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Actuarial Support for Insurance Buyers

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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