Rich, who operates out the Columbus office of Oliver Wyman, leads the firm’s P&C actuarial insurance team, which specializes in product management, product development, pricing, reserving, and competitive intelligence. Rich provides actuarial consulting services to a variety of insurance and self-insured organizations.
Insurance clients turn to my team to address their analytical needs. We separate ourselves from the competition because clients trust us to assist them with their most difficult challenges.
Rich has provided actuarial services for over 28 years, serving at a few US-based insurance companies in a variety of roles, including chief actuary and chief reinsurance officer at a primary insurance company and chief reserving officer for a leading reinsurance company.
Prior to joining Oliver Wyman, he worked at a Big Four audit firm, an experience that helped him in his current role. “I’ve benefited tremendously from being connected to several sales professionals in my career. Learning sales skills through informal and formal channels has been incredibly helpful and a great balance with the analytical training I have received as an actuary,” says Rich.
He sees a host of challenges and opportunities facing the industry in the coming years. “Insurance company actuarial departments continue to receive pressure to be more efficient and deliver a larger impact to the organization. As a result, our team has focused on solutions to assist our clients with these challenges,” he says.
Actuarial-outsourcing services is an area where his team is making a difference. “Our outsourcing service has helped several clients deliver ratemaking activities at a cost that is 30 to 50 percent less expensive than most clients can achieve internally,” he says. “The key benefit is it frees up time for their internal actuaries to focus on activities that create competitive advantages.”
Another area that is a potential game-changer for insurance companies is technology and automation. “We have developed an automated reserving tool that leverages artificial intelligence and robotics to execute analyses actuaries currently complete manually,” says Rich. “This solution will allow insurers to deliver consistent results faster and cheaper than ever before.”