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Consulting
 
         Pricing and Rate Making

Overview

Creating rates may seem complicated, but there are really only four mathematical skills required: add, subtract, multiply, and divide. That may sound hard to believe, but it’s true. “Pricing and Rate Making” will teach you to use these basic skills to help understand your company’s prices. It’s easy and can be done by almost anyone.

The real skill in Pricing isn’t in the numbers at all. It’s in the concepts and ideas. This seminar will cover them in a straightforward, easy way. This two-day program is designed to teach you the hows, whys, and whats of pricing and rate making. And, best of all, this program uses a “plain language” approach so you can avoid the confusing – and sometimes contradictory – terms that often accompany pricing analysis.

Moreover, this course doesn't cover just theory; it covers a full range of bottom-line, applicable skills. When you leave this course, you'll have a practical understanding of all the essentials behind pricing and rate-making. You'll learn, step-by-step, how to analyze your book of business and make profitable, growth-ready pricing decisions. You'll also leave with a detailed workbook including both class and additional exercises that clearly demonstrates the approach. You will be ready to test your knowledge and put the skills to work the day you return to your office.

After attending this two-day program, professionals in product design, underwriting, marketing, actuarial, or general management should be able to correctly set prices for their products in a way designed to make an underwriting profit. In fact, it's so easy, even a Caveman….you get the point.

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Dates and Locations

This seminar is offered multiple times per year at locations convenient for customers across the United States and Canada. Our current schedule is as follows:

Plantation

February 5-6, 2018
Monday-Tuesday
Renaissance Fort Lauderdale-Plantation
1230 South Pine Island Road
Plantation, Florida 33324
$179/night
 Register Now! 
 
Cambridge

August 6-7, 2018
Monday-Tuesday
Residence Inn Cambridge
120 Broadway
Cambridge, Massachusetts 02142
$318/night
Register Now!

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Pricing and Registration

The fee for this seminar is $1175 per attendee. Registration is handled online through this site.

Discounts are offered for:
  1. Reservations made 45 days or more in advance ($50 discount, per person).
  2. Registrations with one or more colleagues on the same registration. Each extra person (after the first person) receives a $50 discount.
  3. For groups of four or more, please contact TEACH for special pricing.
  4. Any attendee who takes both Pricing and Product Management in the same week will receive a $350 discount off the entire registration.
If you are registering 4 or more people for the same week of seminars, please register all of your attendees. Then, select "Pay Later" at check out. We will process your invoice internally to ensure you receive all of the appropriate discounts. We will provide a separate option to pay either online or through company check after we process your reservation.

Seminars booked 7 or fewer days before an event may be surcharged up to $100 if additional seminar materials must be sent to the event.

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Seminar Agenda
  1. The Basics of Rate Making
    1. Risk Selection and Market Segmentation
    2. Insurance Company Profitability
    3. Managing Expenses and the PLR
    4. Rates and Relativities
    5. Rate Comparison Techniques
  2. Rate Making Elements - The Building Blocks
    1. Reporting Years
    2. Loss, Case, IBNR and Other Reserves
    3. Product Tails
    4. Loss Development
    5. Trending Losses and Premiums
    6. Credibility Analysis
    7. Earned Premium at Current Rate Level
  3. The Rate Revision
    1. The Concepts Behind Rate Making and Risk Splitting
    2. The Rate Indication Process
    3. Implementing the Appropriate Changes
    4. Evaluating the Actual Change - The Off-Balance Process
    5. Why It Never Works Out Exactly
  4. Exercises (Take Home)
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Seminar Schedule

Day 1:
Morning session: 8:00AM - Noon
Lunch break: 12:00 - 1:00PM
Afternoon session: 1:00 PM - 6:00PM
Morning and afternoon breaks: 5 minutes per hour and one 15 minute break per session

Day 2:
Morning session: 8:00AM - Noon
Lunch break: 12:00 - 1:00PM
Afternoon session: 1:00 PM - 5:00PM
Morning and afternoon breaks: 5 minutes per hour and one 15 minute break per session

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What Attendees Will Learn
  1. How to make a profit in every segment of your business
  2. How rate relativities make pricing easier and rate comparisons simpler
  3. How to avoid adverse selection through better understanding of market segmentation and risk selection
  4. What affects your expense ratio, reserves, tails, loss development, trends, and credibility have on your ability to properly price your products
  5. How to easily handle your own rate revisions, even without the help of an actuary
  6. How to incorporate the latest statistical techniques…and the pitfalls to avoid
  7. How to leverage innovations such as multi-variate analysis, price optimization, and elasticity modeling
  8. The importance of cooperation, communication, and knowledge sharing are to driving a profitable, growing business
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Who Should Attend
  • Product managers, underwriting managers, marketing managers
  • Actuarial trainees, analysts and support staff; product, pricing and rate analysts
  • Sales and Claims leaders who wonder what goes into a rate change
  • Anyone interested in the pricing and rate making aspects of their products
  • Anyone interested in improving their company’s profitability and growth
  • Anyone who works with actuaries (wants to better understand what they do and why)
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Upcoming events


Pricing and
Rate Making
 
A two-day seminar in which you will learn the skills required to set your own prices without an actuary.
 
February 5-6, 2018
August 6-7, 2018


Learn More | Request Info
Product
Management
 
A two-day seminar teaching the key techniques that drive growth and profitability for your company.
 
February 7-8, 2018
August 8-9, 2018


Learn More | Request Info
Making Sense of
Telematics
 
A half-day event focusing on the impact that telematics will have on your pricing, your product design, and your company.
 
Available via Webinar

Learn More | Request Info
Claims for
Non-Claims Managers
 
A one-day event showcasing how better claims management can push massive improvements in your company's results.
 
Available at Your Location

Learn More | Request Info





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