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Evaluation

RPM Seminar

Ratemaking

Level 2: General knowledge of the subject (6-9 Years)

C:PC:L3

C:MM:L1

C:FE:L1

C:FE:L2

C:FE:L3

C:AS:L1

S:CT:L1

S:CT:L2

S:CT:L1

S:DA:L1

S:DA:L2

S:BA:L1

S:LT:L1

S:LT:L2

T:CR:L2

Streamlining vs Automating your Rate Change Process: What’s the Difference and How Can You Make It Work for You?

R-7 - Streamlining vs Automating Your Rate Change Process: what’s the Difference and How Can You Make It Work for You?

Monday, March 18, 2024
10:00 AM – 11:00 AM CST
CE: 1.2
Livestreamed
The rate change process can be a complex and time-intensive undertaking, often involving numerous mechanical steps across multiple applications. The need to update state-level indications regularly, to have a countrywide view of rate need and to deliver rate changes quickly to the market is imperative, especially during the recent period of inflation. We will discuss potential ways to reduce the time needed for the overall rate change process and some of the components, including Rate Level Indications. This will allow the actuary to carve out additional time to work on analytics rather than manual data processes, all while adhering to the Actuarial Standards of Practice and without sacrificing accuracy.

Learning Objectives:

  • Understand the Distinctions: Participants will learn to differentiate between streamlining and automating the rate change process, gaining a clear understanding of the nuances and benefits of each approach.
  • Identify Efficiency Opportunities: Attendees will discover practical strategies for reducing the time and complexity of the rate change process, with a focus on streamlining procedures and leveraging automation tools. Emphasis will be placed on maintaining accuracy and compliance with ASOPs.
  • Implement Actionable Insights: The session will provide actionable insights on incorporating automated elements into the rate change process, empowering actuaries to enhance efficiency without compromising accuracy