Background:

The product development and compliance (PDC) group helps clients with four imperative services in the insurance product lifecycle: Product Development, Product Management, State Filings, and Regulatory Compliance. Insurance is a highly regulated industry. Each state has unique requirements around ratemaking, policies and underwriting allowances. The PDC group is instrumental in gaining the necessary approval of insurance regulators so our clients can sell their products. We carefully compile rate and rule manuals, aid in creating proprietary forms, and facilitate the filing process which allows clients to grow their current book profitably or expand into new territories.

How We Helped:

Our team was engaged by a large mutual insurance company to provide actuarial assistance with forecasting and rate reviews related to their legacy homeowners program in a particular state. Davies provided rate indications to that client in 2019. Subsequently, the client requested additional engagements from Davies related to rate, rule, form, and compliance support in multiple states across several lines of business, As a result of the quality work we provided, the client requested us to provide more PDC and actuarial support.

Effective product development and regulatory solutions consist of providing our clients with services that ensure their products are in compliance within an insurance regulatory environment that is constantly evolving. The framework, developed by our experienced consultants, includes, but is not limited to, developing rates, drafting forms, submitting/monitoring filings, assisting with program implementation, completing rate adequacy analyses, and interpreting laws and regulations.  Our continual support is designed to ensure products are performing as expected with underwriting results that sustains our clients competitive market advantage, while also mitigating market conduct risk.

Results:

As consultants, our performance is constantly measured by our clients. Creating and maintaining long term relationships requires high level output and thorough communication; thus, our success is based on our continued role as a trusted advisor. Additionally, we are successful when our current clients expand our involvement in their operations and refer us to colleagues.