Our Actuaries focus on the development of models based on past years claims to create predictions and outline company trends for the near future. Loss models specifically provide insight in relation to the potential for increases or decreases in claims costs which will impact budgeting and planning stages within commercial insurance, transportation insurance, and employee benefits programs.
Through the development of loss models our actuaries perform the following tasks:
- Implement predictive modeling using actuarial loss development formulas.
- Monitor claim development on an ongoing basis to predict company trends.
- Compare historical loss rates per exposure.
- Stratify historical claims to assist in selecting appropriate deductible levels.