Pennsylvania eMarketplace #6100066762

Annual actuarial services for Pennsylvania’s State Workers’ Insurance Fund

Pennsylvania’s State Workers’ Insurance Fund is seeking independent actuarial analysis and reporting for its workers’ compensation program. - Government buyer: Commonwealth of Pennsylvania, Department of Labor and Industry, State Workers’ Insurance Fund (SWIF); procurement office identified as the Bureau of Administrative Services, Division of Procurement. - OEMs and vendors: No product manufacturers, OEMs, or prospective vendors are named. The American Academy of Actuaries (AAA), Society of Actuaries (SOA), and Casualty Actuarial Society (CAS) are cited as qualifying professional organizations for the lead actuary, not as vendors. - Services requested: Annual analysis of reserves, liabilities, surplus adequacy, loss ratios, premium deficiency reserves, and loss projections; actuarial opinions and summaries; claim reviews; catastrophic and lifetime-claim analysis; retrospective-rating support; peer review; and consultation with SWIF staff. - Scope and reporting: Provide a detailed reserve-adequacy report for 70 open claims with medical incurred above $1 million, including consideration of diminished life expectancy, major organ failure, and aging. Analyze Commercial and Coal business separately by indemnity and medical losses, and include F-Class classifications and applicable lost-cost multiplier calculations. - Deliverables: Annual reserve report, actuarial opinions and Actuarial Opinion Summary, compatible spreadsheets, and supporting exhibits. Required exhibits include earned-premium schedules; reported-claim, closed-claim, incurred-loss, paid-loss, and paid-ALAE triangles; the paid-ALAE-to-paid-loss ratio triangle; and other material supporting exhibits, in Excel or PDF format. - Qualifications and work location: The lead actuary must be in good standing with AAA, SOA, or CAS. Bidders must document at least two years of actuarial-services experience and relevant experience with Pennsylvania workers’ compensation, the Commonwealth, and SWIF. Claim-system access is available at SWIF’s Scranton home office; work also includes meetings in Harrisburg.

Description

The Commonwealth of Pennsylvania, Department of Labor and Industry, on behalf of the State Workers’ Insurance Fund (SWIF), seeks bids for professional actuarial services. The work includes annual analysis of SWIF’s workers’ compensation reserves and liabilities, surplus, premium deficiency reserves, loss projections, actuarial opinions and summaries, retrospective and catastrophic-claim analyses, and related consulting and reporting. The contract is fixed-price, with an initial one-year term and four one-year renewal options; bids are to be awarded to the lowest responsive and responsible bidder. The lead actuary must be a member in good standing of the American Academy of Actuaries, Society of Actuaries, or Casualty Actuarial Society.

View original listing