A typical analysis performed by Select Actuarial Services will require 21 to 35 days to complete from the time data is received. The following details a listing of steps that will take place in a typical analysis:
- Confirmation of price, timing, etc. will be provided.
- Data request will be sent detailing the items needed (see a list to the right for possible data needed) to complete study.
- Draft results will be provided.
- There will be consultation by telephone and possibly a presentation in person.
- Final results will be provided.
- Follow-up on services will occur to ensure satisfaction.
- Bill for study will be submitted.
- For more information or a price quote, please contact any of the Select Actuarial Services Members.
Items needed to complete study:
- Description of insurance programs, including carriers, limits, policy types, policy terms, etc.
- Current evaluation of incurred losses and expenses, paid losses and expenses, and claim counts by accident year.
- Historical evaluations of incurred losses and expenses, paid losses and expenses, and claim counts by accident year.
- Exposures by accident year (i.e. payroll for Workers’ Compensation, number of vehicles for Automobile Liability, etc.)
- Individual listing of claims with incurred losses and expenses greater than 50% of the per occurrence retention for the accident year.
- Rate to be used in discounting outstanding losses.
To learn more our full range of actuarial services, please call us at (615) 269-4469.