Which policy year should we include?
The Praedicat model currently calculates loss based on the current policy year and does not take into account the effective or expiration date of the policy. Therefore, the data may be from any policy year, however the results will reflect as if the policy written is in the current policy year. Also, including identical policies from different policy years will result in identical model results causing duplication.
What are the unique parameters of the policy used in modeling?
The unique parameters considered in modeling include the company identifier (either company name or industry code), trigger, attachment, limit and quota share.
How does Praedicat define a duplicate record?
Praedicat defines a duplicate record in terms of the unique parameters used in modeling (see above question). If two policies have an identical set of unique parameters, the record is considered a duplicate. Praedicat recommends removing duplicate records to avoid duplicated results.
What lines of business (LOB) should be included in the data?
The results of the model reflect losses associated with commercial general liability, products liability, umbrella liability and excess casualty lines of business.
What if we do not have some of the data fields available?
If required data fields are not available to you, Praedicat Client Services is happy to advise on the best practices and common assumptions we can make to achieve the most relevant model results.
What is occurrence high/low?
Occurrence high reflects the event that an occurrence loss is allocated over the policy years between the current policy year and the last available policy year. Occurrence lowreflects the event that the occurrence loss is allocated over the policy years from the date of first exposure to the last available policy year. For a given Litagion agent, the last available policy year is modeled and represents the insurer’s decision to exclude a Litagion agent. We recommend running the analysis on both assumptions to understand the range of possible loss outcomes on the occurrence form.
What is the maximum rows of policy data a user can upload?
Currently, the upload functionality supports portfolios with less than 7,000 policy data rows. If the portfolio contains more than 4,000 data rows, the portfolio will be queued for uploading.
How long will it take to upload my portfolio?
The time it takes to upload a portfolio to Oortfolio after validating the data will vary based on the size of the data. For example, a portfolio of 2,000 data rows will take approximately 10 minutes to upload to Oortfolio.