Looking Back on a Three-Year Journey
By Matthew Winegar
Long-Term Care News, November 2021
Three years—a lot has changed in three years. I was starting my new role at Pacific Life; blockbuster movies were still a thing (Black Panther, Avengers Infinity War, Aquaman, and Incredibles 2 were all released in 2018); and Tom Brady was beginning his playoff run for his sixth Super Bowl win. . . . Okay, maybe not everything has changed.
In late 2018, I was newly elected to the Long-Term Care (LTC) Section Council, nervous and excited about the journey ahead of me. I dialed into my first call, gave a brief introduction to the rest of the Council, then relished the opportunity to work with leaders of the LTC industry. I was relatively quiet on that first call, but—like almost everything else—that quickly changed. I joined in conversations and debates on where best to focus Section resources and eventually found myself Chair of the LTC Section Council.
It has been an extremely rewarding experience, personally and professionally, to be part of this Council. As a Council member, I can’t take credit for most of the great work that LTC Section members have done these past three years, but I can say I enabled their success and had a front row seat!
Here are some of the important activities that the LTC Section Council was able to support:
- The birth of the LTC Medical Symposium. Now in its third year, the symposium provides LTC actuaries with advice and context from experts outside the insurance industry.
- An in-depth industry study of LTC incidence rates over time. This report was, in my opinion, the most in-depth look at morbidity improvement in an insured population ever conducted, and it provided great guidance on how to perform such an analysis of an individual carrier’s experience.
- Research into the impact of Alzheimer’s disease and dementia, such as the recently published “Dementia Neurology Deserts and Long-Term Care Insurance Claims Experience in the United States.”
- The revitalization of the LTC Section Podcasts.
While this is a substantial list, it doesn’t even come close to capturing all the great contributions by Section members over the last three years. And while it’s been rewarding to help create a stage for members to produce this content, it’s not what I’m going to miss most about being on the Council.
No, the best part of being on the LTC Section Council has been making connections with colleagues from around the LTC insurance industry. To be able to network with industry leaders has been priceless.
Today, I’m writing this note just weeks before my last meeting as the Council Chair. It’s hard to believe my term is coming to an end. By the time this article is published, my three-year tenure on the Council will be over, making room for the next exceptionally talented class of Council members.
The Section is in good hands. The LTC Section Council has a slate of educational content for the coming months. There is a webcast on professionalism in November, a webcast on the design of social insurance programs being planned for December, and some planned free virtual networking events. There will also be a focus on supporting LTC-related research in 2022. All of this work is being coordinated by the LTC Section Council, but none of it could happen without you—the Section members!
Thank you for allowing me to serve as Chair this past year. I look forward to working with you all in the future, or maybe you can save me a seat at the next movie premiere.
Statements of fact and opinions expressed herein are those of the individual authors and are not necessarily those of the Society of Actuaries, the editors, or the respective authors’ employers.
Matthew Winegar, FSA, MAAA, is a director and actuary at Pacific Life Insurance and has served as the 2021 Chair of the Long Term Care Insurance Section. He can be reached at matt.winegar@pacificlife.com.