Secured expansion of binder to include new territories
How Ada Secured Expansion of binder to include new territories...
"David?”, the CEO Rob asked, “we need support with our carrier to help us expand our footprint.”
"Of course. Your historical results are outstanding, so what’s the challenge?” I asked.
"The challenge is our policy changes need to reflect the local law. We need to figure out how to give comfort to our insurer, particularly the chief actuary who signs off the final contract.”
“Ok, I get it. Let's set up a call with the chief actuary, Kate”.
This conversation led to our first call with the chief actuary of the insurer.
“Kate, nice to meet you. Can you give me an idea of what your concerns are please with my client expanding into Spain for instance?”
Kate is an experienced commercial chief actuary with over 30 years post qualified experience. She has worked for their current employer for 15 years and been involved with the account for 10 years. Kate knows the product well and is keen to support, but she is also risk averse.
“Of course. We are concerned that the PMLs will be much larger than what we see in the existing book. How can we get comfort around the pricing and also the ongoing management?”