Huggins provides a number of services to insurers wishing to revise their rating structure including:
- Submission of rate, rule and form filings via SERFF (System for Electronic Rate and Form Filing)
- Preparation of rate comparisons showing competitor rates by class and territory
- Preparation of filings based on the results of reserve analyses
- Development of Loss Cost Multipliers (LCM) to be applied to company loss costs
- Development of trend and discount factors based on company or industry information
- Expert testimony if filings are challenged by state insurance department regulators
Before any filing is submitted to the state, Huggins actuaries review the indicated changes with management in order to confirm that systems are in place to handle the proposed changes and that the financial impact of the changes has been reviewed and accepted by management. Huggins then prepares the necessary filing materials for submission via the SERFF system, and keeps management apprised of the status of the filing as it makes its way through the system. Once the filing is approved, Huggins reviews the final approved changes with management to ensure that any adjustments that occurred as a result of the review process are accounted for and that the overall effect of the change is properly calculated so that the results can be communicated internally, to all affected insureds, and, if necessary, to the public.