February 2012

Buy-Sell Agreements: Taking Care of the Eight Ds


by Nick Ortner

(In December 2009, the Entrepreneurial Actuaries Section (EAS) announced the new listing of preferred vendors for entrepreneurial actuaries. The following revisits that announcement as a means of refreshing this information for the membership.)

Entrepreneurial actuaries have to address a myriad of challenges–beyond just those associated with marketing their business–which may range across the following issues:

  1. Where should I turn for actuarial peer review?
  2. Who is a preferred broker to contact for buying professional liability coverage?
  3. Who offers business coaching and communication services?
  4. Who do I contact for legal services (e.g., consulting agreements, contracts, etc.)?
  5. Who are preferred recruiters for my position search or to assist with my staffing needs?
  6. Who do I contact to optimize my systems, software, and technology?
  7. Who may assist in website development?

To help answer these and other questions, the EAS Council continues to pursue an ongoing and important initiative that identifies resources and provides a "one-stop shop" for entrepreneurial actuaries to efficiently access service providers and vendors that may meet their many needs.

How Do I Access the Preferred Vendors?

For a complete list of vendors–vendors who may also offer discounts to EAS members–visit the SOA website (www.soa.org) under Professional Interests–Sections at the following link.

From there, go to SOA Member Services Available at the following link.

The preferred vendors listed serve the interests of small business people and entrepreneurs. The range of services and vendors available are the result of member recommendations and the personal experiences of individual members. The dynamic list changes and expands as the EAS Council continues to make sure the list is up-to-date and as the EAS membership forwards additional recommendations to the EAS Council.

The list encompasses 18 categories under which the preferred vendors are linked, ranging from actuarial consulting resources to help actuaries find other actuarial firms for peer review and auditor services (e.g., claims audits, eligibility audits, financial audits), to underwriting expertise and website development assistance, with 14 additional categories in between.

Are These Vendors Endorsed by the SOA?

This information doesn't constitute an endorsement, recommendation, or approval of the vendor or its products or services by the Society of Actuaries (SOA). There are no exclusive arrangements. The information is solely provided as a resource of recommended vendors based on individual referrals by EAS members.

Modest Requirements to Make Your Company a Preferred Vendor

If you're interested in becoming a preferred vendor and offering a service to the 550 members of the EAS, please contact Sections@soa.org. You'll receive a Website Listing Agreement that highlights the preferred vendors' and SOA's responsibilities.

The modest requirements for participating include returning a signed copy of that agreement, a minimal fee of $25, a paragraph that the SOA adds to the EAS website to describe your company and its services, and a link to your website. Once your signed agreement has been received, your information will be posted and the section membership informed of the posting.

Nick Ortner, FSA, MAAA, is product development manager–Group Markets for National Guardian Life Insurance Company in Madison, Wis. He may be reached at njortner@nglic.com or 608.443.5280.