Rate Revision Simulator

Simplifying Actuarial Decisions with Ogon’s Rate Revision Simulator

Insurers typically conduct several rate revisions each year to stay competitive and responsive to market conditions. However, before applying these new rates, many insurers struggle to accurately predict and analyze their potential impact on policyholders. Flightplan, Ogon Consulting’s Rate Revision Simulator, is designed to address this need by offering insurers a clear view of the effects of rate adjustments prior to implementation. By simulating these changes, insurers can make data-driven, informed decisions about rate modifications, enhancing their actuarial processes and improving customer satisfaction.

Key Features

1
User Login Functionality

Provides secure, role-based access to ensure only authorized users can utilize the simulator, preserving data integrity and security.

2
Product-Specific Rate Loading

Automatically loads the applicable rates for the selected insurance product, streamlining the setup process and ensuring accuracy.

3
Rate and Logic Modification

Offers the flexibility to adjust rates or modify the rating logic within pre-configured rating spreadsheets. This feature allows actuaries to model various scenarios quickly without complex reconfigurations.

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Empower Your Rate Decisions with Flightplan

Flightplan equips actuaries with the tools to model, analyze, and report on rate changes confidently. By simulating and reviewing rate impacts, actuaries gain a detailed understanding that supports strategic rate decisions and aligns adjustments with business goals.

  1. Run Scenario Simulations
    • Adjust Rate Change Inputs: Access a dynamic input panel to modify rate factors across different policy segments, coverages, or regions, allowing for detailed and segmented rate testing.
    • Observe Real-Time Simulation Results: Receive immediate feedback on projected impacts at both policy and book levels as you adjust rate variables. Experiment with both percentage-based and flat-rate changes to model diverse scenarios.
    • Compare Scenarios Side-by-Side: Quickly assess potential impacts by viewing current versus proposed rates across multiple scenarios, enabling data-backed decision-making.
  2. Conduct Policy-Level Impact Analysis
    • Examine Policy Breakdown Details: Access a detailed table listing individual policies, including policyholder characteristics, current premium, projected new premium, and percentage change to see how each policy is impacted.
    • Sort and Filter Policies for Specific Attributes: Organize policies by impact size, type, risk factors, and other attributes, with search functionality to locate specific policies rapidly.
    • Drill Down into Policy Calculations: Dive deeper into individual policies with detailed calculations and factors affecting each policy, enhancing transparency and providing a clear view of how changes affect specific cases.
  3. Review Book-Level Aggregations
    • View Aggregated Impact Metrics: Access cumulative metrics for the entire book, such as total premium increase, weighted average rate change, and the effect on book retention.
    • Analyze Distribution Trends: Use distribution charts (histograms, pie charts) to visualize the spread of rate changes across the book, helping to identify any segments with disproportionate impacts from rate adjustments.
  4. Export and Report Data
    • Build Custom Reports: Create tailored reports by selecting specific metrics, segments, and visuals to suit your analytical and presentation needs.
    • Export Data in Multiple Formats: Export data and reports in various formats (Excel, PDF) for easy sharing and further analysis.
    • Integrate with Policy Systems: Pull in updated book and policy data or link directly with policy admin systems to keep Flightplan synced with current information.