Lockton offers a range of products and services to meet business insurance needs around the world.
Actuarial and Analytics
What we do
Lockton Asia’s Actuarial & Analytics team works with a plan sponsor’s health plan to assist with rate setting and reserving, plan design and contribution modeling, network discount and access analysis, evaluation of stop loss levels and terms, and the projection of liabilities for retiree medical plans. For a plan sponsor’s pension plan, Lockton’s actuaries and analysts can assist with mergers and acquisitions due diligence, review plan assumptions, and provide assistance with plan design studies and employee communications.
Lockton’s approach to analytics is a key differentiator
Analytics are viewed as an ongoing, collaborative process to support our client’s businesses, not a static report. We challenge our clients to find answers to questions like:
Do I have the right retentions?
Do I have enough limits?
What is driving the change in my projected loss rate?
Do I have an exit strategy?
How is my risk changing as I acquire, divest and grow?
Are my losses tracking as expected?
How will my Total Cost of Risk change if I change my program structure?
How will my cash flow change if I change program structure?
How will multi-year structures change my Total Cost of Risk?
Is my claims management plan effectively reducing the cost of claims?
How can I implement preventative and cost mitigation plans?
Our Products and Services
Effective analytics services are based on supplementing quantitative data (collect, clean data and transform data) with qualitative understanding of your businesses (gain knowledge, apply wisdom, and achieve better results) as in the diagram to the right.
This process is universal to most classes of insurance where high volume claims or high values can be generated from the following risks:
Property and catastrophic events like major property exposure to weather, flood, fire, wind etc.
Workers’ compensation - all states, government and privately underwritten
Motor vehicle fleet
Presenting our client’s risk profile to insurers through a more informed lens will educate the underwriter to understand the risk and provide new opportunities to enhance cover, reduce price and reduce claim costs.