Providing Insurers With Essential Resources
Where would your company be without premium and loss data shared by other insurers? Could you price your products with confidence that your rates were adequate?
Could you expand into new lines and states? Could you price competitively against companies expanding into your lines and states?
Shared statistical data at the transaction level is the lifeblood of nearly every property/casualty insurer, and the foundation of a competitive insurance market.
Regional carriers rely almost entirely on loss costs developed from shared unit transaction data, and even some of the largest carriers need such data to develop new products and enter new markets.
To meet the need for shared data and preserve the independence of hundreds of carriers, AAIS operates as a member-owned non-profit organization collecting data for the sole benefit of its participating insurers.
Serving With a Cooperative Approach
AAIS stands out as the statistical reporting service that helps you meet your regulatory statistical reporting obligations and the ratemaking needs of insurers.
For decades, AAIS has been a licensed statistical agent in 51 jurisdictions, maintaining property, general liability, and automobile statistical plans that allow companies to meet regulatory reporting requirements with confidence.
Beyond that, AAIS collects the unit transaction data needed to support loss cost development and ratemaking activities for personal, commercial, and agricultural lines of business.
AAIS provides statistical reporting services free of charge to companies for their AAIS program affiliations (forms, manual rules, and rating info).
Beyond that, companies that report timely, accurate data to AAIS can earn credits on their assessments for program affiliations.
AAIS helps its stat reporting affiliates in several ways:
- By accepting data in a wide range of fi le formats (Excel®, XML, CSV, fixed format, and more).
- By providing template layouts and detailed documentation on the types of data required, allowing companies to decide for themselves how to export their data.
- By providing technical and analytical support to help create the data extracts required for statistical reporting.
- By working directly with company staff to help design, write, and implement the process for creating statistical reporting files.
What you won’t see from AAIS are fines or penalties levied on companies. AAIS is committed to working in partnership with companies to achieve timely, accurate reporting.
SDMA–Online and On Time Data Reporting
Unit transaction statistical reporting is easier to do now with the AAIS Statistical Data Management Application (SDMA), now used by nearly 150 companies.
This online application available through the AAISdirect web portal allows users to upload statistical data through a web browser and edit it before making a final submission.
Using this tool:
Developing New Capabilities
- All reported data can be uploaded through a secure web tool with tight controls on the type of data being processed, and on who can upload and approve the data.
- The quality of data is easily established and maintained, thanks to more than 1,000 data validation rules that automatically flag errors and inconsistencies and allow for easy re-submission of data.
- Authorized users can make changes to their own records or, with appropriate approvals, AAIS staff will make the corrections for you.
Statistical data reported to AAIS supports the development of new capabilities for identifying and pricing risk.
AAIS has assembled teams of actuaries and data analysts who are developing a data resource center that will provide participating insurers with a growing range of data products.
AAIS data resources will include a repository of insurance statistical data and other data gathered and maintained in a flexible “data lake” fashion, utilizing tools such as Apache Hadoop and Tableau to mine and structure data as needed for risk analysis and pricing.
Among other things, AAIS can provide participating companies with customized reports, upon request, comparing their experience in certain lines with that of other companies reporting to AAIS for those lines.
AAIS is committed to providing 21st century data analytics for our affiliates to support new and improved products, innovative rating approaches, and other services to support member operations.
Insurance companies seeking more information on AAIS products and services can contact Raul Socha, Director of Business Development, by completing our contact form or by calling 800.564.AAIS x3238.