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Post by williamma on Dec 12, 2015 14:53:47 GMT -8
More details to follow
Feel free to ask questions, but some may/may not be answered
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kosha
New Member
Posts: 1
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Post by kosha on Jan 3, 2016 8:24:56 GMT -8
On the BAS website, it said that BAS would help form teams for the case competition if necessary. Would that be done on January 7th on the spot like the others? Thank you.
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Post by williamma on Jan 3, 2016 8:46:04 GMT -8
Yep! After we go through the case rules/guidelines and a few presentation pointers on Jan 7th, you will have time to meet other members and start forming teams. There are plenty of other people who will need help finding teams.
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Post by Damien on Jan 4, 2016 16:27:11 GMT -8
Hi,
I am very interested in the Case Competition, however I am also considering the Boeing Case Competition which has its kickoff at the same time as the BAS one. I was wondering if as a freshman I had good chances in the UCLA Actuarial Case Competition, because I have heard that the Boeing one is pretty competitive. If even first-year students have good chances of making it past the first round, that would help me in making my decision as to which kickoff to attend.
Thank you for your guidance, you guys are doing a great job!
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Post by williamma on Jan 4, 2016 20:39:12 GMT -8
Hi Damien,
I can not speak to the chances of making it past the first round -- after all, this is a case competition, and we can only send a few teams into the second round. Many first round teams will not make it to the second round. However, whether or not you make it to the final round does not mean that you "failed". I personally did the case competition in my freshmen year and did not make it past the first round, but was still able to talk about the experience in interviews.
The choice is yours, as I am sure the Boeing Case Competition would also be something really great to have on your resume. Our Case Competition is also great as well - I have spoken to other participants and many firms are impressed by the case competition; this would definitely help set you apart from other applicants, as well as giving you some great talking points during interviews. If you are interested in the actuarial career, I would suggest that you do this case competition.
Let me know if that helps!
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Post by RayZ on Jan 7, 2016 22:50:02 GMT -8
I was busy earlier tonight I couldn't make it to the kickoff meeting:(( I wonder if there's any team that's not full can add me? Or maybe is there anybody that don't have a team yet want to form a team? Please contact me ASAP through ray4ucla@gmail.com!!! )
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Post by James on Jan 8, 2016 10:05:49 GMT -8
Hi William,
Our team has a few clarification questions: 1. On the first two tabs, there are two instances where it says "average members", do you mean "total members"? 2. For the small-large group employers who got offered an offer that's "too good to refuse", are they still considered as large groups, but their PMPM premiums will be different from that of the remaining large groups who will renew as normal? We are asking this because one of the assumptions says the small group and individual rates should be the same regardless of where the new members come from, so we are wondering if this assumption also holds for the large groups.
Thanks, James
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Post by gary0418 on Jan 8, 2016 12:05:44 GMT -8
Hi William,
I have a question: 1.) How do we interpret the lapse rate? For the Big Group, do we need the information of individual lapse rate for Big Group? For the small group, can we assumed that the 10% is the annual lapse rate?
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Post by wondering on Jan 8, 2016 13:19:06 GMT -8
Hi,
Do you have any tips for first-timer participants in how to start/prepare for the analysis?
Thank you!
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Post by williamma on Jan 8, 2016 14:00:27 GMT -8
Hi all,
To James and Gary: I am afraid that I personally can not answer these questions, but I have relayed your questions to the firm rep who wrote the case. He is currently on vacation and will not return until tomorrow. I suggest you move forward rather than wait for a response (which he may/may not choose to answer).
To wondering: My best suggestion would be to read through the case guide again and find the main points. There is a lot of information, but it does provide a good guide on how to structure your answer. Finally, break each problem down into steps and tackle them one at a time. Do not be too overwhelmed.
To all: You do not all have to ask questions on this specific thread. You are more than welcome to create new threads within this folder ("Events" folder). I will relay questions to the firm rep with a cutoff at 1PM each day (all questions asked after 1PM will be asked the next day). Please note above that the firm rep is still on vacation, so there will be a delay in his response. I am able to answer any questions about judging, time, logistics etc. immediately.
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Post by williamma on Jan 9, 2016 10:46:11 GMT -8
Hi all,
The following is the response:
1. Average members means the average membership over the course of a time period. It is different than total membership. For example, if I have 100 members in January, 110 in February and 120 in March, my average membership would be 110 members. My total membership would be 330 member months. 2. Yes, they are large groups. But under the legislative change, they eventually become small groups. While the premiums charged will be the same for all small groups, it is possible the costs could be different. 3. The lapse rate is an annual percent. It is simply the percent of members who leave the cohort each year. I am not sure what is meant by the Big Group. Can you elaborate?
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Post by James on Jan 9, 2016 13:25:04 GMT -8
2. Yes, they are large groups. But under the legislative change, they eventually become small groups. While the premiums charged will be the same for all small groups, it is possible the costs could be different. Hi William, I am specifically referring to the 619,200 members that were renewed on December 2015, can we assume that their renewal premiums will be different from the 2016 premiums of the other large group employers? Can we also assume that in 2015, all large group employers paid the same PMPM premium of $364.08 rather than the (more fairly priced) premiums of $260.39 and $390.00 based on their size? Thanks, James
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Post by williamma on Jan 9, 2016 17:32:47 GMT -8
"Yes, the groups that renew early will have a different premium than those that renew normally in 2016. And the small-large groups have different premiums than the non-small-large groups. "
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Post by fred on Jan 9, 2016 21:25:47 GMT -8
Hi William, we are a little bit confused at the data on the small group costs spreadsheet. It seems as if much of the data is completely contradictory; the tables on the right spit out completely different costs than the tables on the left. we were wondering if it is possible that there is an error in the given data, and if so how to account for that. Thanks!
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Post by miriam_h on Jan 9, 2016 22:08:03 GMT -8
Hi William, A few questions: 1. Are there any assumptions for new members of large groups? 2. Does Overhead mean Admin Costs? 3. Is there an assumption for large groups in-force lapse? 4. What are the rating, expense and OH trends for small groups in 2016 and 2017? Thanks.
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Post by Sir Charles on Jan 10, 2016 0:25:25 GMT -8
In the tab "UC Existing Large Group", for the chart "Impact of changing premium rating trends from projected to membership and expense trends of remaining groups", is there a typo in this chart title and should the chart title be "Impact of changing premium rating trends from projected to membership and TO expense trends of remaining groups"?
Also, in this same chart, in the column heading called "% relative to expense trend", is there another typo and should the column heading instead be related to premium rating trends?
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Post by miriam_h on Jan 10, 2016 0:57:54 GMT -8
Please disregard the Overhead question. Thanks.
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Post by Wendy on Jan 10, 2016 7:28:52 GMT -8
For the groups that were offered the "could not refuse" offer, were their renewal rates already set, since they have already been issued binding quotes? In other words, are we allowed to pick what their rates are in 2016 or do we assume that's its the same rate as 2015 jjust trended up?
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Post by Hi on Jan 10, 2016 15:14:30 GMT -8
Hi William,
I have a few questions: 1. Is rating model supposed to be a graph? 2. Is our objective to find a premium rate for each group to maximize the overall membership base as well as financial performance? Thanks.
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Post by williamma on Jan 10, 2016 17:39:20 GMT -8
Hi all,
As an update, I have asked your questions. I am still waiting for a response.
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