The Property Casualty Insurers Association of America has unveiled a new product created by its statistical organization that can get customized and timely auto and homeowners rating information in an Excel format on a state, regional or countrywide basis.
Fast Track Plus makes monitoring emerging claim experience on a quarterly basis and one, two and three-year trends easier than ever, according to PCI. The information that insurers need to make competitive underwriting decisions — earned premium, earned exposure, incurred loss, paid loss, claim frequency, claim severity, pure premium, loss ratio, etc. – is also more easily available. Fast Track Plus can be purchased on a state-by-state or regional basis, allowing insurers to buy only what they need.
The product was created by Independent Statistical Service, Inc., a wholly-owned subsidiary of the Property Casualty Insurers Association of American and enhanced by Pinnacle Actuarial Resources, Inc. from Fast Track data filed with regulators by PCI, ISO and NISS.
Fast Track Plus maximizes Fast Track data with easy-to-read graphs that display trends and compare individual state experience to countrywide figures. In addition, the product includes exponential and straight line of best fit projections for the claim cost, claim frequency and pure premium data.
To make the findings even more useful, Fast Track Plus provides a quarterly analysis by Pinnacle Actuarial Resources, Inc. Pinnacle’s analysis provides an in-depth examination of emerging trends and the reasons underlying these changes. Fast Track Plus is offered on an Excel platform, allowing insurers to completely eliminate the costs of manual input and automated calculation of a variety of loss trends.
For more information about Fast Track Plus, contact Jeff Patris at 847-553-3758 or jeffrey.patris@pciaa.net, Mark Siwek at 847-553-3641or mark.siwek@pciaa.net or LeRoy Boison at 516-746-7149 or lboison@pinnacleactuaries.com.
The Independent Statistical Service Inc. is an authorized national statistical agent/advisory organization that serves more than 450 companies that write over $100 billion in annual premium. ISS subscribers represent a broad cross-section of the insurance industry and include small, mid-size, and large companies writing all property/casualty insurance lines. It is a wholly owned subsidiary of the Property Casualty Insurers Association of America (PCI).
Pinnacle Actuaries, Inc., with offices in Bloomington, Ill., Chicago, Columbus, New Jersey, New York and San Francisco, is an independent actuarial and management consulting firm, is recognized as a leader in automobile and homeowners pricing, underwriting and marketing.
Source: Property Casualty Insurers Association of America
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