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Evaluation

Line of Business

Level 1: No prior knowledge of the subject (0-3 Years)

C:PC:L2

C:FE:L1

C:RM:L2

C:AS:L1

S:CT:L2

S:BA:L1

T:AN:L3

T:CR:L3

CS-2 - Adapting for Unusual Scenarios in Auto Indications: COVID & Inflation

Wednesday, November 8, 2023
9:30 AM – 10:30 AM PST
Location: California Ballroom (2nd Floor)
Livestreamed
Estimating Personal Auto rate indications has been particularly challenging during the past three years due to several factors. First, the COVID-19 pandemic caused major disruptions to driving habits and claim frequencies, wreaking havoc on frequency trends. Second, inflation — both in the general economy and specific to the auto market and repair industry — caused claim severities to rapidly increase, distorting the severity trends. This session will explain how our we modified our indication methodology to adapt to the unusual trend environment to help us predict future rate need.

Learning Objectives:

  • Understand various methods for responding to unusual frequency or severity trend shifts.
  • Learn about pitfalls using traditional trend selection methods during unusual environments and advantages using alternate methods.
  • Assess strategies for predicting future loss costs when traditional indication methods fail.