Metrics
An offer of a policy and price to a customer
What is a quote
You (the insured) hit a car on the freeway
What is first party collision
Homeowners, renters, personal auto
What are PI's lines of business
Accuracy
What is our current focus
The amount of money someone pays for an insurance policy
What is premium
When a policy is written and issued with an effective date
What is an Issue
Hail damages your windshield.
What is first person comprehesive
The written premiums for the business units
What are $15.9B for PI, $20.4B for BI, and $3.5B for select
Drive profitable growth vis analytics, communicating with key business partners, innovation and execution
What is the role of product management
What is segmentation
Written policy and/or associated premium that has been issued that was not issued the prior year
What is New business
Insured contractor's heavy equipment damages homeowner's garage
What is third party property damage
Competitive cost structure, customer solutions, convenient processes
What are BI's strategies (the three C's)
Assessing risk to either accept or decline
What is underwriting
(Losses + expenses)/earned premium
What is combined ratio
Used in BI and measured by issues/quotes
What is hit ratio
Insured driver hits a deer
Travelers BOP 2.0, TCAP and OMNI
What are the BI products
Provide financial reporting, analytics, planning, etc. Help us get information on performance to plan
What is finance
manages agency relationships to help drive quote activity and ultimately new business
What is the order of the flow metrics?
You used a copyrighted logo on a T-shirt
What is third person personal and advertising injury
Meet customers where they are
What is expansive engagement (PI's vision)
Focus on core analytical functions such as predictive modeling, pricing and rate making, risk analysis, and risk segmentation
What is actuarial
Situation where a party lacking relevant knowledge to make decisions suffer adverse effects due to asymmetric info within a market
What is adverse selection