Actuarial Consulting Services

An Actuarial Consulting Firm for Insurance Companies


Martin & Company’s in-house actuarial consulting team brings a wealth of experience across virtually all lines of business.  We have over 175 years of combined industry experience and all work is performed under the direction of fully credentialed actuaries and in compliance with appropriate Actuarial Standards of Practice.

Our approach is simple: We work directly with you in a collaborative effort to address your unique pricing, reserving, product development, and competitor analysis needs in order to develop a tailored solution that is right for you.

We provide a complete outsourcing of actuarial services for:
  • Property & Casualty
  • Life, Accident & Health
  • Employee Benefits Consulting

Our services include market analysis, product development & pricing, rate filing support, LCM & rate development, rate impact analysis, reserve valuations, benefit strategy & plan design, and more.
Ask the Experts Q: We are looking for a rate review in order to support our program and need an independent opinion. We can provide all the data necessary. Is this something your actuarial consulting team can assist us with?

A: Certainly. One of our associates can take the data that you do have, build in any assumptions that you feel are relevant, and supplement both with information from our Competitive Intelligence Unit. We then can produce an indication based on the relevant data provided. Start by having your questions answered, email Brian.

Property & Casualty


Ratemaking/LCM Development

We can assist with the development of loss cost based or proprietary rates, as well as calculation of Loss Cost Multipliers (LCM’s)
Our actuaries will analyze loss experience and collaborate with product leaders to recommend appropriate modifications to rates and rating plans. We provide pricing recommendations that are made from within the context of the informed marketplace and we have a direct pipeline via our proprietary database to over a million competitor filings in the marketplace. 

We also develop:
  • Rating factors, such as territorial relativities, class code deviations, and expense loads
  • Class plans and discounts/surcharges to avoid adverse selection and retain profitable business
  • Business planning models ... and more

 

Support for Rate Filings

Our actuaries work closely with our compliance and state filings teams to identify and address unique rate support that may surface during a filing project.
Our actuarial staff coordinates with our state filings and compliance teams to prepare actuarial memoranda and exhibits for countrywide or individual filing submissions. This includes all standard expense exhibits, as well as the up-to-date inventory of rate transmittal forms.

Additionally, we have the industry experience required to manage and respond to the nearly limitless department requests and inquiries, and having made many successful filings in all 50 states, plus DC and PR.

 

Rate Impact Analysis

Understanding the rate impact to your book is the key component of virtually every filing you make or business planning decision you implement.
Filing a new loss cost multiplier, adopting a recent bureau loss cost update, or even simply matching a competitor’s new rating element in order to stay competitive all involve an impact to your current rates. Knowing how your rates are affected by these actions is not only critical to your planning process, it’s required in order to receive approval from various state insurance departments.

Our actuaries have the experience to quantify the impact of these changes and develop the supporting exhibits required for each interested party.

 

Rate & Product Comparisons

Knowing where you stand relative to your competition is critical to your success.
Martin & Company is the only actuarial consulting firm with their own competitor rate filing database, which offers our actuarial consultants direct access to an enormous amount of industry data. Having this database available to our consultants saves our clients valuable time and money.

Key benefits include:
  • Ability to identify pricing inefficiencies and potential adverse selection
  • Quantification of competitor's premium levels
  • Opportunity to proactively evaluate underlying data
  • Improve retention and loss ratios

 

Workers' Compensation

We can assist with your LCM Analysis & Development, Small Deductible, Large Deductible and Retrospective Rating Plan filings.
We have proprietary models and templates built that can streamline your WC rate filings countrywide. This is a very regulated line of business and you want an Actuarial Consulting firm with our experience to build a workflow process starting with your 1/1 renewals.

Life, Accident, & Health


Product Development & Rate Support

We assist with the rate development, analysis of loss experience, valuations, and more.

Our actuaries collaborate with product leaders to recommend appropriate rate and plan modifications. We can provide plan design and pricing recommendations based on our proprietary database which includes over a million competitor filings in the marketplace. We are experienced in providing actuarial value certifications, reserve and IBNR valuations, and analysis of loss experience in support of industry regulations and requirements, including ACA.  We develop analytical models to support your business planning needs while meeting Country-wide, state and federal, and/or statutory requirements. 

Our product experience includes, but is not limited to:  Life, Accident, Health, Managed Care, Supplemental, & Disability.


Rate Filing Support

Our actuaries work closely with our compliance and state filings teams to identify and address unique rate support that may surface during a filing project.
Our actuarial staff coordinates with our state filings and compliance teams to prepare actuarial memoranda and any exhibits required for countrywide or individual filing submissions.
 
We have completed multiple successful filings across the 50 states, Washington DC, Puerto Rico through expert management of the innumerable department requests and inquiries.


Rate & Product Comparisons

Knowing where you stand relative to your competition is critical to your success.
Martin & Company is the only actuarial consulting firm with their own competitor rate filing database.  Our actuarial consultants have direct access to an enormous amount of data by leveraging this industry-leading database to meet your business needs.  This translates to cost and time savings which is passed on to our clients

Key benefits include:
  • Ability to identify pricing inefficiencies and potential adverse selection
  • Quantification of competitor's premium levels
  • Opportunity to proactively evaluate underlying data
  • Improve retention and loss ratios
 

Employee Benefits Consulting


Benefit Strategy & Program Design

Employee benefit plans that meet budgetary goals & employee’s expectations.

Our actuarial staff can provide a thorough review of your benefit design and assist with cost modeling to ensure the plan is accomplishing it’s goals.  We can help your company with changes needed to mitigate trends and ensure you have the most cost- effective design.  We serve all companies including private businesses, governmental group plans, associations, and union groups. 

 This includes services such as:

  • Vendor Selection & Management
  • Benefit Designs & Cost Modeling
  • ​Employee Contribution Analysis
 

Claims Cost Projections & Funding Analysis

We assist with projecting future claims costs to help your organization adequately prepare for the next year and help determine if an alternative funding arrangement is the best option.

Our experienced actuarial staff can provide a future claims cost projection as well as reserve and IBNR valuations, funding analysis, adverse selection/migration analysis, and stop loss analysis.


Regulatory Compliance Support

While regulatory compliance can be complex, our senior team has extensive knowledge and experience to help you through.

Our experienced actuarial staff works closely with our compliance team to ensure your plans are compliant with both state and federal regulations. 

Our services include:

  • Minimum Value Certifications
  • Employer Contribution Analysis to ensure your organization is meeting the employer shared responsibility provisions
  • Cadillac tax analysis and plan redesign recommendations if necessary
  • ​Mental Health Parity & Addiction Equity Act (MHPAEA) support
Customer Testimonials
“Honestly, I couldn't be happier with M&C's service.”— Rutherford, NJ