Cognalysis Comprehensive Insurance Review
To understand its business, an insurer should analyze all of its data
Most insurers have embraced predictive modeling in the eternal quest to refine and improve their underwriting and pricing capabilities, as they should. But the models ignore measurable differences in loss development, leaving carriers exposed to devastating adverse development and adverse selection.
Gross Consulting’s Comprehensive Insurance Review avoids these modeling traps, identifying risk characteristics that are predictive of loss occurrence, severity, and development pattern.
A Comprehensive Insurance Review produces actionable information, reliable management information, and superior underwriting results
Development Differences
Losses from different types of policies and with different claim characteristics develop very differently.
Case Reserve Bias
Our Comprehensive Insurance Review Produces
Indications of needed changes in rate, highlighting development distortions that would otherwise be ignored
Customized algorithms to provide actuarial estimates for each open claim and alternative “actuarial case-incurred” triangles
Claims emergence indications that can be applied to policies during the underwriting process
This detailed review of your risk portfolio also uncovers changes in risk profile that may not have been captured by your existing management reporting framework, providing guidance for needed rate and underwriting actions and informing strategic decisions for growth and desired policy characteristics and coverage features
