ACTUARIAL SERVICES
Wes Campbell, Apex's principal actuary, has been providing reserve analyses to insurance companies for more than 13 years. Wes has worked with companies that write a variety of lines of business including automobile, homeowners, workers' compensation, and various other commercial lines. We perform year-end and periodic reviews (semi-annually, quarterly or monthly) for our clients.
Communication is a common element in all steps of the review process. We desire open communication before, during, and after the review. This allows us to have the best and most current information available for our review while also keeping you fully informed of everything as we go through our process.
In conjunction with reserve reviews, Apex can also provide NAIC Statements of Actuarial Opinion (SAOs) that must accompany P&C annual statement filings. Wes Campbell has been assisting with SAOs for insurance companies for more than 13 years. Wes has also worked with several departments of insurance (DOIs), assisting them with actuarial reviews that are conducted in conjunction with financial examinations conducted by the DOI. This has given Wes the unique opportunity to see the entire SAO process from both the company's perspective as well as the DOI perspective.
As part of his DOI work, Wes has reviewed SAOs and actuarial reports prepared by numerous actuaries for various types of companies. He has found that actuaries do not always keep up to date with the most current NAIC requirements for those SAOs and reports. This results in examinations that take longer and cost more because the DOI must ask additional questions. With Wes's unique background, you can rest assured that our SAOs and actuarial reports will always reflect the most current NAIC requirements and will always be comprehensive and easy to understand.
Apex can assist you with many of your ratemaking needs. In recent years, actuaries or other reviewers within many Departments of Insurance (DOIs) have been more closely scrutinizing prior approval filings. They are looking for solid actuarial support for rate changes and asking more detailed actuarial questions. Actuaries can often "speak the language" better with DOIs. We know how to prepare exhibits that properly show all necessary actuarial support, and we can better interpret and answer questions from the DOI.
There are various types of ratemaking projects with which Apex has assisted its insurance clients. The most common ratemaking project is a traditional rate level change. For this, we provide indications of where the rates should be based solely on the data and actuarial methodologies. We can also analyze specific rating variables (e.g. age factors, territory factors, etc.) to see if changes should be made to those factors. For all types of ratemaking projects, we can also assist with generating documents required by the DOI as well as file it through SERFF for you.