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This article provides an overview of the role of actuarial support in insurance buying, including negotiations, conflict resolution, and the importance of understanding the business and data.
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Actuarial Support for Insurance Buyers Shirley Fuller Cooper April 1, 2003
Overview • Background • Role at HCA Inc. • Relationship with actuaries • Negotiations • Conflict? • Q & A
Design and Develop Insurance Programs Partner with Insurance Brokers Provide coverage assistance to facilities Property, Tank, & Exec Liability claims oversight Physician/Medical Malpractice Underwriting Maintain exposures Regulatory compliance Policyholder service
Major Negotiations • Director’s & Officer’s Liability • Workers Compensation • Hospital Professional Liability • Property • Physician Malpractice
Actuarial Support • Hospital Professional • Physician Malpractice • Workers Compensation
Expectations • Credible in the industry • Understand the business • Understand the data • Firm handle on calculations • Rely on final decisions
Negotiations • Broker • In-house • Independent • Carrier
Conflict? • Management expectations • Funding • Insurance contract • Continued relationship