Private Long-Term Care Insurance Celebrating 25 Years in Actuarial Recruitment
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AMERICAN ACADEMY OF ACTUARIES ■ MAY | JUN ■ 2015 Private Long-Term Past,Care Insurance Present, Future Private Long-Term Care Insurance Celebrating 25 Years in Actuarial Recruitment www.dwsimpson.com/25th ® GLOBAL ACTUARIAL & ANALYTICS RECRUITMENT For 25 years, DW Simpson Global Actuarial & Analytics Recruitment has been specializing in the recruitment of Actuaries and analytical professionals. We work at all levels of experience, from Entry-Level through Fellowship, and with all disciplines including Life, Health, Pension, Property & Casualty and non-traditional areas. | www.dwsimpson.com | (800) 837-8338 | [email protected] Over 35 Years of Industry Experience EZRA PENLAND (800)580-3972 ACTUARIAL RECRUITMENT [email protected] EMAIL RESUMES TO: Celebrating 25 Years in [email protected] Actuarial Recruitment JOIN OUR LINKEDIN www.dwsimpson.com/25th NETWORKING GROUPS AT EzraPenland.com/LinkedIn NORTHEAST USA - P&C CHIEF RISK OFFICER USA - LIFE REINSURANCE Comp up to $275K. Position 62775 requires strong under- Reinsurer is searching for a Life FSA with client-facing ® standing of capital adequacy and capital modeling. FCAS or experience as well as variable annuity risk management GLOBAL ACTUARIAL & ANALYTICS RECRUITMENT ACAS with commercial lines exp. experience for Position 63047. Requires 10+ years of life insurance / reinsurance experience. MASSACHUSETTS - EXCESS CASUALTY For 25 years, DW Simpson Global FCAS or ACAS with excess casualty experience needed by IOWA - LIFE FINANCIAL REPORTING Actuarial & Analytics Recruitment has our Boston client for Position 62192B. Requires ratemak- Life ASA/near-FSA immediately sought for financial re- been specializing in the recruitment of ing and reserving experience. Reports to Head. porting role in Iowa for Position 63588. Requires 5+ years of actuarial and financial experience. Actuaries and analytical professionals. NORTHEAST USA - REINSURANCE PRICING We work at all levels of experience, Reinsurance property pricing actuary is immediately needed SOUTHWEST USA - VP MODELING/LIFE PRICING from Entry-Level through Fellowship, by Northeast USA reinsurer for Position 63287. FCAS or VP modeling and life pricing actuary at the FSA level is ACAS credentials required. sought by our Southwest USA client for Position 63530. and with all disciplines including Must have at least eleven years of life actuarial experience. Life, Health, Pension, Property & GEORGIA - ACAS, RESERVING EXP. ACAS actuary is needed by our Atlanta P&C client for Po- MASSACHUSETTS - Casualty and non-traditional areas. sition 60301. Requires 3+ years of commercial reserving HEALTH PAYMENT MODELING experience. Consulting or insurance experience ideal. Health actuary at the ASA or FSA level sought by Boston insurer for Position 63582B. Compensation up to $200K. MASSACHUSETTS - COMMERCIAL LINES MGR. Requires 10+ years of financial and actuarial experience. Commercial lines actuarial manager sought at the FCAS Major duties are expected to include contract analysis and level by a Massachusetts insurer for Position 63712. Re- generating payment models. quires management experience. CONNECTICUT - SENIOR HEALTH ACTUARY USA - P&C CHIEF ACTUARY For Position 63521, a senior FSA health actuary is needed For Position 63135, an FCAS or ACAS Chief Actuary is by our Connecticut client. Build and interpret healthcare sought by niche insurer. Requires 12+ years of experience, analytical models. Client is a leader in their field. including several years of commercial lines experience. USA - HEALTH MEDICAID ACTUARIES CALIFORNIA - PREDICTIVE MODELING MGR. Ezra Penland Actuarial Recruitment seeks Medicaid Actuar- Our client is searching for a P&C predictive modeling man- ies at the FSA, ASA and Actuarial Analyst levels. ager for Position 63220. Must have at least three years of experience with advanced statistical analysis of insurance NEW YORK - HEALTH AND WELFARE ACTUARY claims data. ACAS/near-ACAS or Master’s degree or Ph.D. Health and welfare consulting actuaries are immediately a definite plus. needed in New York for Position 63474. FSA or ASA with group benefits experience especially sought. PENNSYLVANIA - CAT MODEL BUILDER Catastrophe risk modeler and Model Builder with a Ph.D. or PENNSYLVANIA - RETIREMENT CONSULTANT Master’s degree sought by our Philadelphia client for Posi- For Position 62565, a Philadelphia consulting group is now tion 63329. Requires 5+ years of industry experience. Role seeking a pension actuary at the EA/ASA or EA/FSA level. open due to anticipated business growth. Must have at least seven years of retirement consulting experience. Immediate need. MIDWEST USA - ACTUARIAL CONSULTANT Growing consulting practice has asked Ezra Penland to find FLORIDA - CONSULTING ACTUARY an FCAS or ACAS for Position 63196. Hands-on project Growing Florida retirement consultancy has an immediate management and reserve analysis role. Work closely with need for an EA or ASA or FSA actuary for Position 62738. clients. Strong reserving experience is a must. 3 to 12 years of benefits consulting experience ideal. | www.dwsimpson.com | (800) 837-8338 | [email protected] THESE JOBS AND MANY MORE CAN BE FOUND AT EzraPenland.com ■ MAY | JUN ■ 2015 Features Contents COVER ILLUSTRATION: JIM SALVATI Past, Present, Future Private Long-Term Care Insurance 18 The industry is in a state of contraction … but LTCI can still be a vital part of private coverage options. By Paul E. Forte The Connection Between Military & Business Strategies 28 A Brief History of Business Strategy How the precepts of military strategy have been applied—and misapplied—to business contexts. By Carlos Fuentes and Tom Maki Look to the North for a Better Medicaid and the ACA Approach to Financing Social The sweeping health care reform 36 Security 40 means some big changes for home and Canada may have a blueprint for how community-based services—and who’s we can fund this important social eligible to receive them. insurance program. By Robert M. Damler and Marlene T. Howard By Ken Steiner 2 CONTINGENCIES MAY | JUN.15 BE SURE TO VISIT OUR DIGITAL EDITION AT WWW.CONTINGENCIES.ORG. Opening Doors for Actuaries Globally Andover Research, Ltd. specializes in the recruitment and placement of actuaries and investment professionals worldwide. Integrity, con dentiality, objective assessments and continuous involvement in the total recruiting process have made us leaders in the eld. Our clients include insurance companies, consulting rms, healthcare organizations, and investment banks. Contact us for our latest exclusive and retained searches. Lisa Evans Debbie Fine Hillary Steele Sarah Price Deborah Turner Alex Harper Kathie Spencer Amy Baxter ANDOVER RESEARCH, LTD. www.andoverresearch.com twitter.com/andoverresearch 1-800-ANDOVER Departments VOL 27 | NO 3 INSIDE TRACK . .6 Musings on Time Published by Eric P. Harding PRESIDENT’S MESSAGE . .8 Academy’s Aging Initiative Tackles Big Problems of the Day Mary D. Miller PRESIDENT Mary D. Miller ACADEMY INSIGHTS . .10 EXECUTIVE DIRECTOR Past Is Prologue: Self-regulation and Its Mary Downs Immeasurable Value for the Future DIRECTOR OF COMMUNICATIONS Mary D. Miller, Tom Terry, and Tom Wildsmith David J. Nolan UP TO CODE . 14 EDITOR Why an Actuary Must/Should Read ASOP No. 1 Eric P. Harding Allan W. Ryan PUBLICATIONS & MARKETING PRODUCTION MANAGER Laurie Young SPECIAL SECTION . 44 ADVERTISING 2015 Software Mohanna Sales Representatives Showcase (972) 596-8777 DEPARTMENT EDITORS WORKSHOP . 46 Thomas L. Bakos ACA and More— Sam Gutterman Health Care Reform Robert J. Rietz in 2015 Lenny Shteyman Cathy Murphy-Barron Tom Toce PUBLICATION DESIGN & PRODUCTION BonoTom Studio Inc. www.bonotom.com TRADECRAFT . 50 COMMUNICATIONS REVIEW COMMITTEE Actuarial Managed John Moore, Chairperson Services: Business Case Shawna Ackerman and Leading Practices Mary Bahna-Nolan Eli Greenblum Dave Czernicki, William Hines Kush Kotecha, Kenneth Kent and Dave Consentino Mary D. Miller Catherine Murphy-Barron BOOKLINKS . 56 Arthur Panighetti Models at Work Thomas Terry Thomas Wildsmith By Jawwad Farid Review by David Ingram INTERNET ADDRESS www.contingencies.org CRYPTIC PUZZLE . 60 Contingencies (ISSN 1048-9851) is published bimonthly by the American Der German Lesson Academy of Actuaries, 1850 M Street, NW, Suite 300, Washington, DC Created by Jerry Levy 20036-5805. For subscription information and customer service, con- Edited by Tom Toce tact the Contingencies subscription department at the address above or (202) 223-8196. Advertising offices: Mohanna Sales Represen- PUZZLES . tatives, (972) 596-8777, [email protected]. Periodicals postage 62 paid at Washington, DC, and at additional mailing offices. Goodbye. See You Later! Copyright 2015. All rights reserved. This magazine may not be reproduced in whole or in part without written permission of the Lenny Shteyman publisher. Opinions expressed in signed articles are those of the authors and do not necessarily reflect official policy of the American Academy END PAPER . .64 of Actuaries. Cabin Fever Postmaster: Please send change-of-address notices for Contingencies Bob Rietz to Contingencies, PO Box 16976, North Hollywood, CA 91615-6976. 4 CONTINGENCIES MAY | JUN.15 WWW.CONTINGENCIES.ORG We’re interested in the person behind the paper, because we don’t submit resumes, we present people. Let us get to know you. A phone call today is the best career move you can make, even if you aren’t looking right now. R ACTUARIAL CAREERS, INC.® Westchester Financial Center 11 Martine Avenue, 9th Floor White