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Evaluation ViewAttendees 1

RPM Seminar

Ratemaking

Level 1: No prior knowledge of the subject (0-3 Years)

C:PC:L3

C:MM:L3

T:AN:L1

R-6 - Incorporating Road Context Data into Auto Rating

Tuesday, March 19, 2024
9:30 AM – 10:30 AM CST
CE: 1.2
Session Description: When analyzing geographical risk for auto rating, the focus is primarily on company experience, which can lack credibility and be slow to react to changing conditions. To address this, companies typically incorporate a complement of credibility, such as data from a statistical organization or competitors. Even though this helps address the credibility issue, it still suffers from only providing a limited view of the complete geographical picture and remains slow to respond to changing conditions. This session will describe how the use of insurance claims data combined with detailed road segment usage data can address these limitations.

Learning Objectives:

  • Describe the limitations of the historical territory definition process
  • Describe data available from accident reports and historical road segment usage
  • Understand how this data can be used to complete a more holistic and dynamic analysis of geographic risk