KALEIDOSCOPE Podcast EP 02: Leveraging Actuarial Insights & Technology

Al Rhodes has spent over 30 years in the actuarial profession as President & Senior Actuary of SIGMA Actuarial Consulting Group, Inc., located in Nashville, TN. Al’s background includes experience in the process of developing both traditional and alternative insurance programs for entities of all sizes and types.

“Most insurance programs are going to involve losses. If you look at every type of insurance program out there, about 70% of premium is going to involve losses. So, if 70% of what you are trying to sell involves analyzing or calculating what those losses are going to be, it’s a good idea to get into the data, analytics, and metrics, and feel comfortable enough to discuss to a certain point. One thing I would encourage all agents and brokers out there to do is include an actuary, underwriter, or auditor as part as your team. You will put together a strategy that is only going to benefit your clients.” – Al Rhodes

Today on the Kaleidoscope Podcast:

  • Introduction to actuarial consultants
  • When agents should consider leveraging actuarial insights and technology
  • Understanding loss projections and confidence levels
  • Barriers agents need to be aware of
  • The value of having an independent 3rd party on your team
  • Unique loss development factors
  • The roll actuaries play in collateral negotiations

Key Takeaways:

  • The need for analytics is a much more popular concept then it used to be. It is a misnomer that you need to be an expert or have a PHD to understand and interpret data.
  • Agents are not typically comfortable engaging with analytics, loss projections, and actuarial assessments, but should be encouraged to better understand and leverage these tools.
  • Complete data can be very hard to come by and it’s not always obvious that we have all the data we need to make informed decisions.

Connect with today’s guest Al Rhodes

Connect with Kaleidoscope co-host Frank Pennachio

Connect with Kaleidoscope co-host Susan Toussaint

This episode was brought to you by……

ReSource Pro’s Growth Solutions practice, a consulting and training organizations for insurance industry professionals. Our business objective is to provide agencies and carriers with the necessary technical and sales insights to elevate sales conversations, compete more effectively, and grow organically.

Connect, Learn, Share

Thank you for joining us on this week’s episode of Kaleidoscope. For more resources, visit the Growth Solutions website, or reach out to Susan Toussaint at susan@resourcepro.com. Subscribe on your preferred podcast platform so you never miss an episode. Love what you’re learning? Review the Kaleidoscope Podcast and share your favorite episodes with friends and colleagues!