Examine the application of statistical functions and derivatives as instruments for measuring risks. Instructions You will

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Competency

Examine the application of statistical functions and derivatives as instruments for measuring risks.

Instructions

You will assume the role of a senior analyst hired by a fictitious company, Premium Acceptance, a midsized property insurance carrier. Premium Acceptance is performing well with respect to several key performance indicators, including policies in force, policy retention, and new business counts.

One of your objectives as the newly appointed senior risk analyst is to develop a framework for managing loss ratios which is one of the firm's largest key performance indicators. A loss ratio is simply the difference between the ratio of claims paid by an insurance carrier and the ratio of premiums paid. The board of directors depends on the ability to forecast loss ratios, which in turn enables them to forecast profitability metrics to the shareholders. The organization will now consider implementing the use of statistics for measuring risks.

Your deliverable should be composed in a report. Be sure to address the following items:

Explain how statistics is used to formally define risk in the risk assessment process.
Discuss at least 3 statistical tools that can be employed to measure risk.
Convey which tool best serves the company's purposes and explain why it is.
What are the ramifications of the organization electing not to use statistics in this process? 3 ramifications

For help writing a business report, please use the guide found here.

Grading Rubric

Not Submitted

No Pass

Competence

Proficiency

Mastery

Not Submitted

An inaccurate overview of how statistics support the risk assessment process is given OR no overview of how statistics support the risk assessment process is given.

An accurate overview of how statistics support the risk assessment process is given. A definition of risk is included.

An accurate overview that includes specific examples of how statistics support the risk assessment process is given. A definition of risk is included.

A thorough and detailed overview that includes specific examples of how statistics support the risk assessment process is given. A definition of risk is included.

Not Submitted

Less than two valid statistical tools that can be used to measure risk are included.

At least two valid statistical tools that can be employed to measure risk are discussed.

At least two valid statistical tools that can be employed to measure risk are explained with details on specific applications.

More than two valid statistical tools that can be employed to measure risk are explained with details on specific applications.

Not Submitted

Does not correctly identify which tool will best serve the company's purpose OR does not correctly explain why it is the best tool.

Correctly identifies which tool best serves the company's purpose AND explains why it is the best tool.

Correctly identifies which tool best serves the company's purpose AND explains why it is the best tool through specific examples of an application of the tool.

Correctly identifies which tool best serves the company's purpose AND gives a thorough and detailed explanation of why it is the best tool. Includes specific examples of an application of the tool.

Not Submitted

Less than two valid ramifications of choosing not to use statistics in the risk assessment process are given.

At least two valid ramifications of choosing not to use statistics in the risk assessment process are given.

At least two valid ramifications of choosing not to use statistics in the risk assessment process are thoroughly explained.

More than two valid ramifications of choosing not to use statistics in the risk assessment process are thoroughly explained.

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