Insurance Product Management and Financial Reporting
Insurance product management includes claims experience analysis, premium rate increases, and financial reporting. A sample of our experience is provided below.
Claims Experience Analysis
- Actual to expected analysis comparing original product pricing assumptions to claims experience. This was completed for one client's group products and another client's critical illness benefits.
- Analyzed dental experience and trends. Provided dental reserving and claim projections for corporate planning.
- Analyzed health claims experience and projected alternative product designs to improve the sustainability of the product.
Premium Rate Increases
- Recommended premium rate increases for Medicare Supplement insurance, prepared memorandums for the rate increases, and responded to questions from states' department of insurance.
- Proficient with GGY Axis and PolySystems Actuarial Software
- Updated reserving methodology for specified disease, long term care, Medicare Supplement, and Life insurance products. The valuation software was Polysystems HealthMaster and LifeMaster.
- Updated reserving methodology for cash value and return of premium riders.
- Improved actuarial understanding and communication of reserve fluctuations by designng reports for unprocessed claims, premiums, and policy changes.
- Designed and completed valuation audits for claim and active life reserves
- Worked with client's IT department to satisfy reinsurance audit requests
- Projected non-forfeiture option elections and reserve impacts.
- Developed database tools for 2 clients to automate monthly reinsurance reporting and track trends.