Shopping Vehicles Vs. Insurance

[Snobdds]

We had a couple actuaries that went off the deep end. They are no longer here.

I don't know how it works at Grange, but Actuaries role is to submit rate levels based upon their analysis to a committee of Marketing, Underwriting, Finance etc. The committee then puts in their input if their recommendations will work. Usually Marketing will want lower rates to be competitive in the market. Finance will give their take if the proposed rates will cover all expenses. Underwriting will show any unusual adverse selection that may be new. The final decision will be at the executive level.

I have never seen a company just fly blind with the recommendation of one area of expertise. That sounds like a recipe for disaster and it's a breakdown of effective leadership company wide.

 

[ddbackhoe]

Obviously this is a basic way of analyzing this and it gets a lot more complex than this, but this is a good way explaining it with out all of the industry speak.

Thanks for the tips. It has to be a lot more complex.. was told yesterday my carrier put an across the board $500 annual increase to offset claims losses, hence my increase. My new carrier wrote a slightly better policy for 2850/year, So what is the industry speak, whatever the market will bear? :confused2:

 

[two_bit_score]

Thanks for the tips. It has to be a lot more complex.. was told yesterday my carrier put an across the board $500 annual increase to offset claims losses, hence my increase. My new carrier wrote a slightly better policy for 2850/year, So what is the industry speak, whatever the market will bear? :confused2:

Literally, Yes!


They measure everything by the size of the $$$ involved for them. What has always mazed me is that people who get pennies on the $ to what the should be paid on their claims act grateful to the bottom feeders for the crumbs they get in exchange for their exorbitant premiums.




TBS

 

[npalen]

I bought a '65 Vette in '66 at age 20 with fuel injected 375 HP 327. The full coverage was $45/6 mos. Found out later that the lady at the insurance office recorded it as a Corvair instead of Corvette. No accidents luckily.

 

[jwstewar]

I don't know how it works at Grange, but Actuaries role is to submit rate levels based upon their analysis to a committee of Marketing, Underwriting, Finance etc. The committee then puts in their input if their recommendations will work. Usually Marketing will want lower rates to be competitive in the market. Finance will give their take if the proposed rates will cover all expenses. Underwriting will show any unusual adverse selection that may be new. The final decision will be at the executive level.

I have never seen a company just fly blind with the recommendation of one area of expertise. That sounds like a recipe for disaster and it's a breakdown of effective leadership company wide.

It is consensus, but that is where they put the blame, they used some wonky numbers.

 

[fried1765]

That痴 the least of your problems. At least you can drive without that working. I think vehicles got 田omplicated before most people realize. My 92 truck is one of the last offered by GM with a mechanical injection pump. And guess what, every factory option except the AC still works 30 years later. And the AC would probably work if I could still buy affordable R12. I致e got a 95 GM truck that痴 computer controlled everything. Even the gas pedal only controlled wires. I used to have a 99 Silverado that was all electric everything. Most of which didn稚 work. I still think the 2000 body style GM trucks are the best full size truck ever built.

Too bad we are so far apart.
I have a 30lb. bottle of R12 with 26 lbs still in it.
No longer have any use for it.