Underwriting Strategies
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The document discusses strategies for successful collaboration between actuaries and underwriters. It outlines the benefits of joint goal setting and strategic planning, sharing tools and expertise, and regularly reviewing accounts together. When actuaries and underwriters work as an interdependent team, communicating frequently and understanding each other's roles, the business performs better than if they function in separate silos.
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The most important insurance company operations consist of the following:
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Reinsurance
Insurers also engage in other operations, such as accounting, legal services, loss control, and information systems.
2-RATING AND RATEMAKING
Ratemaking refers to the pricing of insurance and the calculation of insurance premiums .
A rate is the price per unit of insurance.
An exposure unit is the unit of measurement used in insurance pricing, which varies by line of insurance.
The person who determines rates and premiums is known as an actuary . An actuary is a highly skilled mathematician who is involved in all phases of insurance company operations, including planning, pricing, and research.
3-UNDERWRITING
Underwriting refers to the process of selecting, classifying, and pricing applicants for insurance . The underwriter is the person who decides to accept or reject an application.
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An insurer must establish an underwriting policy that is consistent with company objectives.
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The term production refers to the sales and marketing activities of insurers. Agents who sell insurance are frequently referred to as producers .
Life insurers have an agency or sales department. This department is responsible for recruiting and training new agents and for the supervision of general agents, branch office managers, and local agents.
Property and casualty insurers have marketing departments. To assist agents in the field, special agents may also be appointed.
A special agent is a highly specialized technician who provides local agents in the field with technical help and assistance with their marketing problems.
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Basic Objectives in Claims Settlement:
Verification of a covered loss
Fair and prompt payment of claims
Personal assistance to the insured
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Reinsurance is an arrangement by which the primary insurer that initially writes the insurance transfers to another insurer (called the reinsurer) part or all of the potential losses associated with such insurance .
The primary insurer that initially writes the insurance is called the ceding company .
The insurer that acceptspart or all of the insurance from the ceding com pany is called the reinsurer .
The amount of insurance retained by the ceding company for its own account is called the retention limit or net retention .
The amount of insurance ceded to the reinsurer is known as the cession
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The document provides guidance on developing a business plan for a real estate business. It discusses formulating the plan with an advisor, crafting the plan for success, and understanding how the plan will directly affect business success. It also covers evaluating why real estate, what the plan will do, developing goals and objectives, marketing strategies, and financial forecasting. Tips are provided on creating a vision, developing an abundance mentality, and conducting a SWOT (strengths, weaknesses, opportunities, threats) analysis.
Betty Kayton : Building an Operating Plan and Financial Model
The document provides guidance on building an operating plan and financial model for a startup company. It recommends starting with either a historical or bottoms-up budget and updating it frequently. Key elements to include are revenues, costs, hiring plans, contingencies, milestones, and risks. The process of planning is important for thoroughly thinking through issues and assumptions. The plan should be used to convince investors that the company understands the business and market and can achieve promised goals.
The twin goals of customer research: inspire designers, persuade stakeholders
The document discusses strategies for customer research to both inspire designers and persuade stakeholders. It provides examples of different interaction patterns - co-opt, pre-empt, and combat - and case studies applying each pattern. Key recommendations include being flexible in research methods, validating findings, and delivering data tailored for both designers and business stakeholders.
Is Doing a Business Plan Worth the Time?
When starting a small business, developing a business plan can save you time and aggravation. Learn what type of plan is right for your company and how to write.
Entrepreneurship Training
This document provides information and resources for entrepreneurs seeking financing for new businesses. It discusses private sources of financing like personal savings, family, and credit cards as well as public sources from programs like SBA loans, USDA grants, and state-level economic development agencies. The document provides details on specific loan and grant programs, guidelines for developing financial projections, and tips for starting the planning process through writing a business plan. Resources for additional small business assistance are also listed.
Interviewing+W Orkshop[1]
This document provides steps and tips for leveraging skills to land a job through intentional interviewing. It outlines defining your capabilities and accomplishments, researching the potential employer, demonstrating how your skills match their needs, building rapport, and closing the deal by asking for the job. It emphasizes practicing answers to common interview questions by matching your attributes to the employer's needs. The document also discusses looking at job market trends, your personal vision, and matching yourself to opportunities.
Intentional Interviewing
Intentional Interviewing is a workshop that helps participant leverage their talents, successes and attributes in the interview process.
AIA2019 - Sharifa Al-Barami - Running Your Fundraising Process
The document provides guidance on fundraising for startups. It discusses Sharifa AlBarami's experience investing in startups through her $15M fund. It then provides tips for startup founders on scheduling advice meetings with investors, researching potential investors, crafting pitches, and closing funding deals. The document emphasizes keeping pitches concise by focusing on problem, solution, traction, market size, business model, team, and request for funding. It advises founders to get feedback from investors before launching official fundraising.
Wk3 team project
This document provides guidance for developing a startup business idea. It recommends identifying an unmet niche or problem, developing a logical solution, determining the target market who would benefit, choosing an appropriate business model, creating a business plan, researching competitors, making a demo, addressing financial considerations, and seeking help from resources. The key steps are to find an unsolved problem, develop a solution, and create a plan to profitably address that problem for a target customer base.
Talent 3.0
This book is about recruiting the A guy. This is out of a lot of research, and experience of various industry fraternity and the book has been divided into four parts of the hiring process where failure typically occurs. Go through and share your comments.
2019 Strategy Workshop
RESULTS.com is widely recognized as having one of the best strategic planning templates in the world. In this workshop with our Head of Strategy, Stephen Lynch, you’ll learn a selection of our best practices to create your one-page strategic plan.
Working with thousands of clients, we’ve learned what works and what doesn’t in the real world when it comes to creating and executing business strategy. It’s not about filling in a planning template, it’s about making wise strategic choices that will set your organization up for future success, and cascading your decisions down to every role to align and focus your team using a strategy execution software tool like RESULTS.com
Similar to Underwriting Strategies (20)
September 2010 Consultants Business Development Forum
September 2010 Consultants Business Development Forum
Betty Kayton : Building an Operating Plan and Financial Model
Betty Kayton : Building an Operating Plan and Financial Model
The twin goals of customer research: inspire designers, persuade stakeholders
The twin goals of customer research: inspire designers, persuade stakeholders
AIA2019 - Sharifa Al-Barami - Running Your Fundraising Process
AIA2019 - Sharifa Al-Barami - Running Your Fundraising Process
Underwriting Strategies
- 1. Presented by: Tony Nista Underwriting Business Leader Independent Insurance Professional Successful Underwriting Strategies Actuarial and Underwriting Joint Strategies that Get Results
- 13. Actuaries Working w/Sales/Brokers/Clients Typical Rate Negotiation Dialogue : Russian Interrogator: “Every minute you don’t tell us why you are here, I cut off a finger.” Emmett Fitz-Hume: “Mine or Yours?” Russian Interrogator: “Yours.” Emmett Fitz-Hume: “Damn!” (James Daughton / Chevy Chase, Spies Like Us)
- 17. QUESTIONS