IAASE Conference – Not Quite Live Posting October 7 – 9

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Notes From The IAASE Conference 

IAASE – Insurance Auditors Association of The Southeast

I was going to post the IAASE Conference from earlier this week  live.  So much helpful information was covered that I found it better to write it down and then post the presentations from the IAASE Conference later in the week.     

graphic south carolina iaase conference
Wikipedia – Darwinek

The conference was held at the University of South Carolina (Columbia).   The conference also provided a career fair for any Gamecock students that were interested in premium auditing or insurance in general.   I took notes on some of the presentations.   

IASSE Conference Keynote Speaker 

Robert P. Hartwig, PhD, CPCU

Clinical Associate Professor, Finance Department and Director, Center for Risk and Uncertainty Management

Darla Moore School of Business

University of South Carolina

____________________________

Dr. Hartwig has been quoted by me and presented at some of the conferences I have attended over the years.  Dr Hartwig used to work for the Insurance Information Institute.   He covered so much good information so quickly I could not blog it live.  Some of the notes I took from his presentation:

  • University of South Carolina has the 3rd largest Risk Management program in the US 
  • New Tax Laws adjustments will show up more in 2019
  • P&C Insurance Industry $60 billion net income after taxes
  • ROE (Return on Equity) is in single digits
  • Combined Ratio receded from 1.14 last year to .96 this year
  • Domestic Reinsurance 13 – 15% growth, probably due to new tax laws repatriation of assets
  • $30 billion in mergers and acquisitions 
  • Trumponomics  – tax reform, deregulation, infrastructure investment, Fair Trade, and other programs from the new administration resulted in 4.2% economic growth.  The 4.2% growth has increased insurance exposures
  • Economy drives P&C insurance growth 
  • Job growth drives the economy 
  • Commercial lines much more volatile than personal lines 
  • Workers Comp – downward growth trend – why?
    • Returning to rate adequacy from prior year
    • Safety and Risk Management (?) 
    • Rates are decreasing 

___________________________________________________

The Honorable Ray Farmer – South Carolina Insurance Commissioner – 

Three main concerns for the Insurance Commission –

  • Affordable Care Act – only one carrier left in the state, no competition 
  • Long Term Care Insurance – steep increases in older policies 
  • Coastal Insurance Coverage – Flood Insurance – Hurricane Florence was devastating 

South Carolina Workers Compensation System 

  • Favorable and Stable
    • 20% rate decrease
    • Premium Growth – Total $827 million in 2017
  • Market 
    • 300 participating insurers 
    • Small 4% residual market
    • Largest insurer writes 9% 
  • Biggest Challenges
    • No in-state burn center, so insurers pay full out-of-state rates for treatment
    • Opioid abuse 
    • No guaranty fund for self insureds in SC – I did not know this

___________________________________________________

Presentation at IAASE Conference
Presentation on Managing Remote Workforce

Keith West -Excel Tips For Premium Auditors – IAASE Conference

  • Flash Fill – great time saver
  • Filter
  • Transpose
  • Text to Columns – Another great time saver
  • Pivot Table
  • V lookup 

The IAASE Conference had many more great presentations.  I decided to write notes on the above three presentations.   

Feel free to check out the handouts and the other presenters from the IAASE Conference.           

 

 

©J&L Risk Management Inc Copyright Notice

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James Moore

Raleigh, NC, United States

About The Author...

James founded a Workers’ Compensation consulting firm, J&L Risk Mgmt Consultants, Inc. in 1996. J&L’s mission is to reduce our clients’ Workers Compensation premiums by using time-tested techniques. J&L’s claims, premium, reserve and Experience Mod reviews have saved employers over $9.8 million in earned premiums over the last three years. J&L has saved numerous companies from bankruptcy proceedings as a result of insurance overpayments.

James has over 27 years of experience in insurance claims, audit, and underwriting, specializing in Workers’ Compensation. He has supervised, and managed the administration of Workers’ Compensation claims, and underwriting in over 45 states. His professional experience includes being the Director of Risk Management for the North Carolina School Boards Association. He created a very successful Workers’ Compensation Injury Rehabilitation Unit for school personnel.

James’s educational background, which centered on computer technology, culminated in earning a Masters of Business Administration (MBA); an Associate in Claims designation (AIC); and an Associate in Risk Management designation (ARM). He is a Chartered Financial Consultant (ChFC) and a licensed financial advisor. The NC Department of Insurance has certified him as an insurance instructor. He also possesses a Bachelors’ Degree in Actuarial Science.

LexisNexis has twice recognized his blog as one of the Top 25 Blogs on Workers’ Compensation. J&L has been listed in AM Best’s Preferred Providers Directory for Insurance Experts – Workers Compensation for over eight years. He recently won the prestigious Baucom Shine Lifetime Achievement Award for his volunteer contributions to the area of risk management and safety. James was recently named as an instructor for the prestigious Insurance Academy.

James is on the Board of Directors and Treasurer of the North Carolina Mid-State Safety Council. He has published two manuals on Workers’ Compensation and three different claims processing manuals. He has also written and has been quoted in numerous articles on reducing Workers’ Compensation costs for public and private employers. James publishes a weekly newsletter with 7,000 readers.

He currently possess press credentials and am invited to various national Workers Compensation conferences as a reporter.

James’s articles or interviews on Workers’ Compensation have appeared in the following publications or websites:

  • Risk and Insurance Management Society (RIMS)
  • Entrepreneur Magazine
  • Bloomberg Business News
  • WorkCompCentral.com
  • Claims Magazine
  • Risk & Insurance Magazine
  • Insurance Journal
  • Workers Compensation.com
  • LinkedIn, Twitter, Facebook and other social media sites
  • Various trade publications

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