Pull versus Push – Rate Reviews in Insurance
July 21, 2006 at 7:52 pm #44092
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Would like to throw something up for consideration and for any insights that may be available….We are embarking on a review of our Rate Review Process. (Rates are a key component in insurance product pricing.) There is a business need to reduce the elapsed time through process. Here is the issue….I think this may be a mixed application given some rate reviews have a “push” element (i.e., on a set schedule, mandated by regulatory authorities) while other reviews rely on “pull” (i.e., driven by the market, unplanned and needed to stay competitive). Has anyone encountered something like this? Is there any literature available on this or similar applications? ANY help would be appreciated in terms of optimizing our project or the end result. Thanks0
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