We have been the in-house actuarial function for a start-up managing agency since early 2014 supporting the managing agency in all actuarial areas in their successful entrance into the Lloyd’s market, with the new syndicate approved to begin writing business in early 2015. We have continued to support the start-up agency post go-live.
The core actuarial work for the SBF, capital model, reserving, pricing and documentation are outlined below. More
Dynamo helped a large syndicate in developing an internal pricing dashboard. With different classes of business using different legacy underwriting systems and models, it was very difficult to report on the results in a consistent manner. We developed an automated data flow system to bring together the different data sources, perform a gap analysis for each class of business to identify shortcomings in either the information collected in the pricing models or where data was not being collected correctly and therefore was not able to be reported on.
The dashboard reported on key metrics decided by the business, including different rate change definitions, renewal rates across policy count and premium count and technical pricing strength. The system is currently being extended to the European entity as well as the syndicate.
An insurer needed to develop the capability to build and implement ad-hoc actuarial models, primarily to assist the front line underwriters with pricing new insurance opportunities. There was a shortage of in-house expertise, and their existing approach lacked technical rigour with poor documentation and inadequate data capture across accounts. This resulted in an inability to re-calibrate and fine-tune their approach to take advantage of new niches or of good value sectors, and naturally made them more of a market follower than a market leader. They knew this was not sustainable business practice, and sought our subject matter expertise to develop an effective solution. More