Adams Actuarial Associates

Description

Jeff Adams is a 1982 graduate of Rochester Institute of Technology with a Bachelor of Science in Applied Mathematics and a minor in Statistics. Upon graduation he embarked on his actuarial career by working for Blue Cross Blue Shield of the Rochester Area, now Excellus, in Upstate New York and became Supervisor of Actuarial Services after four years. In 1989 Jeff accepted a position with Allmerica Financial, located in Massachusetts , in part to pursue his actuarial credentials and in part to obtain experience working for a commercial mutual insurance company. He was in charge of pricing and developed LOTUS worksheets for the underwriters to use in developing quotes for experience-rated groups. After obtaining his Associates designation and becoming a Member of the American Academy of Actuaries in 1992, Jeff moved in New York City and became a health actuarial consultant for Deloitte and Touche for over eight years. His major clients included a group of New Jersey municipal funds, the largest physician group in New York City , hospitals, several insurance companies or managed care organizations, and state insurance departments. Jeff did a significant amount of audit support work, reviewing the actuarial accruals of insurance organizations and employer groups. In 2000 Jeff ’s biggest client, HealthNow, asked him to take the position of Vice President & Chief Actuary. During his four-plus years, Jeff played a major role in tripling HealthNow ’s surplus reserve while actually increasing membership. He helped take HealthNow from a company with some financial issues to a company with sound financial standing by transforming the actuarial department while developing processes with departments throughout the company to enhance tracking of changes that might impact corporate financials and membership levels. During his tenure the HealthNow Actuarial Department also cut its consultant costs from approximately one million dollars down to zero while substantially increasing the quality and quantity of output, becoming one of the fastest in the country in producing monthly financial statement accruals each month. His department also performed studies such as claims costs by day of the week and the effects of significant amounts of snowfall on healthcare costs. Jeff left in 2005 and set up his own firm, Adams Actuarial Associates, initially assisting a couple consulting firms. Currently, Jeff is writing a novel entitled “The Intended Addiction ” which is expected to be released in 2009.

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