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Actuarial Support for Insurance Buyers

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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

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  1. Actuarial Support for Insurance Buyers Shirley Fuller Cooper April 1, 2003

  2. Overview • Background • Role at HCA Inc. • Relationship with actuaries • Negotiations • Conflict? • Q & A

  3. 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

  4. Major Negotiations • Director’s & Officer’s Liability • Workers Compensation • Hospital Professional Liability • Property • Physician Malpractice

  5. Actuarial Support • Hospital Professional • Physician Malpractice • Workers Compensation

  6. Expectations • Credible in the industry • Understand the business • Understand the data • Firm handle on calculations • Rely on final decisions

  7. Negotiations • Broker • In-house • Independent • Carrier

  8. Conflict? • Management expectations • Funding • Insurance contract • Continued relationship

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