Strategic Analysis of Personal Lines
Gain the proven insider tools you need to take your profitability to the next level
“Strategic Analysis of Personal Lines” presents key topics vital for insurance professionals wishing to achieve profits and a strong market position. Private passenger auto and homeowners policies will be featured. Our focus is on applying experience models using a proven matrix to guide you in making the best underwriting, rating and agency management decisions for your personal lines products.
You’ll learn how to:
- Develop the best measurements for loss and premium trending
- Identify critical data and request detailed data file extracts to support your profit analysis and business intelligence
- Measure excess wind in homeowners policies and create a catastrophe loading for ratemaking
- Use insurance scoring rating and blend credit scores with other rating parameters also correlated to credit score
- Determine what rating span is best for your company
- Effectively incorporate data from claims, accidents and violations to work in concert with credit scores
- Understand predictive modeling
- Use Excel spreadsheets and pivot tables effectively in searching for underwriting losses
- Measure new business penalties and the role of policy retention in underwriting and rating
- Price your product to minimize the new business penalty balanced with loyalty to earn a return on the investment made in new business
- Measure adverse risk selection in an agency force
Who should attend
This course is specifically focused on personal lines in the property and casualty industry. It is strongly recommended for those planning for or managing their personal lines insurance business. This is a must-take course if you are involved in making strategic planning decisions for your organization, and many companies have found that they benefit from bringing a cross-departmental team to the session.
Note: While you will receive a Microsoft® Excel-based rate indication model and we briefly discuss how to create a rate indication study, rate filings will not be part of this course.
The University of Wisconsin-Madison, as a member of the University Continuing Education Association (UCEA), authorizes this course for 0.6 Continuing Education Units (CEUs) or 6 hours.
Each course participant will receive a financial reference manual. This invaluable resource is one that you’ll turn to time and again as you bring your new skills back to the job.