistent basis to identify needed rate and market corrections.
Product Development
Whether developing a new product or enhancing an existing one, ATG has experience with both. We have years of experience and powerful tools to perform predictive analytics and large market analysis. Our experience and tools provide both the superior analysis needed for a highly segmented and accurately priced product, and generates the support needed for gaining regulatory approval.
AIML (Artificial Intelligence and Machine Learning)
Companies are sitting on a wealth of information hidden away in their data systems. Innovative companies are unlocking the potential lying at the heart of their databases. As companies look for improved ways to price their products, AIML is gaining importance in assisting companies in meeting their objectives.
Why is machine learning important?
There’s been tremendous growth in the amounts and varieties of available data, computational processing that is cheaper and more powerful, and affordable data storage.
These things combined means we’re now able to quickly and automatically produce models that can analyze larger, more complex data and deliver faster, more accurate results. And by building more accurate and precise models, your organization has a better chance of identifying more profitable opportunities and reducing risk.
