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 125 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 to Life & Health and Property & Casualty insurance companies, including market analysis, initial product pricing, LCM & rate development, rate impact analysis, rate filing support, and more.
Ask the Experts
Q: We are looking for a rate increase this year 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.
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
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 worklow process starting with your 1/1 renewals.