Actuarial
Actuarial

Actuarial

The Actuarial Practice of Oliver Wyman works with companies to manage property and casualty, life and annuity, and healthcare risks across a broad range of industries. Our practice assists with quantification of risk and loss exposures, and provides advice on external business strategy, internal risk management, implications of mergers and acquisitions, and new product development.

We use mathematical and statistical modeling skills to assist our clients in evaluating and addressing risk.  We offer solutions so our clients may manage and prepare for the potential financial consequences of uncertain future events.

Our actuaries combine a broad range of expertise with specialized knowledge of specific risks allowing us to provide independent, objective advice.  We are committed to unparalleled expertise in actuarial and risk sciences, continually renewed by the breadth of our consultant's experiences and independent research.  We continuously research methods for evaluating, measuring, and reporting on risk and provide clear, timely communications in the three primary areas of risk for organizations: property and casualty, life and annuity, and healthcare.

 

  • Health

    Today, the healthcare industry is facing a variety of challenges. Perhaps, unlike any other industry in the US, the industry finds itself at a crossroads between investors, regulators, and the court of public opinion. All this is complicated by public, private and not-for-profit entities competing head-to-head for the same customers and revenue. This creates complex challenges for insurers, regulators, policy makers, providers and purchasers. In this current environment, it is more critical than ever to understand the unique characteristics and risks of the many and varied markets.

    Our team of health actuaries are the leaders in innovative solutions in the ever changing healthcare environment.  We are the trusted advisors to insurers, healthcare providers, government agencies, law firms and regulators.  Our clients turn to us for our high-level strategic advice, and our ability to model proposed reforms and respond to changes in regulations on both the state and federal levels.

    SERVICES FOR COMMERCIAL INSURERS, HMOS, AND BLUE CROSS/BLUE SHIELD PLANS

    The current environment requires commercial insurers, HMOs and Blue Cross Blue Shield plans to develop new strategies to prepare for and compete in the post-reform market. Oliver Wyman supports its clients in offering a wide array of services including: market and strategy assessments, product development and pricing, financial modeling and reporting, and enterprise risk management programs.

    SERVICES FOR INSURERS OF MANAGED MEDICARE AND MEDICAID PROGRAMS

    Oliver Wyman has extensive experience working with managed Medicare and Medicaid plans. From feasibility studies to pricing and rate negotiations, we provide our clients the information they need to make informed decisions taking into account the special characteristics of these markets.

    SERVICES FOR INSURERS WITH LONG TERM CARE PRODUCTS

    We provide a full array of services including product and program design, financial forecasting, experience reviews and valuations for a wide variety of organizations, including commercial insurance carriers, employers, providers, group associations, self-insured plans, government agencies and other entities.

    SERVICES FOR GOVERNMENTS

    Oliver Wyman has a long history of providing a wide range of services to governmental entities. These services include modeling the impact of pending legislation, e.g. health care reform and benefit mandates, to changes in regulatory authority, to high risk pool studies to expert witness testimony.

    SERVICES FOR REGULATORS

    Oliver Wyman has extensive experience providing consulting services to regulators. The services include rate filing reviews, certificate of need analyses, financial review for newly formed insurance companies, financial examinations and expert witness services, and support in strengthening the regulatory function as a result of legislative changes.Insurer rate filing reviews including expert witness testimony 

    SERVICES FOR OTHERS

    Our services range from working with captive insurance companies to supporting other professionals, as well healthcare providers, to litigation support to audit support.

  • Life and Annuity

    The life insurance and annuity business is very competitive with a variety of challenges. It is difficult to meet the needs of investors, employees, producers and policyowners while complying with many regulatory and financial requirements of state, federal and international regulations. It is critical that companies in this business understand these risks and take proper steps to protect their companies.

    SERVICES FOR LIFE INSURANCE COMPANIES, FRATERNALS AND INVESTORS

    • Product Development and Pricing Support -- Product design, premium rate development, filing preparation, and market assessment
    • Appointed Actuary and Illustration Actuary Services -- Qualified actuaries to sign statements of actuarial opinion for the US statutory statement or annual illustration certifications in compliance with the life illustration regulation
    • Reserving/Valuation -- Actuarial support for the preparation of statutory, GAAP, and IFRS financial statements
    • Peer Reviews -- Review of actuarial analyses conducted by in-house actuaries by our objective, independent consultants
    • Regulatory Support -- Assistance with compliance of state, federal, and international regulations
    • Actuarial Appraisals -- Development of actuarial valuation on behalf of a potential seller
    • Actuarial Due Diligence -- Financial and process reviews for acquisition targets
    • Enterprise Risk Management -- Support in development and assessment of risk management programs and models
    • AXIS Modeling -- Deliver reliable insurance modeling results and drive decision making for our clients. We design, build, optimize and peer reviewed all sizes of AXIS actuarial models to support a wide range of client business needs.

    SERVICES FOR REGULATORS, GOVERNMENTAL ENTITIES, RECEIVERS, AND GUARANTEE ASSOCIATIONS

    • State insurance department financial examination support -- Review of actuarial work and memorandums being examined by state insurance departments
    • Financial analysis and review of license applications for newly formed insurance companies
    • Insurer market conduct reviews
    • Policy form filing review/assisstance
    • Assessment and modeling of potential impact from proposed legislation to stakeholders
    • Actuarial support for receivers and guarantee associations

    SERVICES FOR OTHERS

    • Expert witness services and litigation support for law firms
    • Actuarial support for CPA firms auditing actuarial liabilities
    • Assessment of regulatory reforms for industry and other groups