Industry Insights

There’s a bit of a change taking place in company circles. After many years of being at the end of a variety of “nerd” jokes, actuaries are gaining some popularity for what we have to offer. The large claims trend is creating a number of challenges in the business, and our knowledge is vital to efforts that can help to minimize the impact. This, dare I say, has caught the attention of those in all segments of the company because actuaries have what everyone needs to make smart decisions in challenging times – the ability to turn data into action.

Large carriers often offer Stop Loss insurance among their many lines of business; it’s one more product to sell if requested by a customer. Our approach is a little different. Stop Loss is what we do – and our focus is on developing strong relationships as we work to deliver the right solutions for the client at hand. Stop Loss is not a commodity, but an integral part of the financing of our policyholders’ health plans.  

I love solving problems. That’s the best part of my job. Lucky for me, we’re in a thought-provoking industry – one that’s become even more challenging with the growth of high-dollar claims. As a reinsurer, paying those claims is the most important thing we do. The challenge lies in creating the right solution for each client, appropriately pricing business to ensure obligations can be fulfilled and finding ways to help contain claim costs for everyone involved.

I think that most people want to do a good job at work. We spend more time here than we do with our families or our hobbies, so it needs to mean something big as well. Doing a good job gives us satisfaction, and satisfied employees make a difference and help their companies prosper. But what really brings importance to those eight-plus hours a day is developing personal connections with co-workers and clients. That’s what drives excellence.

This morning as I drove in to work, it was 46 degrees on the thermometer, and this was really the first day that, to me, felt like fall had arrived. As underwriters, we’re currently experiencing a fifth season in the year. It’s called renewal season, and it comes a little earlier every year. This year, it started in late July and will go through New Year’s Eve.