Working as the newest Consultant Actuary for Wakely Actuarial opens a new chapter in what has been an abundant career in the insurance industry.
As I get familiar with the Wakely Actuarial client work, I am reminded by the “why” of our industry. Insurance provides benefits to families should the parents die. Insurance companies make our health care affordable. Insurance companies provide vehicles for saving for retirement, with the ability to provide annuities with payouts over a lifetime. The “why” is that insurance can promise to replace future economic uncertainty with certainty and to restore a sense of security for insufficiencies.
As we face difficult times due to COVID-19, we have an opportunity to help all generations: the Baby Boomers, Generation X-ers, and Millennials to understand our products and benefits. Insurance companies cannot kill the virus, but we in the insurance industry can help with the financial impact. The more that the public appreciates what we offer, the healthier we are as a society.
Death may strike anyone prematurely. When death takes the life of the family provider, the family may suffer a financial loss without adequate coverage. Life insurance meets the needs, and it may be provided by an employer, available through a group, or purchased from an insurance producer or broker. Our clients are the providers of these benefits, and we get the opportunity to help these companies can meet this demand.
The actuaries are researching longevity, and mortality has been continually improving. A lot depends on chance, and the remainder depends on knowledge and utilization of healthy practices, avoiding hazards that could have dangerous consequences, and the marriage of good physical health, mental health, and spiritual health. Our experience studies show that this improvement is changing and getting better.
Paying for health care remains a challenge for both individuals and the nation. Sickness, disability, and accidents can leave individuals and families in poverty. We do not know the full impact of the COVID-19 pandemic on individuals, companies, and the nation’s economy. By mid-March, thousands of lives had been lost. The insurance industry is organized to remain strong despite such adversity. As Consulting Actuaries for health insurance, we are investigating ways to provide quick, effective responses to this adversity.
We actuaries are trained to understand the regulations imposed on the companies and products that our clients offer. We monitor the financial assets and liabilities, and we know how to calculate the reserves. We have learned to love the mathematics of insurance, and we are reminded of the “Why?”
Here at Wakely Actuarial, as we face these difficult times, our responsibilities in the consulting roles are offering a meaningful response to the pandemic crisis.