Risk

A Conversation with...AAIS Chief Pricing Actuary, Michael Payne

Sep 9, 2021 / by Michael Payne posted in openIDL, Insurance, Issues & Trends, Data & Technology, Blockchain, Data, Modeling/Actuarial, Risk, AAIS Views, risk management

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This is the next installment in a series of conversations with AAIS leadership to get to know them, their background, and the unique work they’re doing within AAIS to further the insurance industry. In this edition, AAIS Views spoke with Michael Payne, Chief Pricing Actuary, about his career, being creative as an actuary, the role data is playing to create better pricing models, and how AAIS is leveraging those models to deliver value to our Members.

Tell us about your background.

Michael Payne: When I was in college, I liked math, but really didn’t know what I wanted to do. Then I heard about Actuarial Science from an alum who came back to campus and gave a presentation about the career path. That’s what sparked my interest. I got an internship at Zurich and that turned into my first job out of school. I started out doing pricing at Zurich, went to SCOR Re to do reinsurance pricing, and went back to Zurich to eventually lead a pricing tools team.

One not-so-traditional role in my career was a stint I did at Sears in their Home Services unit where I was the Director of Underwriting Analysis. Basically, if you bought a refrigerator at Sears, they were going to offer you a protection plan. It was my role to figure out the prices for those protection agreements based on how likely the appliance was going to need to be repaired or even replaced.

Overall, I really like pricing. It’s prospective in nature as you try to determine what might happen in the future.

In the winter of 2018, I joined AAIS where I’ve been able to leverage my pricing experience. My role includes product development and delivering loss costs that are appropriate for the coverage being offered. Not all carriers have a large team of actuaries or loads of data, so our rating plans offer them a faster speed to market for a new line of business, or even insurtechs to get their first policies written.

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The Value of Risk Control: Moving Beyond the Basics

Mar 15, 2021 / by AAIS posted in Community, Technology, Issues & Trends, Data & Technology, COVID-19, New/Emerging Risks, AAIS Webinar Series, Underwriting, Risk, RCT, EMC, AAIS Views

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In this edition from the AAIS Webinar Series, titled: The Value of Risk Control: Moving Beyond the Basics, Bryon Snethen, Vice President Risk Improvement at EMC Insurance and Jacob Pereira, a Solutions Engineer at Risk Control Technologies identified the purpose and value of risk control to a variety of stakeholders, including agents, insurance companies, policyholders, and society.

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Webinar Spotlights New Approach to Non-Cat Fire Modeling

Feb 23, 2021 / by AAIS posted in Technology, Data & Technology, Insurance News/Current Events, IoT, New/Emerging Risks, Industry, Data, Fire, Innovation, AAIS News & Views, Data/Tech, Risk

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In an AAIS Webinar, FLAMES: The Modern Fire Protection Evaluation Model, AAIS Vice President Phil LeGrone, and AAIS Senior Risk Strategy Lead Matt Hinds-Aldrich, PhD, outlined the new fire model, FLAMES, and the advantages it offers over traditional models for underwriters assessing and managing non-cat fire risk.

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Tracking CATs and Taming Risk

Jan 7, 2021 / by AAIS posted in Community, Technology, Issues & Trends, Data & Technology, Insurance News/Current Events, New/Emerging Risks, P&C Insurers, Data, AAIS Insights, AAIS Pulse, Underwriting, Modeling/Actuarial, Risk, Analytics Insurance

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In August 2020, AAIS introduced its new Risk Awareness Service (RAS), a digital resource center tracking catastrophic risk and providing risk information in real time. At the inaugural AAIS Pulse Newsmagazine, AAIS VP Data and Actuarial Services Phil LeGrone described the Risk Awareness Service, its goals, and the value it can provide insurance carriers and the customers they serve. He also welcomed Jeff Waters, a Senior Product Manager at Risk Management Solutions (RMS), the leading modeling firms, to add his perspective on emerging modeling approaches and tools.

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