The idea behind “rent an actuary” comes from the other professionals we “rent."  We “rent” doctors, lawyers, accountants and other professionals when we need them - but we don't usually have a doctor or a lawyer on our payroll.

Many companies have a need for actuarial services, but not on a full-time basis.  These services can be viewed in two ways:

First, the "typical” actuarial services of ratemaking and loss reserving, can be performed on a project by project basis.  The "rented actuary" can be hired, or engaged, for a specific rate review or loss reserve analysis.

Second, there are some tasks that go beyond the "typical” actuarial tasks.  These executive level activities are typically performed by a Chief Actuary, and include:
   ·  Assistance with reinsurance purchases, including retention levels, limits, aggregate limits, and other features.
   ·  Asset/liability matching studies as they relate to investment strategies. Chief Actuaries are typically a member of the investment committee for this reason.
   ·   Planning and forecasting for the organization   The Chief Actuary’s skills at analysis and forecasting for ratemaking make this an especially valuable use of his or her skills.
   ·  Integration of the actuarial activities with those of other functional areas, such as marketing, claims, underwriting, investments, and public relations.

A Chief Actuary not only knows how to do the pricing and reserving activities, but also knows these additional activities and how they should be integrated into the other functions of the company.  The Chief Actuary looks at the actuarial function and activities from an executive management perspective, and the executive management activities from an actuarial perspective.    

We are experienced or familiar with nearly every aspect of a Property/Casualty Insurance company.  That knowledge enables us to see how things fit together, and discover when there are activities that are not efficient, not effective, or are in conflict with the company's goals.  

Companies that do not wish to hire a Chief Actuary on a full time basis can retain our services on an advisory basis.