Actuarial IQ (Information Quality) Casualty Loss Reserve Seminar 2008.

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Presentation transcript:

Actuarial IQ (Information Quality) Casualty Loss Reserve Seminar 2008

Raising Your Actuarial IQ Moderator: Virginia Prevosto, Vice President ISO Panelists: Louise Francis, Consulting Principal and Founder, Francis Analytics and Actuarial Data Mining Inc. Aleksey Popelyukhin, Vice President, Information Systems

Raising Your Actuarial IQ 1. Problem: unbearable COST of Data Quality. (real life horror stories) by Alex Popelyukhin, 2. Investigation: why ACTUARIES? (the case for Data Quality) by Alex Popelyukhin, 3. Research: Actuarial IQ paper (Working Party product) by Louise Fransis, 4. Solution: What can YOU do today? (showcase of available Information Quality techniques) by Alex Popelyukhin,

Real-life example 1 data transfer Situation: $150,000, loss gets reported by TPA Insurer’s system accepts only 8 digits numbers for Incurred amounts 150M is recorded as 50M Result: Severe under-reserving Company in run-off is now

Real-life example 2 duplicates Situation: TPA pays losses, client receives Recoveries Incorrectly performed join Every claim with multiple recoveries was accounted for several times Result: Severe overpayment by Insurer Company is in run-off now

Real-life example 3 absent fields Situation: A construction damaged foundations of quite a few houses Multiple GL claims constituted the same occurrence – subject to a limit TPA bordereaux didn’t have “Location” field Result: Severe overpayment by Insurer Company is in run-off now

Real-life example 4 “statistical” payments Situation: Claim files moved to new TPA New TPA tracks only new payments on open claims (and adds to a total of closed before) Old payments on reopened claims are double- counted Result: Severe overpayment by Insurer Company is in run-off now

Real-life example 5 classification Situation: Treaty has a deductible on Med-only claims TPA doesn’t support Med-only indicator TPA lumps Med and Ind payments into single NetLoss field Result: Severe overpayment by Insurer Company is in run-off now

Real-life example 6 perfect data Situation: TPA data do not contain any errors Except… …their accounting department continues to bill a Carrier for a non-renewed account Result: Severe overpayment by Insurer Company is in run-off now

Within Loss Run Across Multiple Loss Runs for Multiple Policies Avalanche of ERRORS