Overview
We live in a world where completing the mechanical steps of the insurance rate change process can be done with the “click of a button.”
But there’s a lot more to actuarial ratemaking than mechanical steps.
In this article (original published in the Q4 issue of Carrier Management magazine) Allstate actuaries Jamie Mills and Steve Armstrong describe the automation challenges of complying with Actuarial Standards of Practice and the processes of creating default assumptions for automated ratemaking and reviews of assumptions and initial outputs—before and after the click.
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