Life Insurance System
Resume:
RICHARD P. FAUST, ASA
Marietta, GA 30068
Phone: 770-***-****
Email: *************@*******.***
PERSONAL
I am an Associate Actuary with experience in IT especially life insurance policy administration systems and projection programs. I have worked as a life company actuary and developed systems for software vendors. I have converted policies between administration systems and kept both brokers and financial actuaries happy as a third party administrator and clients of all sorts satisfied as a consulting actuary.
EMPLOYMENT
President, Contractuaries, Inc. 2000 – Present
Contractuaries is a company that serves the insurance industry by creating custom software and by assisting clients with the conversion of policy administration systems. Clients included a Big 4 accounting company, a third party administrator, and consulting companies that serve the insurance industry. All projects were concluded successfully.
ACCOMPLISHMENTS
• Led a project that built a system to project every UL policy within the portfolio to maturity in order to assess liability for lawsuits involving Vanishing Premium guarantees in the sales process that did not come to pass. The system was efficient enough to allow for multiple re-projections using several different assumptions to run over a weekend.
• Led multiple projects that analyzed policy contracts and coded the plan files for a major insurer in preparation for system conversion. Products converted ranged from traditional life, excess interest whole life, universal life and disability income.
• Wrote C++ programs to convert rate files, including plan rules, from one system to another during a policy administration conversion. The conversion of rules required the understanding of how the various rule codes were used by each system so that a manual coding of the rules could be avoided thereby allowing the project to end months earlier than anticipated.
• Led a project that was a part of an LTC claims conversion that allowed online access of policy forms by the POS department so that they could view the insured’s policy while servicing their clients on the phone.
• Wrote VC++ programs to calculate Net Single Premiums, and all compliance values
• Configured Taxable Gain and Net Withdrawal processing for Oracle (AdminServer) life administration system client
MIS Actuary, McCamish Systems, LLC
(Formerly Integrated Administration Services) 1991 – 2000
MSLLC (IAS) is a third party administrator. IAS specialized in Corporate Owned Life Insurance (COLI) and administered policies for two major life insurance companies. MSLLC also administers variable annuities and variable universal life policies for several insurance companies. All of their systems are proprietary, developed and written in-house and run on a UNIX machine utilizing PROGRESS, a 4GL that consists of both an executable language and an embedded relational database.
ACCOMPLISHMENTS FOR IAS
• Successfully replaced a service bureau, saving IAS $3 million per year by:
Coding (in C++) and testing modules that projected policy values from the current date to maturity. The amount of loans, surrenders, allocation of dividends, whether the premium should vanish, and the optimum death benefit each anniversary that maximize the client’s IRR were determined by multiple iteration. These calculations were the basis of all financial values produced by the system.
Success was defined as reprocessing each policy from issue to the date of conversion so that the policy values varied by no more than 1 cent from the service bureau’s values for any policy on any given date.
Designed and tested the valuation, reserves released, and policy exhibit month-end reports.
Wrote specs for and debugged the key document given to the client each year, an illustration (written in PROGRESS) at case level. All policies within a case were projected to maturity and the results were reported with and without mortality adjustment to show expected cash flow, present value of gain, and internal rate of return.
• After the conversion from the service bureau:
Modified and maintained illustration, reporting and optimization routines (above) to accommodate changes in tax law.
Balanced month-end reports for entire block of business ($35B of face, $7B of cash value, $1.7B annual premium).
Created reporting system to track DAC taxes paid and future amortizations paid as dividends, mortality dividends, TPA profit sharing agreements and reports to calculate AMT for corporate clients.
ACCOMPLISHMENTS FOR MSLLC
• Designed, coded and tested the fixed interest portion of the fund manager for variable products.
• Designed, coded and tested the tax compliance modules (guideline premium and TAMRA).
• Reviewed policy contracts, issue documents, internal documents and spreadsheets to facilitate a thorough understanding of the product and allow for the system design requirements to allow MSLLC to write a system to administer the product.
• Acted as a consultant and mentor to the programming staff.
Development Actuary, Computations Inc. 1988 – 1991
Computations was a software vendor that sold a policy admin system called Computations Life Office Administration System (CLOAS). The system utilizes a database and is written in COBOL and CICS to run in batch and on-line on an IBM mainframe.
ACCOMPLISHMENTS
• Led design, coding and testing of the valuations system as well as systems to do extended term insurance and TAMRA compliance based on the NAIC model. These systems were highly regarded by both clients and prospective clients.
• Tested and debugged the loan system prior to its release.
• Reviewed design specifications for UL product enhancements to CLOAS to ensure accuracy, functionality and compliance.
• Client enhancements to the valuation and premium accounting systems. All were successfully completed on time.
Assistant Actuary, Kemper Life Assurance Company 1987 – 1988
ACCOMPLISHMENTS
• Modified an existing FORTRAN and BAL in-house valuation system so that reserves were reduced by $58 million, to more closely comply with the NAIC universal life reserve model.
Assistant Actuary, Guarantee Trust Life Insurance Company 1985 – 1987
When I joined them, Guarantee Trust was installing a PALLM system. The system was successfully implemented.
ACCOMPLISHMENTS
• Led multi-department “model office” that was created to test and verify the system prior to conversion.
• Member of the project steering committee.
• Created test plans, built data files and matched financials for conversion.
• Wrote EASYTRIEVE PLUS programs to verify the consistency of the portfolio following conversion.
Products Consultant, PALLM, Inc. 1982 – 1985
PALLM was a software vendor that sold a policy administration system called VECTOR. The system utilizes VSAM files and is written in COBOL and command level CICS to run in both batch and on-line on an IBM mainframe.
ACCOMPLISHMENTS
• Designed, coded and tested programs for a Universal Life reserve system based on the NAIC model.
• Coded and tested programs for the proposal system. This system allowed the user to specify 2 of 3 possible values, premium, ending cash value and death benefit, and the system would calculate the third through iteration.
• Coded and tested projection programs for universal life and annuity face pages.
Actuarial Student, Bankers Life and Casualty 1980 – 1982
ACCOMPLISHMENTS
• Wrote asset share and model office FORTRAN programs that were the basis of the annuity product development.
• Wrote administrative program allowing the pension division to sell $20 million of new business premium in the first year.
• Part of user group that successfully installed two releases of Vantage Annuity System.
• Conducted mortality study of in-force business
• Wrote program to calculate deficiency reserves.
COMPUTER SKILLS
• IBM mainframe, both DOS and OS, VSAM and database.
• UNIX, client server network and PC.
• Languages: C++ (including Visual C++), PROGRESS, COBOL, command level CICS, FORTRAN.
• All components of Microsoft Office products including ACCESS and EXCEL.
EDUCATION
• Bachelor of Arts in Mathematics and Economics, Indiana University.
• Associate in the Society of Actuaries, 1989.
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