SOA June 2011 Health Meeting Tn 5 17 11]


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SOA June 2011

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SOA June 2011 Health Meeting Tn 5 17 11]

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