In this assignment you will assume the role of a senior analyst hired by a fictitious company, Premium Acceptance, a midsized property insurance carrier. Premium Acceptance is performing well with respect to several key performance indicators, including policies in force, policy retention, and new business counts.
However, the company’s bottom line has been hindered due to poor loss ratios. A loss ratio is simply the difference between the ratios of claims paid by an insurance carrier and the ratio of premiums paid. The board of directors depends on the ability to forecast loss ratios, which in turn enables them to forecast profitability metrics to the shareholders. The organization will now consider implementing the use of statistics for measuring risks.
For this assignment, you will write a minimum three-page paper (not including APA title or references pages). In this paper, please address the following:
- Provide a general overview of statistics and how they support the risk assessment process.
- Discuss at least two statistical tools that can be employed to measure risk.
- Convey which tool best serves the company’s purposes and explain why it is.
- What are the ramifications of the organization electing not to use statistics in this process?
prepare a presentation in which your team presents 1) overview 2) summary of findings 3) drill down on the high risks- discuss why you felt they presented a greater risk to the agency 4) Recommendations for all of your significant findings (don’t worry about the low ones).5) Research a technical solution (a product), that can help the agency “get healthy”. Describe (in your own words, not the vendor’s words) how the tool can help solve the risk it is intended to address..
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