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Actuarial Services

Rich Yocius, FCAS, MAAA, CPCU vice president of actuarial services and chief actuary

“After serving in actuarial and product management roles for national and regional carriers, I was attracted to AAIS because of its commitment to build upon its strong actuarial and analytical capabilities.

“At AAIS, I am honored to work with a team of professionals who understand the needs of our member companies in a rapidly evolving market.

“Our team is seeing ever more refinement in rating plans as companies of all sizes implement increased risk segmentation and predictive analytics.

“We’re seeing that refined rating is no longer a competitive luxury for a few cutting-edge insurers. Comparative raters and online quoting have made it imperative for all insurers to embrace refined rating or face adverse selection.

“To that end, we are applying our extensive expertise in actuarial science, catastrophe models, and predictive analytics to develop rating information our affiliates can use to meet the changing insurance needs of their clients.

“A prime example of this is the AAIS Homeowners By-Peril Rating Plan, which incorporates insurance data, catastrophe modeling results, and information from external sources to provide users with the ability to price homeowners risks with great precision.”

Rich earned an undergraduate degree in mathematics and economics from Northern Illinois University, and holds an MBA with an emphasis in marketing from the University of Illinois at Chicago.

Prior to joining AAIS, Rich worked in actuarial and product management roles for Nationwide Mutual Insurance Company in Columbus, Ohio; Allstate Insurance Company in Northbrook, Ill.; and at the Chicago office of Tower Group Companies. He is a Fellow of the Casualty Actuarial Society, a Member of the American Academy of Actuaries, and a Chartered Property Casualty Underwriter.

AAIS programs are backed up by a team of actuarial specialists with the data, expertise, and tools needed to deliver credible, refined rating information for more than 34 programs in more than 50 jurisdictions.

Drawing on AAIS's extensive database of countrywide premium and loss data, this team develops all the essential components of rating plans:

  • Rate indications;
  • Loss costs;
  • Territorial definitions and relativities; and
  • Rating relativities across a variety of other policy characteristics..

Beyond that, this team has been at the forefront in developing new, more refined approaches to rating, most notably the Homeowners By-Peril Rating Plan, sales-based liability rating in agriculture, and a simplified, stand-alone plan for rating earthquake coverage.

The AAIS actuarial team works with leading-edge statistical and predictive models to execute rigorous and systematic analysis of insurance data collected by AAIS and other risk-related data acquired from public and private sources.

The team also utilizes modeled catastrophe results derived from leading catastrophe modelers.

Serving Companies

For all its sophisticated capabilities, the AAIS actuarial team prides itself on the practical approaches it takes on behalf of our customers.

For example, every potential rate revision derived from data analysis is subjected to additional analysis to determine how it would impact overall rates. Adjustments are made to strike an appropriate balance between stability of rates and responsiveness to developing trends. In doing so, AAIS actuaries are mindful of the business needs of our customers..

As an extension of this practical orientation, AAIS has been commissioned by individual companies to analyze the rate impact of by-peril rating on their books of business and identify potential benefits of adopting AAIS rating plans.

Consulting Capabilities

Companies of all sizes find that AAIS actuarial resources can provide a valuable complement to their own actuarial operations, especially as they consider moving into new markets or exploring the use of new rating variables.

In a consulting capacity, AAIS actuaries are prepared to:

  • Review company experience and analyze company rate levels;
  • Integrate AAIS data to establish credibility where needed;
  • Analyze custom coverages or endorsements to suggest loss costs;
  • Analyze company options for modifying AAIS loss costs, territorial relativities, or other rating factors;
  • Calculate the impact of changes to AAIS loss costs and relativities on a company's book of business;
  • Calculate company loss cost multipliers;
  • Calculate rates from AAIS loss cost tables and company multiplier, and produce company rate tables; and
  • Assist in completing filing forms and developing exhibits to support rate filings.

Insurance companies seeking more information on AAIS products and services can contact membership@aaisonline.com, by completing our contact form or by calling 800.564.AAIS x3289.

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