RISK BASED UNDERWRITING (Non-Life)

Background:
Insurance Business can succeed by proper access to and use of authentic detailed underwriting and claims data. This is a prerequisite to successful move to freedom in market. Indian market should compile / share sufficient and detailed data required for actuarial analysis and pricing. Rating based on limited data could mean a repeat of the 1994 marine experience. The communication and negotiation skills for service and efficiency will have a prominent role in new environment. Underwriting, an individual company’s prerogative; can be used as a tool for marketing and profitability of operations.

Objectives:
This programme aims to enable the participants to:

• Acquaint with underwriting knowledge in specific lines – Fire, Marine, Engineering, Motor (auto), Miscellaneous Liability, Health.

• Understand relevance of actuarial practices for sound and prudent underwriting

• Impact of changing scenario in on Reinsurance build up

• Acquire an integrated view of underwriting and related insurance operations

Contents :
• Actuarial Application in Non-Life Insurance

• Pricing of Products and new riders

• Identification of data needs, collection of data; Analysis & Valuation

• Risk Inspection as a tool for greater understanding of risk

• Evaluating risk: Hazard & Hazop Analysis

• Evaluation of Proposals, Reporting of risk to the company

• Training Underwriter: Classes of Risks for internal lines

• Identification of rating factors for every subclass

• Rating of risk and determining the terms and conditions of cover – quoting rates

• Internal audit of underwriting policy & philosophy

• Reinsurance as a tool for better underwriting

IT Requirements in prudent underwriting

• Methods for Data Compilation – Centralised data warehouse, data extraction & analysis