I know field adjuster must have a unique role on their own, but I just cannot see it now, because ...
(1) It seems to me that when doing loss reserving, actuaries do not really need estimates provided by field adjuster, which is case reserve. For example, as far as I know, if one uses incurred loss development triangle, actuaries still use the sum of paid loss and estimated outstanding liability; there is no place for case reserve, since the second item is estimated by actuaries anyway
(2) When finally have come up with an estimated reserve, actuaries sometimes break them up further and one of the many part is called "IBNeR". Once again, I must be ignorant here, but my understanding about IBNeR is that, it provides a further adjustment of the case reserves. It kinds of makes correction to the estimation mistake actuaries think the field adjuster made when estimating the case reserve. One thing I am sure is that sometimes management uses IBNeR to evaluate the work performance of field adjusters. So as you can see here, basically actuaries are re-doing the work of field adjusters.
So based on the above two points, it gives me the impression that actuaries do no rely on the information provided by field adjusters. Can someone tell me an example when actuaries rely on case reserve? I feel that actuaries are going on estimate on their own anyway.
Many thanks in advance!
(1) It seems to me that when doing loss reserving, actuaries do not really need estimates provided by field adjuster, which is case reserve. For example, as far as I know, if one uses incurred loss development triangle, actuaries still use the sum of paid loss and estimated outstanding liability; there is no place for case reserve, since the second item is estimated by actuaries anyway
(2) When finally have come up with an estimated reserve, actuaries sometimes break them up further and one of the many part is called "IBNeR". Once again, I must be ignorant here, but my understanding about IBNeR is that, it provides a further adjustment of the case reserves. It kinds of makes correction to the estimation mistake actuaries think the field adjuster made when estimating the case reserve. One thing I am sure is that sometimes management uses IBNeR to evaluate the work performance of field adjusters. So as you can see here, basically actuaries are re-doing the work of field adjusters.
So based on the above two points, it gives me the impression that actuaries do no rely on the information provided by field adjusters. Can someone tell me an example when actuaries rely on case reserve? I feel that actuaries are going on estimate on their own anyway.
Many thanks in advance!
what is the use of field adjuster?
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