The Role of the Actuary in Employee Benefits
The role of the actuary is to determine a correct premium to be charged for coverage offered in an employee benefit program. Actuaries are trained through a strenuous examination process to be qualified to interpret relevant data from a benefit program to determine what the correct price should be in a future time period. Walk through the steps taken from data collection to final premium setting for a health insurance program and understand the difference between fully insured and self-insured offerings. .
At the completion of this session, attendees will be able to:
- Take the mystery away from how the renewal was developed
- Enhance the knowledge of the consumer so they feel more empowered to challenge/trust the renewal
- Understand and appreciate the long term value of a well-managed JPA
- Anil Kochhar, Vice President, ASA, MAAA, Aon Hewitt
Interest areas: Finance & Technology, Healthcare, JPA board, Human Resources, Loss Control, General Interest, Pool Manager