We provide one-on-one actuarial coaching and tutoring for business leaders in the P&C insurance industry. This unique service can be customized to meet your needs.
You may not need an extended actuarial engagment. Perhaps a few hours of focused actuarial coaching and education is all that is needed to make a decision or otherwise point you in the right direction. Below are just a few examples of investment and insurance professionals that we can help:
- Mergers & Acquisitions – are you part of the team performing due diligence on a P&C insurer or self-insured organization? Do you understand loss reserving, the inherent uncertainty underlying actuarial loss reserve estimates, the pro’s and con’s of various actuarial reserving methods? You don’t need to understand every detail, but you do need to know enough to ask the right questions. From my experience supporting complex insurance litigation, I can confirm that the old adage that “an ounce of prevention is worth a pound of cure” is well worth heeding. With a minimum investment in time, we can help direct your due dillegence efforts for maximum efficiency.
- Investment Analysts – elevate your game by learning the funamentals of loss reserving. What can you glean from an insurer’s carried loss reserve position? Why do loss reserves change over time and what are the drivers? Do you believe the explanation that company management offers for its loss reserve position, or would you like deeper insight? What are the right questions to ask management during an earnings call? Questions like these can be answered with a sound understanding of loss reserve fundamentals.
- Board Members – if you are fortunate enough to serve on the Board of a P&C insurance company, you can provide optimal guidance when you understand actuarial fundamentals. Do you know the difference between “reserve strengthening” and “adverse reserve development”? (That was a trick question, they are the same thing!) Let us help you optimize the value you bring to your company through education on the key drivers of success and failure.
- Claim Professionals – if you manage P&C insurance claims, you likely work with actuaries. In fact, the data you share with actuaries forms the basis for loss reserving and pricing. Not to overstate it, but frankly, the success of an insurer depends on the collaboration between the Claims and Actuarial departments. As a claims professional, do you know what your actuary does with the data you provide? What happens if Claims and Actuarial are not “on the same page”? Spoiler alert: it’s not good, yet it’s entirely preventable.
How much does it cost?
One-on-one sessions with Don Grimm, FCAS, MAAA, are $400 per hour. Discounts are available for extended arrangements. We offer free introductory meetings to discuss your actuarial needs and assess how Archer Actuarial can be of service.