1. What should I look for when selecting an actuarial consultant?
General considerations for selecting an actuarial consultant include type of credentials, experience with similar projects, track record with other clients, customer service orientation, cost, and ability to communicate effectively with you.
2. What do the various actuarial credentials mean?
Credentials vary for actuaries depending on their primary speciality. The three main primary specialties are property and casualty, life and health, and pension. Primary credentials are obtained by membership in the actuarial organizations that administer the primary specialty. Membership requirements include education, examination, continuing education, and in some cases, experience achievements. There are separate and mostly distinct educational and examination achievement requirements for each of the categories. For property and casualty actuaries, the primary credential is Associateship (ACAS) or Fellowship (FCAS) in the Casualty Actuarial Society. The ACAS is the minimum level of membership. The FCAS requires additional education and examination requirements beyond ACAS and represents a higher level of achievement than ACAS. Members of the Casualty Actuarial Society are sometimes members of other actuarial organizations. Another important credential is Member of the American Academy of Actuaries (MAAA). The American Academy of Actuaries is an organization that addresses professionalism (for example, standards of practice and conduct) and public policy issues on behalf of members, among other things. Membership in the American Academy of Actuaries indicates that the actuary is more likely to adhere to the Academy's standards of practice and professional conduct.
3. How are fees determined?
Fees are based on a hourly billing rate times hours worked. Certain out of pocket expenses (for example, travel related, express delivery, publication) may be charged for (at our cost) in addition to professional fees. If desired, a fixed fee arrangement can be used for many types of projects.
4. How do I get references and a cost estimate?
To obtain references and a cost estimate you should contact us. We will need to know details regarding the project to be completed including what your objective is, what type of work products you need, the type of data your organization can provide, the desired timing of the engagement, any travel requirements, and information on any prior actuarial work that was performed.
4. What kind of work products do you provide?
Our primary work product is a comprehensive written report that includes an executive summary, background on the project, conclusions, recommendations, a detailed discussion of the technical aspects, and detailed documentation of assumptions and calculations preformed. Reports can be provided in electronic (PDF) format and/or bound hard copy. Limited scope reports, live presentations, and direct testimony are also available depending on the project. Work products are designed to comply with Actuarial Standards of Practice.
5. Do you use a written contract?
Yes. Our engagement contract is customized to fit your needs and agreed to in writing.
6. What should I do to start the process of engaging American Actuarial to work for me?
Contact us to discuss the scope, timing, cost and deliverables for your project. We will help you take it from there.
American Actuarial LLC 15 Cliffside Drive Wallingford, CT 06492