Testimonials
ANGELICA SOLUTIONS HAS EXPERIENCE OF HELPING SMALL, GROWING AND ESTABLISHED BUSINESSES ALIKE
“Alistair supported us towards the end of a high-profile project where additional resource was necessary to increase our chances of meeting our deadlines in the face of numerous unforeseen challenges. Alistair quickly got up to speed on the project and brought a calm and measured presence into the project. His Radar and problem-solving skills shone through, and he articulately presented his findings and proposals to a wide range of stakeholders across the business. It was great to have him in the team even if only for a short while.”
STUART CLEAVER
HEAD of pricing, AGeas
“We were looking to ramp-up a product that had been small and not profitable but where we hadn’t used the claims data we had access to. Angelica supported us in this, building a new pricing scheme. This has been hugely successful and we have realised over 100% growth while delivering CORs of below 90% after a year from launch. It has accelerated the development of this product by at least 9 months and opened up further opportunities for us. I would very much recommend the Angelica team.”
MIKE LLOYD
CEO, THE ACORN GROUP
“Sarah and her team have given us valuable support and guidance as we have developed our early years motor capability, in reviewing our emerging month on month performance, and more specifically in helping us design and implement a risk-based approach to underwriting footprint expansion. We regard Sarah as a friend of our business and I have no hesitation in recommending Angelica Solutions.”
David Prior
CHIEF UNDERWRITING OFFICER, POLICY EXPERT
“Angelica Solutions assisted us with the development of new postcode and vehicle classifications; the project was a success with the resulting classifications showing material improvements in risk selection vs the incumbents. Angelica’s offering is a compelling challenger to other competitors in this market: astute and enthusiastic analysts led by Sarah’s experience and expertise. I would recommend the team to anyone looking to deliver value in the general insurance market, what’s more, they were very pleasant to deal with throughout!”
Mathias Newsome
Pricing Actuary, Mulsanne Insurance
“Sarah has supported us on several pricing reviews, giving credible evidence that displays a deep understanding of the UK market dynamics and the challenges of evaluating a portfolio trading in a highly competitive environment. Her commitment to deliver quality in a tight timeline is commendable and I would have no hesitation in recommending Angelica Solutions.”
Gary Humphreys
Group Chief Underwriting Officer, Markerstudy
“We are delighted to have had Sarah’s support on strategic and practical actuarial consultancy. She has deep understanding of the dynamics of the UK insurance market and brought both her expertise and pragmatism to our projects.”
CHARLOTTE HALKETT
CHIEF Commercial officer, bought by many
“ARKEL Underwriting is a developing MGA working within niche personal lines markets. We worked with Sarah Vaughan at Angelica Solutions to develop an actuarial approach to risk pricing, data development and pricing. Her approach was pragmatic and very appropriate to our business needs. ‘Thinking outside of the box’ to find ways to augment our data sources and introducing us to suppliers of data were all part of the service. We would have no hesitation in recommending the services of Angelica Solutions and Sarah Vaughan.”
JOHN BIBBY
DIRECTOR, ARKEL UNDERWRITING
“As a start-up, I am conscious that you need key partners to help you develop your proposition and support you to deliver your vision. The journey of a start-up is a roller coaster. It is reassuring in times of great uncertainty that we have a partner in Angelica Solutions which consistently adds value and helps us meet our targets. Sarah is well-known for her actuarial skills. She offers so much more with her market knowledge and a wider understanding of how telematics works, as well as smart insights into what makes a successful business.”
ANDY HAYNES
CEO, VIADUCT
OUR CLIENTS…
RECENT PROJECTS
RISK MODELLING
Client
Mid-size UK Underwriter
Line of Business
Personal Lines Motor (Telematics)
The Brief
Build the first set of risk models for the product concerned. Make recommendations for price changes to deliver loss ratio and volume targets.
The Requirements
- Policy and claims data manipulation, aggregating data across multiple different source systems
- Statistical modelling in client’s software of choice
- Comparison of existing rates with ‘best’ and ‘implementable’ risk models
- Applying elasticity models to assess expected loss ratio, sales and premium impact from adoption of the new models
The Result
The client rolled out the new risk-based pricing initially on a small sample of quotes. Once the client was confident in sales and premium impacts, rates were rolled out to 100% of business. With a year of experience under their belt, the client is now reporting loss ratio and sales impacts which were at least as good as expectations.
RISK MODELLING
Client
Growing UK Pet Distributer
Line of Business
Personal Lines Pet
The Brief
Build the first set of risk models for the product concerned, including postcode and breed classifications. Make recommendations for price changes to deliver loss ratio and volume targets.
The Requirements
- Policy and claims data manipulation, creating exposure calculations, data quality checks and reconciliation
- Sourcing, assessing and rationalising extensive external datasets for postcode and pet breed classification
- Statistical modelling in client’s software of choice, out-of-sample testing and model validation. Application of underwriting judgement to create final classification variables and implementable risk-based prices, taking account of the sales process and tiered product structure
- Comparison of existing rates with resultant risk models
- Applying elasticity assumptions to assess expected loss ratio, sales and premium impact from adoption of the new models. Business casing for pricing systems change requests
The Result
The new postcode and pet breed classifications provided demonstrably better fits to the available claims data. The new models were deployed in phases as pricing systems changes were required in parallel – Angelica Solutions was able to provide alternative structures to maximise the benefits from the available rating data as systems were incrementally improved.
DATA VISUALISATION
Client
Specialist Underwriter
Lines of Business
Personal Lines Motor (including Telematics), Commercial Vehicle
The Brief
Create MI dashboards to track client’s performance relative to the market and provide insight into under-served areas of opportunity.
The Requirements
- Manipulation of price comparison website quote data and internal risk factor data
- Development of KPIs and visualisations to demonstrate level of under-serving of segments of business
- Creation of multi-functional dashboards in the client’s software of choice
- Creation of data pipeline to allow for integration of dashboard refreshes into BAU
- Reconciliation of dashboard figures against client’s internal data and MI
The Result
The client received two dashboards: one for standard motor and telematics, one for commercial vehicles. These were integrated into BAU and have begun to be used to monitor performance on price comparison websites. The dashboards are also being used to look for areas for potential expansion – into segments identified as being under-served.
BUSINESS PERFORMANCE REVIEW
Client
Large UK distributer with delegated pricing authority
Lines of Business
Personal and Commercial Lines Motor, Pet
The Brief
Review loss ratio outlook for the current underwriting year by line of business. Identify key risks and recommend mitigating actions.
The Requirements
- Assess key dependencies for the business plan loss ratios. Review available evidence across pricing, underwriting and claims to establish a range of likely loss ratio outcomes
- Assess recent management actions affecting loss ratio and provide an independent opinion on likely impact of each
- Rank identified performance risks and agree a set of workable actions to manage or mitigate key risks
The Result
The client took on board Angelica Solutions’ views and was able to adapt business planning accordingly. The exercise was repeated three times throughout the underwriting year and as results were beginning to mature, they demonstrated that the alternative outlooks provided by Angelica Solutions were close to actual results. Thus the client had been able to manage performance expectations and take more appropriate pricing and underwriting action to control the loss ratio.
PRICING GOVERNANCE
Client
Large UK Broker and MGA
Line of Business
Personal Lines Motor (including Telematics)
The Brief
Create a full suite of pricing governance procedures suitable for the broking arm and MGA of the client.
The Requirements
- Design and document workable pricing processes which meet both commercial and compliance objectives
- Review pricing team structures, roles and responsibilities and align these with the proposed processes
- Establish a set of appropriate pricing risk controls and associated monitoring
- Design MI to monitor adherence to pricing and pricing-related principles, including ICOBS 6B and Consumer Duty requirements
- Complete General Insurance Pricing Practices (ICOBS 6B) decision documentation, design record keeping framework and attestation packs
The Result
The client adopted the new governance framework. Through the development of MI and ICOBS 6B attestation pack materials the client was able to identify areas of potential pricing compliance risk and reassess key decisions and controls to ensure compliance.
