Actuarial Services Information

Actuarial Work-Products, in addition to the numerous advantages herein cited, provide these three valuable features: Web-based data storage, e-mail communication, and full electronic billing which may include a bank draft or a plastic card. Actuarial Work-Products are created whereby the primary operations (data input and calculations) are divided into two separate functions each with its own set of controls and disciplines; this is a major departure from standard actuarial practices. Because of its increased importance in the creation of the work-product, the function of data input necessarily requires increased control and review procedures. Actuarial Work-Products are generated with structured input and output and a preset fee without the use of billable time. Actuarial Work-Products are offered with four priorities of motivation: (a) Priority One is the obligation of all business and professions to find, build and sell a cheaper and better mousetrap and do so fairly which obligation is traceable to our national and state framework of trade and commerce laws and court decisions; (b) Priority Two is the need to be as transparent as possible and to avoid any conflicted-interests thereby complying with the recent disciplines put in place by Sarbanes-Oxley, AICPA SOP-70, etc.; (c) Priority Three is to meet the highest level of professionalism; and (d) Priority Four is to (i) honor the best and traditional high standards of business ethics by adopting a reasoned and balanced view to both short and long range sales and profit goals and (ii) avoid the unwise business practice of planning for short range sales and profits goals only. Note: actuaries traditionally have been strong advocates and practitioners of the (ii) practice. Actuarial Work-Products are those that use to the greatest extent possible such mathematical disciplines as (a) model building, (b) probabilistic (as opposed to deterministic) techniques and (c) Monte Carlo simulations. Actuarial Work-Products are those that have the following ...