Can anyone comment on the value and long-term prospects of working with "specialty" lines? By specialty lines im refering to anything outside the standard homeowners, auto (personal and commercial), workers comp, bop. Examples are product warranty, credit insurance, mortgage insurance, excess lines, med mal.
Here are two difficulties I see.
1. There's typical less data and info for these lines. There'll be more reliance on competitors rates and creativity in rate making. Also there are more assumptions involved, rather than reliance on data. That being the case, there is less opportunity to develop actuarial techniques.
2. There are fewer companies in these lines than traditional PL and CL, or am I wrong? Working with these lines for too long could make it difficult for one to find a new job later in one's career.
One potential upside I can see is the possible higher compensation if it is a highly specialized line where there are few actuaries in the market. However since if therere few actuaries with the specific experience, then likely there are few employers as well, which would limit one's location.
Thoughts?
Here are two difficulties I see.
1. There's typical less data and info for these lines. There'll be more reliance on competitors rates and creativity in rate making. Also there are more assumptions involved, rather than reliance on data. That being the case, there is less opportunity to develop actuarial techniques.
2. There are fewer companies in these lines than traditional PL and CL, or am I wrong? Working with these lines for too long could make it difficult for one to find a new job later in one's career.
One potential upside I can see is the possible higher compensation if it is a highly specialized line where there are few actuaries in the market. However since if therere few actuaries with the specific experience, then likely there are few employers as well, which would limit one's location.
Thoughts?
Specialty Lines
0 commentaires:
Enregistrer un commentaire