A.M. Best and NAIC Schedule P data are now available as an ICRFS-Plus™ database.
- A wealth of information that cannot be obtained in any other way.
The A.M. Best and NAIC Schedule P data supplied by the respective organizations on a CD can now be converted into an ICRFS-Plus™ database using a VBA script running within Microsoft Excel that accesses the ICRFS automation COM interfaces. Click here to learn about COM benefits.
A demonstration video illustrating the information that can be gained from the A.M. Best Schedule P data is now available here.
If you have already purchased either Schedule P data on CD, all you have to do is open a spreadsheet we supply and choose a few options(*). The database is then created for you, with each triangle group classified by variables such as Line of Business, Company Name and Country that allow you to find the data you need almost instantly. The data is also aggregated for each line of business so that you can analyze industry trends and credibility-adjust your own company's trend estimates if necessary. (You do not adjust process variability, which is unique to your portfolio).
(*)Note that the flat A.M. Best Access file is required not the series of Excel spreadsheets. Contact A.M. Best - custom products department.
A.M. Best data provide the following advantages over other data sources (eg: NAIC Schedule P).
- A.M. Best conducts more stringent cross-checking to the data as filed by insurance companies.
- Totals are provided across different types of business such as: Agency, Direct, LLoyds, Mutual, and others. Note that additional aggregation totals can be constructed using COM Automation.
- Consolidated results are calculated so that information filed by a multi-unit organization is correctly split across the units. This ensures that aggregated totals are correct and accurately reflect the real world data.
- Information is stated in current terms and thus results can be more accurately projected. Using this "As Is" data can provide more insight into a group's performance.
- Further attributes are added to classify companies into meaningful attributes thus enabling company comparisons between companies to be conducted reliably.
- Companies are given a unique A.M. Best number and can be tracked through time.
ICRFS-Plus™ allows you to navigate through the database easily and quickly.
Each triangle group is classified by company, line of business and company group, so you can find what you want in an instant. Some of the things that you will be able to find out are:
- Industry trends Aggregate selected data to get a picture of the trends in the chosen segment of the industry. Compare that with the trends in your own data. Decide if you want to credibility adjust your data with the industry trends.
- Volatility in other companies. Find out how much higher (or lower) the volatility is in your competitors' data compared to yours. What risks are they taking with the premiums they are charging?
- Each company has its own inherent volatility and each company is different to the industry. You can quickly compare the volatility and trends for your company with the industry using the warp speed modeling Wizard. If need be, you can formally credibility adjust any uncertain trend parameters for your company with those in the industry. The amount of process variability is unique to your company and so you must estimate it from your own data.
Click here for an example involving Worker's Compensation.