Don’t Be JAMT.
You’ve decided to grow your book of business. Good for you. So has every other company in this hypercompetitive insurance market.
You want your company’s product to stand out, to get the agents’ attention. But does your actuarial firm set rates based on spreadsheet averages? If so, you might become JAMT.
“Just Another Me-Too.” Because if your firm prices your book without hyperlocal knowledge of your specific marketplace, then the only thing that will get attention is your high loss ratio.
I Can Do It.
In Fact, I’ve Done It Before.
I understand how difficult it is to balance profit and growth because I’ve done it. I’ve done startups. I’ve done new product introductions. I’ve done turnarounds. I’ve done product revitalization.
I began my insurance career as an actuarial analyst in 1992 when my on-the-job training consisted of my new boss, the CFO, handing me a milk crate of Virginia agent manuals and saying, “Here, Christy. Analyze these.” I must have marked them up pretty darn well, because within 18 months, she made me a vice president.
Since then, I passed the first set of actuarial exams before switching over to product management, designed and led development of two data warehouses, served as an executive at Nationwide Insurance, and even owned an agency for two and a half years. (It turns out those agents have a hard job.)
I began my career in nonstandard auto, have developed by-peril rating plans for homeowners, and have worked on multi-variate analysis for standard auto. I’ve even done a little BOP. (As an agent, I had an article on the first page of Google for “home jewelry business insurance.” I also hit the first page of Google for “Does my homeowners policy cover toilet overflow?”, though that wasn’t exactly my target market.)
So, yeah. I’ve done it.
Fortune 100 Growth Mode
You Have Enough To Worry About
Don’t make these mistakes when you hire pricing and product management expertise:
- Don’t get lost in an enormous actuarial firm. As an independent consultant, I give you personal, one-on-one attention and a long-term relationship. You won’t have to explain your business to a new analyst with every new project.
- Don’t inflate your expense ratio. Because I work independently, I don’t have a large infrastructure to support, which means I can pass the savings on to you. In turn, you can pass those savings on to your customers, because we both know that you won’t grow your business with an inflated expense ratio.
- Don’t be JAMT. Copying the average makes you just another clone. If you want to grow, you need help finding specific niches that fit your company’s strengths and setting rates to match the chosen strategy. Good luck finding this in a large actuarial firm. You’ll get this type of expertise only from someone with intimate local knowledge of the specific state and product.
What I Do
To help you price your product, I offer:
- Pricing strategy research and consulting, with personal experience in auto and homeowners (credit-scored and non-credit-scored) in Texas, California, the South, and the Midwest;
- Competitive analysis;
- Elasticity and fuzzy logic models (if closing ratio data are available);
- Spreadsheet or database tools for pricing;
- Data warehouse design and implementation; and
- Education and training on pricing and product management,
all backed up by a network of associates I can call on if we need additional help.
And, without their overhead, I do this at a more competitive rate than a large actuarial firm.
I’d Love To Help
You need specific knowledge of auto and homeowners product and pricing in your states.
Call me. I’d love to help.