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Reflections on the 2017 Florida Chamber of Commerce Insurance Summit
Terry Wright March 27, 2017 Posted in: Blog Posts, General
This year’s Florida Chamber of Commerce Insurance Summit was well attended by insurance professionals from across the country, Florida legislators and numerous stakeholders. Key discussion topics included reforms in Workers’ Compensation (WC), assignment of benefits (AOB), Personal Injury Protection (PIP) and the Florida Hurricane Catastrophe Fund (FHCF). Another important subject of discussion was the need to better educate Floridians living in flood zones about the importance of purchasing coverage. Art Randolph, Principal and Consulting Actuary with Pinnacle Actuarial Resources, Inc., was a panel member and spoke to Summit attendees about the determination of actuarially sound rates.
What Does Benford’s Law Have to Do with Insurance Fraud?
Benford’s law is not some arcane legal clause reserved only for those who are well-versed in legal jargon and procedurals, though I admit that the “law” reference in the name is a bit misleading. Benford’s law is a little-known mathematical curiosity, but if you mention it to a forensic accountant, you will immediately sense excitement rather than bewilderment. Forensic experts from the financial sector often rely on this technique to chase data anomalies and financial fraud based on the distribution of digits in the numbers they examine. Naturally, this type of digital analysis can also be extended to detecting insurance fraud, or at least red-flagging cases as suspicious and aberrant. The premise is that fraudulent data do not conform to the mathematical patterns of the law, and cases that are isolated as non-conforming should at least warrant further investigation.
The Power of Belonging
Julie Calmès February 07, 2017 Posted in: Blog Posts, General, Community Involvement
We at Pinnacle have always been highly committed to our communities. Giving back is one of our core values, and we demonstrate it in myriad ways: volunteering at the local food pantry or humane society, pitching in at fundraisers, serving on non-profit boards or partnering with local schools and universities to foster young talent. We all believe in community, both as a firm and as individuals. Each of us has causes that are near and dear to our hearts.
Statements of Actuarial Opinion at Year-End 2016
Aaron Hillebrandt February 02, 2017 Posted in: Blog Posts, Apex Webinar
On January 27, 2017, Pinnacle’s Managing Principal Joe Herbers and I co-presented January’s APEX webinar, “Statements of Actuarial Opinion at Year-End 2016.” We discussed topics ranging from Statement of Actuarial Opinion (SAO) best practices to what is changing for year-end 2016 SAOs. Required changes for SAOs that are under the regulation of the National Association of Insurance Commissioners (NAIC), may be found in the Official NAIC Annual Statement Instructions. For year-end 2016, the changes are not significant and focus on clarification of reporting requirements.
Disruptive Medical Technology is Changing Lives (Including Mine)
Rob Walling January 25, 2017 Posted in: Blog Posts, General
We live in truly amazing times. Technological advances seem to be changing every aspect of our lives. During the past several years, we have witnessed numerous technological developments that were once limited  to science fiction: 3-D-printed ears with built-in hearing aids, plastic exoskeletons for people suffering from paralysis, inexpensive prosthetic arms, and nanotechnology to treat various types of cancer, just to name a few. Within the next couple of years, I hope to personally participate in one of these amazing breakthroughs: a treatment for one of the most common forms of muscular dystrophy, Charcot-Marie-Tooth, or CMT.
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