NRS 4030-Application of statistical functions and derivatives

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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 two 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?

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

Q. How do I write a professional business report?

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Answer

Writing an effective business report is an important part of communicating well as a business professional. A few key steps for writing business reports include:

1. Determine the purpose of the report – What are the important messages you are trying to convey?

2. Define and understand the audience for the report

3. Determine and follow a structure for your report

4. While writing the report, you typically should:

utilize headings and subheadings

use plain language (avoid professional jargon)

write clearly and professionally

use negative/white space wisely

use appropriate fonts

number your pages for ease of use

use tables and figures only when it adds to the report and properly place these items into your report (does your instructor want you to follow APA guidelines?)

You must proofread your paper. But do not strictly rely on your computer’s spell-checker and grammar-checker; failure to do so indicates a lack of effort on your part and you can expect your grade to suffer accordingly. Papers with numerous misspelled words and grammatical mistakes will be penalized. Read over your paper – in silence and then aloud – before handing it in and make corrections as necessary. Often it is advantageous to have a friend proofread your paper for obvious errors. Handwritten corrections are preferable to uncorrected mistakes.

Use a standard 10 to 12 point (10 to 12 characters per inch) typeface. Smaller or compressed type and papers with small margins or single-spacing are hard to read. It is better to let your essay run over the recommended number of pages than to try to compress it into fewer pages.

Likewise, large type, large margins, large indentations, triple-spacing, increased leading (space between lines), increased kerning (space between letters), and any other such attempts at “padding” to increase the length of a paper are unacceptable, wasteful of trees, and will not fool your professor.

The paper must be neatly formatted, double-spaced with a one-inch margin on the top, bottom, and sides of each page. When submitting hard copy, be sure to use white paper and print out using dark ink. If it is hard to read your essay, it will also be hard to follow your argument.