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A typical study performed by Select Actuarial
Services will require 21 to 35 days to complete from the time data is received. The
following details a listing of steps that will take place in a typical study:
- Confirmation of price, timing, etc. will be
provided.
- Data request will be sent detailing the items
needed to complete study possibly including the following items:
- Description of insurance programs, including
carriers, limits, policy types, policy terms, etc.
- Current evaluation of incurred losses and
expenses, paid losses and expenses, and claim counts by accident year.
- Historical evaluations of incurred losses and
expenses, paid losses and expenses, and claim counts by accident year.
- Exposures by accident year (i.e. payroll for
Workers' Compensation, number of vehicles for Automobile Liability, etc.)
- Individual listing of claims with incurred losses
and expenses greater than 50% of the per occurrence retention for the accident year.
- Rate to be used in discounting outstanding losses.
- Draft results will be provided.
- There will be consultation by telephone and
possibly a presentation in person.
- Final results will be provided.
- Follow-up on services will occur to ensure
satisfaction.
- Bill for study will be submitted.
For more information or a price quote, please contact any of the Select Actuarial Services Members.
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