FCAS, MAAA
Senior Consulting Actuary

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Gary C. Wang

Gary Wang is a Senior Consulting Actuary with Pinnacle Actuarial Resources, Inc. in the Bloomington, Illinois office. He holds a Bachelor of Science degree in mathematics from the University of Illinois and a Master of Science degree in mathematics education from Northern Illinois University. He also has extensive graduate level coursework in Theoretical and Applied Mathematics from Northern Illinois University. He has over seventeen years of actuarial experience in the property/casualty insurance industry.

Mr. Wang is a Fellow of the Casualty Actuarial Society (CAS) and a Member of the American Academy of Actuaries. He currently serves the CAS as a member of the Ratemaking and Product Management Planning Committee and the Examination Committee. Mr. Wang is a SAS® Certified Predictive Modeler Using SAS® Enterprise Miner™ 5.

Before joining Pinnacle, Mr. Wang was employed as a pricing actuary for three of the top ten insurance companies. His pricing experience includes standard homeowners rate indications, commercial auto rate indications, and reinsurance treaty pricing for both personal and commercial lines. In addition, he has experience in reserving analyses for commercial auto and market trend analyses for commercial auto and workers compensation.

At Pinnacle, Mr. Wang has worked extensively on the application of advanced statistical modeling techniques to the insurance process. His experience in predictive analytics applications include rating and underwriting plan design, homeowners by-peril analysis, auto vehicle characteristics analysis and scorecard development, and territory boundary development. Mr. Wang has made numerous presentations on topics relating to predictive modeling, ratemaking, and insurance credit-based scoring.

Publications and Media

September 28 2017 APEX Webinar
State of the UBI Market
Authored by Gary C. Wang and Michael K. Chen.

December 15, 2016 APEX Discussion Series
Autonomous Vehicles and Their Impact on the Insurance Space
Authored by Gary C. Wang and Michael K. Chen.

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Case Studies

Competitive Analysis - Commercial Lines

Competitive Analysis - Commercial Lines

Pinnacle was approached by a major national commercial lines insurer to provide comprehensive competitive analysis of the businessowners policy (BOP) and commercial automobile insurance market places. Pinnacle’s analysis began with a comprehensive review of the products filed by the leading twenty insurers of these products examining coverage features, rating elements, tiering and scoring elements, unique coverage features and several other key product development elements. Following this initial step, Pinnacle performed detailed territory and premium comparisons for several states using a dynamic premium comparison engine that allowed investigation at the class, coverage amount and territory level of detail. The company used a batch rating feature to develop indicated rate level estimates. Mapping features looking at ranking and pricing differences were also produced. All of this information was incorporated into a countrywide overhaul of the company’s products and pricing.

Product Management

Product Management

One of our long-standing regional carriers had entered into a new market and asked for Pinnacle’s assistance in bringing their product and processes up-to-date. With Pinnacle’s product, pricing and product management expertise, we were able to provide a wide range of services to our client. Not only did we develop a new rating plan, we also drafted a completely new rate manual and rate pages. Pinnacle also reviewed their Underwriting guidelines and worked with the client to draft new guidelines consistent with the new rating plan and client risk appetite. Pinnacle followed the review through to reviewing system specifications, forms and competitive position and preparing the rate filings. In addition, Pinnacle was able to provide suggestions on customer notifications, agent notifications and ways to track the progress of the new program.

Vehicle Rating

Vehicle Rating

Pinnacle was approached by a major national personal lines insurer to develop a vehicle rating program to replace the use of the ISO symbol product. Pinnacle, through the use of predictive modeling, assisted the carrier in designing a new vehicle rating program which made use of the vehicle’s actual physical characteristics for both the liability and physical damage coverages. The data used for the analysis was the company’s VIN data supplemented with industry VIN data and appended for vehicle characteristics from an external third party vendor. The resultant program completely eliminated the need for use of the ISO symbol and exhibited greater predictive power than the prior ISO based system.

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