A key member of your actuarial staff is retiring or has accepted another position. Should you do what you’ve always done and look to hire a replacement?
Small to mid-size insurers frequently face this dilemma. And it can be particularly frustrating if you have had more turnover in your actuarial team than in other departments, or if you are in a location with few local actuaries, so you will not just be paying a big salary, but perhaps also a headhunter and a relocation.
At Miller & Newberg, we suggest that you consider an alternative that may prove to be better: partially outsourcing your actuarial function to us. Here’s how everyone wins.
- You tap into superior expertise: Your relationship manager at Miller & Newberg will be a Fellow of the Society of Actuaries with deep expertise, many years of consulting and leadership experience, and a presence that will win the confidence of your leadership team and board of directors. Since we work with a wide variety of insurance companies and fraternal benefit societies, we know what works in the marketplace and thus how best to address the sales and profitability challenges your organization is facing.
- You cut costs: We cut your costs in three ways. First, since we support many processes across numerous insurers, we have developed the software tools and user expertise that allow us to accomplish results quickly and easily. Second, recognize that actuarial work is seasonal, so there are stretches of time where little actuarial work is needed. With us, you only pay for the work you need done, not for the downtime, and we don’t create busy work. And third, we keep our costs low by operating in a Midwest city, which allows us to pass the savings along to you.
- Your remaining actuaries undertake more interesting work: We recognize that this shift can be counter-cultural at first, so we work to complement – not replace – your remaining actuarial staff members. Perhaps they are senior actuaries and need someone to do the technical work, in which case, we do that. Perhaps they are junior actuaries and need someone to develop their skills, in which case, we leverage the work they can do and provide the necessary guidance for their knowledge to grow. No matter the situation, we work to make it a win/win.
- We are with you: It’s true that we won’t be in your physical location on a daily basis, but with frequent video calls and the occasional in-person visit, you may be surprised how much we can become as much a part of your team as the actuary you just lost. Across the board, our clients consider us to be a key part of their management team, and we wouldn’t have it any other way.
When you’re faced with the dilemma of the loss of an actuarial staff member, call us. We can craft a better solution than hiring someone new.