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SOA June 2011 Health Meeting Tn 5 17 11]


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SOA June 2011

SOA June 2011

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  • 1. Health Underwriter Career Options
    - Engaging the Future -
    Presented by Tony Nista
    Underwriting Business Leader
    Independent Insurance Professional
  • 2. SOA June 2011 Health MeetingSession 16PD – What Does the Future Hold for Underwriting?
  • 3. Agenda
    • What is the Reality of HCR
    • 4. Potential Impact on Career Underwriters
    • 5. Health Underwriter Skillset/Qualifications
    • 6. Potential Underwriter Career Paths
    • 7. Preparing to Engage the Future
    • 8. What Next?
  • Level Set
    • HCR Will Not Obliterate Health Underwriting
    • 9. Health UW Process/Technology Will “Evolve”
    • 10. Possible to Conform to HCR and Still Profit
    • 11. Health Underwriting Will Retain “Relevancy”
    • 12. But What If???
  • But What If???
    • …Health Care is no Longer Conducive to Health UW?
    • 13. …Conventional Health UW Skills are no Longer Relevant?
    • 14. …What if the Sky Did Fall?
    The Health Underwriter Must Prepare for Armageddon!
    “No one has to go. We can all stay here on Earth and wait for this big rock to come and kill everyone and everything we know.”
    Bruce Willis, Armageddon
  • 15. Health Underwriter Skillset/Qualifications
    • Financial Acuity (face it, if you’re not good at math…)
    • 16. Investigator (gather facts, piece together the story)
    • 17. Intuitive Reasoning (what am I missing or not being told?)
    • 18. Analysis and Projection (what will it look like going forward?)
    • 19. Risk Taking (when all is said and done, still an unknown)
    The Health Underwriter Takes Known History, Proven Mathematical Theory/Tools, the Element of the Unknown, and Predicts the Future.
    Based on this Skillset, What Can an Underwriter do “After” UW?
  • 20. Potential Health Underwriter Career Path
    FBI Agent
    Police Detective
    Hostage Negotiator
    Stunt Pilot
    OK, so These are NOT Very Practical!
    “Of Course Everyone Thinks They Have a Sense of Humor…Even the Ones Who Don’t.”
    Rick Moranis, My Blue Heaven
  • 21. Potential Health Underwriter Career Paths(For Real This Time)
    • Non-Health Underwriting
    • 22. Actuarial Sciences
    • 23. Employer Benefit Plan Consulting
    • 24. Health Care Provider Consulting
    • 25. DOI Auditing
    • 26. PEO Plan Management
    Let’s Look at Each in More Detail…
  • 27. Non-Health Underwriting
    • Most Logical Step – Lateral Move
    • 28. Life, Dental, Workers Comp, Worksite Products
    • 29. Not Impacted by HCR (at Least Not Yet!)
    • 30. Many UW Skills are Transferable Between Products
    • 31. Health UW Skillsets Are Basically the Same
    • 32. P&C Also an Option (although more of a stretch)
  • Actuarial Sciences
    • Logical Progression in an UW’s Career
    • 33. Actuarial and Underwriting are Very Similar
    • 34. Many Underwriters Report to Actuaries
    • 35. Many “Underwriters” are Actuaries
    • 36. Actuarial Has Greater Scope and Career Options
    “I suppose I could collect my books and go back to school.”
    Rod Stewart, Maggie May
  • 37. Employer Benefit Plan Consulting
    • Also a Logical Career Progression for an Underwriter
    • 38. Health UW Skills Very Appropriate for Benefit Consulting
    • 39. HCR Opens Greater Opportunity for Consulting Services
    • 40. Employers Will Want/Need Independent Guidance
    • 41. UWs Have Experience in Demand by Client Employers
  • Health Care Provider Consulting
    • A Slight Departure, But Still Very Appropriate
    • 42. Providers Gain From “Carrier Seasoned” Professionals
    • 43. Contracting, Negotiating, Health Care Analytics
    • 44. Inside Track on Carrier Strategies
    • 45. Understand Your “Opponent”
    “Keep Your Friends Close and Your Enemies Closer!”
    Machiavelli, The Prince
  • 46. DOI Auditing
    • Actually, Any Functions Within the DOI
    • 47. HCR Creates Increased Audit Opportunities
    • 48. Many HCR Components are Enforced by Local DOIs
    • 49. Underwriting Experience is Key in the Audit Process
    • 50. Underwriters Know Their Audit “Targets”
    “It’s always the underwriter ends up doing 24 months in Danbury minimum security prison!”
    Michael J. Fox, The American President
  • 51. PEO Plan Management
    • PEOs are the “Employer” not the “Carrier”
    • 52. PEOs Can be Fully or Partially Self-Funded
    • 53. Small Group UW is an Especially Valuable Skill
    • 54. Health Coverage is “Incidental” to the PEO Product
    • 55. PEOs are NOT Going Away Anytime Soon!
    • 56. PEOs May be the Next “Private Health Care Exchange”?
  • Summary
    • Health Underwriting Will NOT Disappear Due to HCR
    • 57. Hope for the Best, But Prepare for the Worst!
    • 58. Education Opportunities (HIA, LOMA, Actuarial Exams)
    • 59. Increase Marketing Appeal (Self-Promotion)
    • 60. Focus on Related Industry Positions
    • 61. Keep an Open Mind to New and Exciting Opportunities
    The Earth is rotating at 1,000 miles per hour and shooting around the Sun at 1,000 miles per minute and the Sun is hurtling through the Milky Way at “Ludicrous” speed.
    Enjoy the Ride!!!