Professional Cost-Saving Project
Project Overview
The professional cost-saving project was created while assisting in a rate change. I was responsible for creating the rating algorithm for re-rating the actuarial indications. Essentially, I take the current rate and then compare it to the new rate created from the indications and then make sure we follow the state requirements. This process generates a base rate, the foundational premium that other factors are multiplied against. During the rating algorithm creation, I noticed significant discrepancies between the system and the manual rate. This is an issue because the manual and the system should be a proxy of each other.
No code is available for the project.
Project Results
The above chart shows a simplified workflow of the project. The project's result was a 1.9 million dollar increase in revenue from that state which took months to create both of the rating algorithms, gather the data, and investigate the system issues. At the end of the project, I wrote a report to Executive Management on the issue, and enclosed was a solution to the problem.