MAAA | Jotup

Legal System Abuse Adding to Increasing Auto Insurance Costs, Creating A New Asset Class of Investors Betting on Litigation

Retrieved on:

Tuesday, February 27, 2024

Other Automotive, Professional Services, Insurance, Automotive, Social media, Information International, Inc., Disclosure, Risk, Advertising, Insurance Information Institute, ATRA, Judgement, TPLF, MAAA, American Tort Reform Association, FCAS, IRC, Environment

Plaintiff attorneys often use aggressive marketing and advertising techniques to attract potential plaintiffs, the issues brief notes.

Key Points:

Plaintiff attorneys often use aggressive marketing and advertising techniques to attract potential plaintiffs, the issues brief notes.
Legal system abuse in Louisiana costs every resident more than $1,100 annually, according to an analysis by the American Tort Reform Association (ATRA).
The state’s litigation environment was also cited by the Insurance Research Council (IRC) when reporting how Louisiana is the least affordable U.S. state for both personal auto and homeowners insurance.
Florida enacted new laws last year to reduce legal system abuse and to attract new insurers to replace those who departed or reduced their market share.

SOCIETY OF ACTUARIES RESEARCH INSTITUTE ANNOUNCES PARTICIPATION IN THE DEPARTMENT OF COMMERCE CONSORTIUM DEDICATED TO AI SAFETY

Retrieved on:

Thursday, February 8, 2024

CHICAGO, Feb. 8, 2024 /PRNewswire/ -- The Society of Actuaries (SOA) Research Institute announced that it will lend its actuarial expertise, joining more than 200 of the nation's leading artificial intelligence (AI) stakeholders to participate in a Department of Commerce initiative to support the development and deployment of trustworthy and safe AI. Established by the Department of Commerce's National Institute of Standards and Technology (NIST), the U.S. AI Safety Institute Consortium (AISIC) will bring together AI creators and users, academics, government and industry researchers, and civil society organizations to meet this mission. As a member of this consortium, the SOA Research Institute will harness its expertise in AI security and its ethical use for the actuarial profession and insurance industry.

Key Points:

Established by the Department of Commerce's National Institute of Standards and Technology (NIST), the U.S. AI Safety Institute Consortium (AISIC) will bring together AI creators and users, academics, government and industry researchers, and civil society organizations to meet this mission.
As a member of the consortium, the SOA Research Institute will harness its expertise in AI security and ethical use.
"We are honored to be part of the Artificial Intelligence Safety Institute Consortium initiated by the National Institute of Standards and Technology," said R. Dale Hall, FSA, CERA, CFA, MAAA, Managing Director of Research, Society of Actuaries Research Institute.
That's precisely what the U.S. AI Safety Institute Consortium is set up to help us do," said Gina Raimondo, U.S. Secretary of Commerce.

The Society of Actuaries and Milliman Announce Completion of Climate Change Risk Certificate Program

Retrieved on:

Tuesday, February 6, 2024

Professional Services, Education, Environment, Insurance, Climate Change, Training, Milliman, Climate change, MAAA, Knowledge, Curriculum, Risk management, SOA, Society, FSA, Climate, Student, Nursing

The Society of Actuaries (SOA) and Milliman today announced the completion of the first certificate program focused on measuring and managing climate risk for actuaries.

Key Points:

The Society of Actuaries (SOA) and Milliman today announced the completion of the first certificate program focused on measuring and managing climate risk for actuaries.
This Climate Change Risk Certificate Program pairs the risk management acumen of actuaries with the interdisciplinary expertise necessary to manage the complexity of climate risk.
“Climate risk is complex and interconnected,” said Milliman Chairman Ken Mungan, FSA, MAAA.
This unprecedented, multidisciplinary certification program will help train tomorrow’s experts so that society is prepared to manage the evolving risks presented by climate change.”
“We are excited to announce that this certificate program with Milliman and the SOA is now fully available for actuaries and other professionals working with climate risk topics,” said SOA CEO Greg Heidrich.

Commercial Lines Continue to Perform Better Than Personal, Though Overall Underwriting Loss Persists, New Triple-I/Milliman Report Shows

Retrieved on:

Tuesday, January 30, 2024

Insurance, Professional Services, Milliman, MAAA, Growth, Consultant, GDP, John Carbone Porfilio, NCCI, Gross domestic product, FCAS, News, Food, CBE, P&C, Insurance Information Institute, National Council, CPI

The 2023 net combined ratio for the property/casualty industry is forecast to be 103.9, with commercial lines at 97.7, outperforming personal lines at 109.9.

Key Points:

The 2023 net combined ratio for the property/casualty industry is forecast to be 103.9, with commercial lines at 97.7, outperforming personal lines at 109.9.
Record levels of severe convective storm losses are the single biggest driver of the overall adverse results.
The quarterly report, Insurance Economics and Underwriting Projections: A Forward View, presented on Jan. 30, at an exclusive members-only virtual webinar.
“Looking at commercial auto, underwriting losses continue, with a projected 2023 net combined ratio of 110.2, the highest since 2017,” said Kurtz.

U.S. News & World Report Ranks Actuary in Top 10 of 100 Best Jobs of 2024

Retrieved on:

Thursday, January 25, 2024

CHICAGO, Jan. 25, 2024 /PRNewswire/ -- U.S. News & World Report has recognized the actuarial profession with top rankings in several of its annual Best Jobs categories. Actuary was listed within the Top 10 on the 100 Best Jobs of 2024, and also in Best Business Jobs, Best STEM Jobs and Best Paying Jobs. Actuaries are professional experts on measuring and analyzing risk. They think three-dimensionally, using their knowledge of math, human behavior, and business insights to help organizations plan for the future and ensure financial security.

Key Points:

CHICAGO, Jan. 25, 2024 /PRNewswire/ -- U.S. News & World Report has recognized the actuarial profession with top rankings in several of its annual Best Jobs categories.
Actuary was listed within the Top 10 on the 100 Best Jobs of 2024, and also in Best Business Jobs, Best STEM Jobs and Best Paying Jobs.
U.S. News & World Report publishes its annual rankings to provide valuable insights to individuals seeking guidance on career choices.
The rankings are determined by various factors, including future job prospects, salary potential, employment, work-life balance and job stability.

John Henriques Promoted to Senior Vice President and Chief Actuary of Crum & Forster Accident & Health

Retrieved on:

Monday, January 22, 2024

Senior, Associate, FSA, Business administration, MAAA, Society, American Academy, Society of Actuaries, Division, Liability (financial accounting), CERA, Management

EATONTOWN, N.J., Jan. 22, 2024 /PRNewswire/ -- Crum & Forster's (C&F) Accident & Health (A&H) Division announces the promotion of John Henriques to Senior Vice President and Chief Actuary of A&H.

Key Points:

EATONTOWN, N.J., Jan. 22, 2024 /PRNewswire/ -- Crum & Forster's (C&F) Accident & Health (A&H) Division announces the promotion of John Henriques to Senior Vice President and Chief Actuary of A&H.
"Since joining the Division in 2013, John has demonstrated outstanding technical and leadership skills.
He is a collaborative, highly-engaged and valued member of our organization," said Gary McGeddy, President of Crum & Forster Accident & Health.
John's career began as an Actuarial Associate with Mercer before joining C&F as an Actuarial Specialist.

SlateRx Appoints Joseph “Joey” M. Dizenhouse as President and CEO as New Partnership with HealthTrust is Launched

Retrieved on:

Tuesday, January 9, 2024

SlateRx today announced that Joey Dizenhouse, FSA, MAAA, has been appointed as the company’s President and Chief Executive Officer.

Key Points:

SlateRx today announced that Joey Dizenhouse, FSA, MAAA, has been appointed as the company’s President and Chief Executive Officer.
Dizenhouse brings over 25 years of leadership in the healthcare and pharmacy benefit sectors.
View the full release here: https://www.businesswire.com/news/home/20240109787751/en/
SlateRx aims to revolutionize the pharmacy benefit space and joins this market in partnership with HealthTrust, a leading healthcare performance improvement company.
Dizenhouse comes to SlateRx from HealthTrust, serving as Senior Vice President and Head of its Insurance, Human Capital, and Pharmacy Group, managing over $15 billion in annual pharmacy spend.

HOPCo Acquires MoonlightOrtho to Increase Patient Convenience and Expand Access to Musculoskeletal Care

Retrieved on:

Thursday, January 4, 2024

Ecosystem, Risk, Acquisition, Pain, CMO, MSK, Health equity, FSA, MAAA, Patient, Nursing

Founded in 2019 by orthopedic surgeon Dr. David Eisenhauer, MoonlightOrtho was the first to provide musculoskeletal care to patients through on-demand or asynchronous video telecommunication.

Key Points:

Founded in 2019 by orthopedic surgeon Dr. David Eisenhauer, MoonlightOrtho was the first to provide musculoskeletal care to patients through on-demand or asynchronous video telecommunication.
After an assessment, the MSK providers develop a treatment plan based on evidence-based, best-practice clinical protocols.
By providing an easy-to-use resource to patients, their care can be expedited, appropriately monitored and expertly directed from a remote platform."
Recently, HOPCo announced the acquisition of MyACTome , the only validated smartphone-based fall risk and frailty assessment platform that allows for patient risk stratification.

Arbital Health Completes Acquisition of Santa Barbara Actuaries and Closes Series A Financing

Retrieved on:

Thursday, January 4, 2024

Shift, Health care, Employment, Labs, FDA, Acquisition, SAN, Participation, Digital, Payment, MAAA, Vision, Travis May, SBA, Emerge Commerce, ROI, Management

SAN FRANCISCO, Jan. 4, 2024 /PRNewswire/ -- Arbital Health, a technology startup focused on accelerating the healthcare industry's transition to value-based care, today announced the acquisition of Santa Barbara Actuaries, Inc. (SBA), and $10 million in Series A financing led by digital healthcare investor Transformation Capital.

Key Points:

Santa Barbara Actuaries is a leading actuarial and healthcare consulting firm specializing in value-based care and data analytics solutions.
The acquisition of Santa Barbara Actuaries by Arbital Health provides the company with a best-in-class value-based care actuarial team along with top-tier clients across the value-based care landscape.
"We are very excited to welcome the Santa Barbara Actuaries team to Arbital Health.
In addition to announcing the acquisition of Santa Barbara Actuaries, Arbital Health also completed its $10 million Series A financing, led by Transformation Capital.

Lewis & Ellis Partners with Novacap to Accelerate Growth and Innovation

Retrieved on:

Wednesday, November 8, 2023

Foley & Lardner, MAAA, Health, Life, LLP, Risk management, Partnership, FSA, Financial adviser

Lewis & Ellis offers specialized actuarial consulting services to a wide array of clients, from global corporations to regional and mid-sized companies.

Key Points:

Lewis & Ellis offers specialized actuarial consulting services to a wide array of clients, from global corporations to regional and mid-sized companies.
"Partnering with Novacap excites us and sets Lewis & Ellis on a trajectory for significant business expansion.
We emphasize agility, adaptability, and our unwavering commitment to delivering tailored solutions," commented Cabe Chadick, FSA, MAAA, President & Managing Principal of Lewis & Ellis.
"We are excited to help Lewis & Ellis scale its existing services and build new solutions for a dynamic marketplace."