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In this era of “Big Data,” we have access to more records and connected data than ever before. New programming languages and applications are being developed that promise to unlock many of the world’s challenges, such as showing businesses how to market directly to the most profitable consumer groups or helping healthcare groups eradicate complex genetic diseases. However, while this increase in records and connected data can solve many challenges, it can also create difficulties when moving from the research stage to the implementation stage.
There’s little that speaks to the success of a program more than when it makes a full and complete circle. The Pinnacle University (Pinnacle U) program is a special, professional skills development program. It provides students with a unique opportunity to conduct research with actuarial professionals and present in front of a panel of experts, providing mentorship to future actuaries and supporting industry growth. Nicole McArdle, associate actuary, has come full circle in the Pinnacle U program. Nicole once participated in Pinnacle U as a student. Later, Nicole joined Pinnacle and became involved with Pinnacle U as an analyst working alongside new students. This year, Nicole graduated into the role of mentor, providing an even higher level of guidance for the Pinnacle U students on her team. We asked Nicole about her experiences on both sides of the Pinnacle U program.
What are the most important considerations for a company when starting a captive? On April 28, I participated in a roundtable discussion hosted by Captive Review, conferring with other experts in captive formation about planning a successful captive. From an actuarial point of view, communication is key. Not only should all projections be documented, but all details, analyses, methods and other important communications must be clear and understandable. Insurance and actuarial reports are not always intuitive for new captive owners, so comprehensible communication of financial considerations to captive owners is paramount.