Our Process

We are defined by our process, and measured by your success.

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.

Items needed to complete the typical study:

Description of insurance programs, including carriers and policy terms such as deductibles and limits.
Loss run or loss summary at a current evaluation date to include claim counts, claim status, and paid and incurred losses and expenses.
Large loss listing with claim detail for any claims with incurred amounts over 50% of the applicable deductible/retention.
Historical loss runs or loss summaries at annual evaluation dates to include claim counts, claim status, paid and incurred losses and expenses.
Exposure data by accident year (i.e. payroll data for workers compensation, vehicle counts for automobile liability, etc.)

Engagement

The scope of services, time frame, and fees will be communicated in writing. It is important for us to understand the purpose of the report and the intended audience.

Data Collection

A list of required data is provided in the engagement letter or soon thereafter. As data come in, we will communicate any need for clarification or additional data.

Analysis

As we analyze current data and prepare spreadsheets, we look to prior data and actuarial reports if available to assess changes in experience or trends.

Draft Results

A draft report will be provided typically within three to four weeks.

Consultation

We will set up either an in-person meeting or a conference call to go over the results in the draft and answer questions. Presentations will be targeted to the particular audience.

Final Results

Delivery of the final report comes after the consultation, so that we can make sure we have correctly reflected your programs and experience.

Bill for services

We bill for services in full after completion of the study. Most of our services are quoted on a flat fee basis, so there should be no surprises here.

Ongoing consultation

We are available to answer questions about our work that may arise throughout the year. There are no bills for phone calls and emails.

Put your confidence in Select Actuarial Services

Let us demonstrate how our process can work for you.

Reach out to us today. It all starts with a conversation. Call us at (615) 269-4469 or use the contact us button below.