Actuarial Services
Where actuarial rigor meets strategic business management
MCA’s Actuarial Services complement our Product Management Solutions to help companies win in this volatile market. MCA provides the business leadership to recommend holistic strategies to improve results, grounded in forward-thinking actuarial concepts. By combining actuarial rigor with a solution-based approach, we strive to balance profitability and growth, positioning your company for success in a dynamic marketplace.
We provide traditional actuarial solutions such as rate indications, filing support, reserve reviews, and modeling of loss drivers, but we treat those as a starting point.
“Through our partnership with MCA, we have taken our actuarial processes to the next level in a seamless manner, managing our pricing analytics, rate decisions and filings in a much more efficient and effective way. I truly can’t say enough about our experience working with the MCA team, their actuarial expertise, level of experience and the guidance for our product team has been tremendous. We’re looking forward to what we accomplish together in the years ahead.”
Jim Reagan
Vice President Product & Regulatory Compliance | Farmers of Salem
The MCA Difference
We start by listening
We seek to understand how your business and marketplace is unique. This helps us improve the accuracy of our actuarial projections.
We analyze drivers and trends
We dig deeper to identify underlying drivers and trends. When we uncover a trend in large loss activity or reserving patterns, we help you understand why these patterns are emerging.
We deliver holistic, practical solutions
We recommend solutions that are broader than the overall rate change or reserve adjustment. Depending on the true drivers, a more robust solution including product, underwriting, billing, or other strategic changes can set your business up for sustainable profitable growth.
We help your team implement, monitor, and adjust
We partner with you through implementation and monitoring of the change. We will formulate expectations of the change and work to ensure the impacts are materializing, recommending additional adjustments as necessary.
Dynamic Actuarial Rate Support
The insurance world has changed dramatically, and companies that wait for those changes to materialize in their experience period are falling behind. Traditional actuarial methodologies work well in a stable marketplace, but this market is dynamic. MCA’s actuarial approach adapts to extreme trends, outpaced growth, and shifting business mix to diagnose the true rate need underlying your book.
We start with an assessment of your products and local marketplace and then look to identify underlying trends in your data. We bring these findings together with actuarial calculations to determine the rate need on your book. By adding transparency to the actuarial process, we formulate recommendations around rate and non-rate solutions, providing your business with the options to deliver long term success. Instead of a one-dimensional solution, MCA rate support services can help you achieve the rate adequacy needed while also improving your mix of business.
Business Actuarial Services
Leverage the power underlying your financial data to implement more robust solutions. Our data-driven approach coupled with practical business expertise will give you the tools and insights to elevate your company’s performance. The team at MCA can provide Loss Ratio Forecasting, Individual Risk Premium Modification Guidance, Claims Practice Insights, and Underwriting Rule Adjustments. We will work side-by-side with your leadership team to formulate strategies, bring changes to market, and develop tools to monitor the impacts.
Take Loss Ratio Forecasting, for example. MCA will drill into your loss results to assess the drivers of trends and understand the business and market impacts. We will project loss ratios forward so you can understand the trajectory of your business results, walk you through key assumptions, and discuss a range of outcomes. The strategies we develop will help improve your business performance, either through rate changes or other adjustments such as underwriting rules, comparative rater filters, or billing requirements. MCA will closely partner with you to implement and monitor the outcomes of those changes.