Services

Pricing/Product Management

Pinnacle serves a wide variety of customers, including insurers, regulators, agents and industry associations, with industry-leading expertise for pricing and product management.

We support the insurance industry with sound actuarial advice using the most advanced techniques available anywhere. As pioneers in underwriting and pricing techniques, we apply new methods to analyze loss variables with a much higher degree of accuracy.

As well, we can provide the information and data files necessary to do everything from set up and manage your insurance operation to rate filings.

Whether you’re introducing a new program, modifying an existing program, or dealing with a regulatory matter, our experience in all aspects of property/casualty insurance pricing and product management can drive better decisions and help you achieve your goals. Our customers include insurance companies, state insurance departments, government insurers, industry associations and more.

Pinnacle’s experience in pricing and product management includes sectors such as:

  • Agriculture
  • Commercial automobile
  • Commercial multiple peril/BOP
  • Contractors
  • Homeowners
  • Medical malpractice
  • Non-standard automobile
  • Private passenger automobile
  • Professional liability
  • Reinsurance
  • Small business owners
  • Specialty lines
  • Transportation
  • Umbrella
  • Workers compensation

Publications and Media

August 2020 APEX Webinar
Flood Insurance – Past, Present and Future
Authored by Linda K. Brobeck.

April 2020 APEX
Cyber Insurance: What’s in Store for Captives
Authored by Nicholas Gurgone and Aaron N. Hillebrandt.

See More »

Case Studies

Rate Filing Review
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Rate Filing Review

Pinnacle typically provides state regulators expert review of company and bureau rate change filings. In a recent review of a Company’s automobile rate filing Pinnacle was able to confirm that the filed rates met the State’s rating laws and Department’s filing requirements. Using a procedure developed by Pinnacle specifically to review rate filings, the Company filing was reviewed against generally accepted actuarial principles. The Company was questioned on certain rating procedures and was able to support their procedures and selections with additional documentation to the filing. Pinnacle was then able to affirm to the Regulator that the filed rates were not excessive, inadequate, nor unfairly discriminatory and that the new rates would not produce any major policyholder dislocations. The Regulator was then able to acknowledge the Company’s filing with confidence that the Regulator had carried out his charge of providing service and protection both to consumers and to the insurance industry.

Rate Indications / Filings
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Rate Indications / Filings

A regional carrier came to Pinnacle wanting to implement an insurance score program along with rate indications for home, auto and farm. Pinnacle developed rate indications for each line, and developed an underwriting scorecard rating approach using insurance score as a critical component. The combination of implementing appropriate rates and the new rating plan enabled this company to turn their business around, become profitable and rebuild their surplus position.

Underwriting & Tiering Analysis
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Underwriting & Tiering Analysis

A single state auto insurance writer hired Pinnacle to address its current rating and tiering program. We removed unnecessary underwriting restrictions and more adequately priced risk classes, which allowed the insurer to experience significant, profitable growth.

When we began, the company’s existing tiering design was only based on a few factors, including ones that significantly overlapped with the rating plan. When combined with the underwriting rules, the design was punitive and limited writable business. Through predictive modeling, we helped design a new tiering structure and applied an underwriting scoring approach to eliminate rating plan overlap and remove the overly punitive parts of the plan.
 

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