Consulting
"The greatest good you can do for another is not just to share your riches, but to reveal to him his own."– Benjamin Disreali
Preparation of Rate, Rule and Form Filings
The consultants at Demotech possess actuarial expertise, knowledge and practical, in-depth experience to assist our clients with their strategic pricing decisions. These attributes permit us to add value at every phase of the ratemaking process:
- Actuarial expertise. We combine technical sophistication with experience in a vast array of products, coverage, jurisdictions or distribution systems.
- Market expertise. We advise our clients on strategic product and pricing decisions by providing them with pertinent information on the operating results of state leaders, peer groups and market leaders.
- Regulatory expertise. Filing requirements vary by jurisdiction, coverage and product. We can prepare and submit state rate filings on behalf of our clients or work with them to respond to questions from state insurance departments.
- Business expertise. We want our clients to understand the fundamental economic issues and actuarial requirements before they commit to the effort to revise base rates, implement changes to processing systems and otherwise implement revisions to their current rate structure.
Demotech, Inc. prepares form, rate, and rule filings for Property & Casualty and Title insurance companies. All filings are constructed to meet our stringent internal requirements as well as state guidelines and criteria. Demotech's participation in the process can be as extensive or limited as you require. We can assist in the preparation of responses to inquiries or criticisms from the respective Departments of Insurance, even when we did not prepare the initial submission.
In sum, our consultants can assist you with the preparation of rate, rule and form filings for personal and commercial lines of business.
Our filing preparation services include the following:
- Submission of rates, rules, and forms
- Calculation of overall rate change
- Changes in class relativities
- Changes in deductible and policy limit relativities
- Calculation of frequency and severity trends
- Calculation of loss development factors
- Calculation of expense provisions
- Calculation of investment income provision
- Documentation of assumptions and methodology
- Actuarial certification of rates
- Follow up with state insurance departments.