Description
Constructing effective rating plans is a nuanced process, encompassing considerations ranging from model integration, regulatory filings, to systems programming. This presentation aims to shed light on these vital aspects, while also venturing into less conventional concepts like overlays and separate rating for new business versus renewal business and other exotic ideas. Our discussion aims to offer comprehensive insights into the creation of successful rating plans, illuminating the intricacies of this critical process in the world of insurance and outlining the most desirable properties of a good rating plan.
Learning Objectives:
- Analyze key considerations like model integration and regulatory filings in rating plan development.
- Evaluate unconventional concepts such as overlays and separate ratings for new versus renewal business.
- Synthesize insights into coherent strategies for developing or enhancing rating plans in insurance domains.