2019 President-Elect Candidate
I am honored and excited to be an endorsed nominee. My background as CFO and Chief Actuary of major insurers and health plans plus my long history as a volunteer in education, research, and public policy make me highly qualified to serve the SOA. I have both the time and energy to commit to you and the SOA over the next three years.
I am passionate about the actuarial career, and it is critical to me that actuaries remain highly respected and sought out professionals. I am enthusiastic about what actuaries can accomplish and want to see actuaries play an ever more influential role for our employers and the general public. That is the vision to which I am dedicated, and why I am asking for your vote in this year’s election.
What makes me the right choice for President-Elect?
It is my experience as a leader in the workplace and in healthcare, my experience as an ambassador and volunteer, and my commitment to achieving the SOA’s vision.
Elsewhere on this web page, I invite you to read the details of biography and experience, but here are some highlights:
As a CFO and Chief Actuary, I’ve taken on non-traditional roles as well as being responsible for developing strategy, reporting to boards, and designing products. Equally important as growing the business was creating opportunities for increased engagement, learning, and growth for my staff.
I’ve been a leader in several areas of healthcare such as:
- promoting new ways to improve quality and lower costs
- working with the NAIC to implement the Affordable Care Act; for example, incorporating the principles of credibility in calculating medical expense ratios
- publishing research and strategic articles in The Wharton Healthcare Quarterly, Health Watch, Contingencies, The American Journal of Managed Care, and SOA’s Transactions
- Help start the Health Care Cost Institute- a non-profit research institute that uses actual health plan data to analyze trends in health costs and utilization
- working with the Academy of Actuaries to analyze legislation
As a 30-year volunteer in Education and Examination, I not only served as General Chair of E&E, but also served on committees that
- created and implemented ideas such as a Fellowship Admissions Course and modules for the FSA Group and Health track
- developed the Investment and Finance tracks
- introduced concepts such as “minimum adequate knowledge,” and item-writer training
- authored a study note on disability income that won an award for the best paper in employee benefits
These opportunities have given me the experience of working with a diverse group of professionals. I realize that all board members are volunteers, and that win-win resolutions are best accomplished through a collegial and collaborative approach. That will be my approach as President. I will work with each and every board member in implementing the strategic plan. However, I’ll be ready to lead the organization in a different direction if the environment so dictates.
I have been an ambassador for the SOA my entire career.
- During the 2017 debates on the Affordable Care Act, the SOA asked me to interview with Time Magazine and HBO’s VOX news and circulated Op-Ed pieces I wrote.
- During my first three years on the Congressional Budget Office’s Health Advisory Panel, I was the only actuary and one of two health plan representatives among a distinguished group of health care economists and policy makers.
- Before The Prudential Insurance Company demutualized, I was the only actuary named as a business unit CFO. When I was hired by two health plans as their CFO neither had any credentialed actuaries on staff
Indeed, in my whole career I was always the lead actuary and/or financial person in the company or business unit. This experience has taught me the need to quickly build collegial and trusting relationships fast and also the need to prove one’s competence quickly!
The next President Elect will be in a position to guide the Board in developing the next Strategic Plan (2022-2026). As President my focus will be on proactively ensuring not only that actuaries remain relevant, but achieving our vision of being “highly sought-after professionals who develop and communicate solutions for complex financial issues
I believe the SOA must always:
- Incorporate new methods and technology in our work.
- Deliver education in all actuarial specialties to both new and seasoned actuaries that is rigorous and relevant.
- Grow our global perspective. The more that SOA standards are accepted internationally, the stronger our actuarial brand will be.
- Publish research and guidance on a timely basis on issues that involve actuarial areas of practice.
- Continue to improve cooperation among the five actuarial organizations in the U.S.
- Create opportunities that encourage greater engagement by all segments of our membership, from those under age 40 to those who are retired.
Brief description of current work:
After retiring from Humana in 2015 as Chief Actuary, I have remained active in the actuarial field. My activities include:
The Actuarial Foundation
- Board Trustee since 2015
- Sponsor and prime developer of Modeling the Future Challenge (MTF)
MTF shows and tests high school students on how mathematics can be used to solve real world problems. It also introduces students, parents, and teachers to the actuarial profession. During the competition, students work with mentors who are actuaries but do their own research, modeling, and presenting. Students compete for $55,000 in scholarships. The 2017-18 topic: Autonomous Vehicles: envisioning the future 10-20 years. The 2018-19 topic was Future Cures for Chronic Diseases
SOA Board of Directors (2015-2018) – committees:
- Finance (3 yrs.)
- Governance and Policy (2 yrs.)
- Admissions (2 yrs.), Chair (1 yr.)
- Risk (1 yr.)
Research and Health Policy
- Steering committee for Project 18|11-how can we lower health care cost trend and improve quality.
- Co-presenter on Project18|11 at 2019 Health meeting
- Published: “The Future of the U.S. Healthcare System,” Wharton Healthcare Quarterly, Spring 2018 and Summer 2018. Articles explored improving the individual market place and the meaning of single payer/universal healthcare
- Speaker on The Evolution of the Health Actuary Health meeting June 2017
- Published “Bayes’ Gift,” Contingencies, May/June 2017 followed by Podcast
Condo Board since 2015- it makes the SOA board work look “easy!”
Primary Area(s) of Practice:
Other areas of interest: Education and Research, Predictive Analytics, Enterprise Risk, and Investments
Vice President and Chief Actuary of Humana (2010-June 2015)
- Revenue of $50 billion
- Exercised oversight of actuarial functions and risk analyses in all of Humana’s life and health businesses.
- Grew the Actuarial Professional Development Program (over 500 employees) with the goal of preparing all actuaries and their non-credentialed associates for managerial and executive roles
CFO of Geisinger Insurance Operations (2006-2010), one of the core businesses of Geisinger Health System, an integrated health system located in Danville, Pennsylvania.
- Responsible for financial, actuarial, underwriting, and quarterly reporting to the Board.
- Played a key role in establishing new initiatives to improve the quality and efficiency of the delivery of health care such as Medical Home and Proven Care - a quality guarantee.
CFO of Mercy Health Plans (1997-2006) in St. Louis. As part of the Sisters of Mercy Health System, the Plans operated in MO, IL, AR, and TX.
- In addition to financial and strategic roles and quarterly Board reports, responsibility included provider contracting; systems coordination; and network capitation
SVP/CFO/Chief Actuary for Prudential Insurance Company’s Group Business Unit (1990-1997)
- Provided direction and oversight nationwide for all strategic, financial, and capital functions for all products including managed care, large and small group insurance, Medicare Supplement, long-term care, dental, life insurance, long-term disability, and credit insurance operations
- During this period Prudential was considered the largest healthcare carrier
Volunteer Activities and Awards
Elected to SOA Board of Directors (Oct. 2015-2018)
Elected to Board of Trustees of The Actuarial Foundation (June 2015- present)
Appointed to the Health Advisory Panel for the Congressional Budget Office (Sept 2011-March 2018)
Helped start the Health Care Cost Institute (Sept. 2011)
Active volunteer and leader for the Society of Actuaries in education, research, health, and risk analysis, for example:
- General Chairperson over all Education and Examination committees (1993-94). Began as a question writer for life contingencies, interest theory, and risk theory in 1980 and rose through the exam structure
- Board of Governors’ Task Force on Education (1994-1995)
- Chaired the 2007 Redesign for Fellowship exams in the group and health practice areas (2003-2008)
- Enterprise Risk Management exam committee (2012-2013)
- First chair of research papers for Fellowship credit
- Ph.D. Grants task force
Named the 2004 Financial Executive of the Year for the Heartland Region by the Institute of Management Accountants and Robert Half International.
Won William Mercer’s Ronald L. Hill award for the best paper on Employee Benefits, (1990),
Spoke at many Society of Actuaries meetings – most recently:
Reducing Healthcare Costs (2019), Evolution of the Health Actuary of the Future (2017), Integrated Health Care (2010), and Medical Homes (2007). Led Chief Actuary roundtables at several SOA meetings. Gave Webcast on Medical Home and Proven Care (2009).
Elected (twice) to Board of Education, Randolph Township, N. J (1993-1997).
“The Future of the U.S. Healthcare System – Parts 1 and 2,” The Wharton Healthcare Quarterly, Spring and Summer 2018
“Bayes’ Gift,” Contingencies, May/June 2017, pp. 44-49 [There’s also a podcast on SOA web site]
“Value and the Medical Home: Effects of Transformed Primary Care,” The American Journal of Managed Care, Vol. 16, No. 8, (Aug. 2010), pp. 607-614. Co-author with several others.
“New Concepts for Reducing Costs and Increasing Quality,” Health Watch, Society of Actuaries, Jan. 2008.
“Estimating Claim Costs for Disability benefits,” Group Insurance, ACTEX Publications, Winsted, CT (1992),pp. 367-394.
“Pricing and Underwriting Group Disability Income Coverages,” Transactions of the Society of Actuaries,
Vol. XLII (1990), pp. 171-230.
Assistant Professor, Rutgers University (1975-1977)
Assistant Professor, University of Pernambuco, Recife, Brazil (1974-1975)
Rutgers University: Ph.D. in Mathematics (1974)
Franklin and Marshall College: B.A., Phi Beta Kappa, Cum Laude, Honors in Mathematics (1969)
Fellow of the Society of Actuaries (1980)
Member of the American Academy of Actuaries (1981)
Chartered Enterprise Risk Analyst (2009)