Hello, does anyone have any experience being the lead actuary for an insurance company start up? Just curious how the experience was, challenges with starting up the company, necessary skill set, etc. I’m not talking about insurtech, but rather a traditional insurance company start up that wants to write let’s say monoline coverage.
I have that.
Given a blank sheet in terms of proprietary data, you’ll have to rely on external information to formulate rates. Depending on product line you might have a number or sources to draw upon or virtually none.
You’ll probably get more in the weeds on things you might not normally. IT systems involvement in particular could get you deep in the weeds: data requirements, order of operations calculations in the rating algorithm, stat reporting,… Expected more involvement in state filings if a regulated LOB.
Could be fun. Could also be a big PITA depending on available resources.
Pet insurance? Tesla?
The company I work for is a small health carrier owned by a provider. We got a new adjudication vendor and expanded out products throughout the state. We are relying less on rental networks and doing our own contracting with providers. So we think we’re a start up. Challenges? YES! I question everything that the adjudication vendor is doing. Their claim numbers have decimals. DECIMALS! That’s a no no when giving data to the EDGE server. There is also a timing difference between our bank for writing checks and the dates that the claims are paid. Geezus!!! We rely heavily on actuarial consultants for a lot. CFO is an actuary too.